Track and Trace Solutions Market size is slated to account for major gains through 2027, driven by their increasing usage in pharmaceutical and manufacturing industries. Meanwhile, intrinsic advantages associated with these solutions, like packaging and logistics management, continuous transparency, and product ID authentication services facilitating hassle-free product movement within the distribution channel would further fuel the product adoption worldwide.
Another factor amplifying the growth revenue is a strategic rise in the governing agreement for serialization, which has become a key focus area for pharmaceutical producers and supply chain partners. Various efforts are now being undertaken at addressing drug counterfeits, enhancing supply chain visibility, and difficulty in tracking returns or recalls. These parameters are further expected to churn out potential profits for market during the forecast timeline.
However, long implementation time and increased costs associated with serialization and aggregation, and huge setup costs would turn out as potential challenges for market growth in the coming years.
In terms of product, hardware solution segment is anticipated to account for major gains in the overall track and trace solutions market. The segment is bifurcated into diverse products, of which, the printing and marking solutions is projected to capture a considerable business share in the years to come. These products play an important role in the supply chain and production to make sure of the product quality and authenticity. Moreover, printing and marking equipment would play a critical role to meet the Drug Supply Chain Security Act requirements by 2023. Besides, development in coding technologies like Large Character Marking, laser marking systems, and Thermal Transfer Overprinting is poised to foster the market dynamics further.
Based on the technology, the market are categorized into RFID and barcode segments. Of these, the RFID segment is predicted to grow at an appreciable pace through 2027, perhaps due to the surge in application in biotechnology and pharmaceutical hospitals and companies. These applications include equipment tracking, inventory control, prevention of distribution of counterfeit drugs, personnel tracking, and out-of-bed detection and fall detection.
The aggregation solutions segment, across track and trace market, would garner incredible gains over the forecast time frame. These solutions enable healthcare organizations and companies to trace their products right from the manufacturing process, accelerating the market expansion.
On the basis of end user segment, the pharmaceutical and biopharmaceutical companies are slated to take utmost advantage of track and trace solutions. Ensuring safe product trace and track abilities across diverse units throughout the supply chain by executing serialization is a critical step to address the challenges put forth by pharmaceutical and biopharmaceutical companies. Importantly, the demand for these solutions from biopharmaceutical and pharmaceuticals supply chains was relatively higher in 2020 enabling the trace and track solutions market to gain immense profits over the coming years.
Geographically, Europe is estimated to emerge as a profitable growth avenue for market during the forecast timeline. This can be supported by the rising initiatives by central organizations to deploy these solutions in the healthcare industry. For example, the EU aims to progressively implement these solutions in the healthcare supply chain to deal with drug counterfeit and theft.
Siemens AG, METTLER TOLEDO, AXWAY (Sopra Steria), Zebra Technologies Corp., TraceLink, ANTARES VISION S.p.A (Regolo Srl), and others are some of the prominent companies operating in the global market. These conglomerates are taking up various steps to introduce innovations in the space to sustain a major foothold in the overall market. For instance, METTLER TOLEDO, recently announced partnering with EVRYTHNG for bringing forth traceability solutions.
In another instance, Zebra Technologies lately launched Proximity Sensing, alerting and contact tracing software for the enterprise. The solution is expected to help customers implement holistic reopening strategies.
COVID-19 pandemic has had a positive impact on the pharmaceutical industry, which has dramatically increased the R&D activities and the overall industry share. This prolific expansion has laid a significant influence on the global market value over 2021 to 2027.
Track and trace solutions market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in Kilotons from 2016 to 2027, for the following segments:
Market by Product
Market by Technology
Market by Application
Market by End-use
The above information is provided for the following regions and countries: