Track and Trace Solutions Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4197
Track and Trace solutions Market size is projected to experience significant growth from 2019 to 2025.
Growing adoption of track and trace solutions among pharmaceutical and medical device companies is one of the key factors boosting the growth of the market. Drug counterfeiting is one of the major problems encountered by biopharmaceutical and pharmaceutical companies. According to the World Health Organization, approximately $40 billion is lost each year owing to counterfeit products. Hence, companies are adopting such solutions for mitigating the risk associated with counterfeiting drugs and supply chain monitoring.
The growing number of product recalls is further propelling the demand for track and trace solutions which in turn has fostered the growth of the market. According to the Food and Drug Administration (FDA) in 2018, around 200 food related recalls were discovered. Therefore, the adoption of track and trace solutions are essential in the manufacturing industry irrespective of the products being produced such as food & beverage, pharmaceutical and medical device industry.
The stringent regulations and standards for the implementation of serialization is anticipated to drive the growth of the market. Food & Beverage, pharmaceuticals and medical device industry are the two most important industries that require implementation of these mandates. Various end-to-end solutions such as blockchain enabler, ingredients traceability, serialization processing, finished goods traceability, environmental monitoring, compliance management, and food & beverage traceability are anticipated to gain traction in the field.
However, high cost connected with execution of track & trace solutions and lack of global standards and regulations for serialization may restrict the market growth in the upcoming years.
Software solutions is expected to witness lucrative growth over the forecast period. This is attributed to the growing adoption of software solutions in healthcare companies including biopharmaceuticals, pharmaceuticals and medical devices companies. Furthermore, the significant growth in adoption of these solutions is also owing to the rising counterfeiting of drugs. Hence, in order to curb counterfeiting various industries are moving towards adopting these solutions, that in turn is expected to drive the growth of the market.
Barcodes is currently dominating the growth of the market, owing to the stringent regulations set by the regulatory bodies. The mandatory implementation of 2D barcodes on all the products in order to curb the counterfeiting is one of the major factors that is propelling the market growth and is expected to gain a significant traction in the upcoming years.
Serialization segment is dominating the market presently and is expected to witness the lucrative growth over the forecast period. This is owing to the rising focus on patient safety and brand protection by manufacturers that has contributed into the rise in the segmental growth.
Pharmaceutical and biopharmaceutical industry is anticipated to witness the lucrative growth over the forecast period. This is owing to the growing sales number of counterfeiting drugs in the developing countries and stringent regulations for the pharmaceutical packaging industry are some of the factors that are expected to contribute into the market growth.
North America is currently dominating the track and trace solutions market in the region. This is attributed to the couple of factors such as presence of highly regulated serialization standards, advanced healthcare infrastructure and adoption of track and trace solutions in the region are some of the factors driving the growth of the market in the region.
Asia Pacific is expected to witness the lucrative growth over the forecast period. This is owing to high incidence of counterfeit drugs in countries such as India, China, etc. are one of the major key factors contributing towards the growth of the market.
Few of the key companies operating in track and trace solutions market include AXWAY, METTLER TOLEDO, OPTEL GROUP, TraceLink, Adents, ANTARES VISION S.p.A., Siemens AG, ACG Worldwide, Zebra Technologies Corp., RFXCEL CORP., Domino Printing Sciences plc, Systech International Inc., and Xyntek Incorporated. Key companies in the market are undergoing collaborations, partnerships and merger & acquisitions in order to gain maximum revenue share in the sector.
Track and Trace Solutions Market by Product, 2014-2025 (USD Million)
- Hardware Systems
- Printing & marking solutions
- Monitoring & verification solutions
- Labeling solutions
- Software Solutions
- Plant manager software
- Line controller software
- Bundle tracking software
Track and Trace Solutions Market by Technology, 2014-2025 (USD Million)
Track and Trace Solutions Market by Application, 2014-2025 (USD Million)
- Serialization solutions
- Bottle serialization
- Label serialization
- Carton serialization
- Data matrix serialization
- Aggregation Solutions
- Bundle aggregation
- Case aggregation
- Pallet aggregation
Track and Trace Solutions Market by End-use, 2014-2025 (USD Million)
- Medical device
- Food and beverage
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- METTLER TOLEDO
- OPTEL GROUP
- ANTARES VISION S.p.A.
- Siemens AG
- ACG Worldwide
- Zebra Technologies Corp.
- RFXCEL CORP.
- Domino Printing Sciences plc
- Systech International Inc.
- Xyntek Incorporated
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