The report “Track and Trace Solutions Market is projected to reach USD 8.6 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 11.6% during the forecast period. The stringent regulations and standards for the implementation of serialization and the increasing focus of manufacturers on brand protection are the major drivers of growth for this market. On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation, as well as the huge setup costs, are expected to limit market growth to a certain extent.
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304 – Tables
57 – Figures
340 – Pages
Key Market Players
The global track and trace solutions market is highly fragmented, with prominent players, such as OPTEL Group (Canada), Uhlmann Group (Germany), SEA Vision S.r.l. (Italy), Syntegon (Germany), and Antares Vision S.p.A. (Italy), accounting for 20-25% of the total market share. The key players in the track and trace solutions market are based in developed regions such as Europe and North America. However, in the past few years, many smaller players specializing in pharmaceutical serialization solutions have emerged from niche markets. They are competing with global players based on product scope and innovation. The lucrative growth opportunities in the Asia Pacific and Latin American markets encourage market players to strengthen their presence in these regions.
The research report categorizes track and trace solutions market into the following segments and sub-segments:
- Software Solutions
- Hardware Components
- Standalone Platforms
- Linear Barcodes
- 2D Barcodes
- Radiofrequency Identification (RFID)
- Serialization Solutions
- Aggregation Solutions
- Tracking, Tracing and Reporting Solutions
By End User
- Pharmaceutical and Biopharmaceutical companies
- Medical Device Industry
- Food Industry
- Cosmetic Industry
- Other End Users
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“The software solutions segment accounted for the largest share in the track and trace solutions market.”
The software solutions segment accounted for the largest share—60.6 %—of the track and trace solutions market in 2021. The increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, as well as the growing awareness of brand protection are the major market drivers for this market. The standalone platforms segment is expected to register the highest CAGR of 15.3% during the forecast period. The growth in this market is mainly attributed to the stringent government regulations for implementing serialization and increasing demand for standalone platforms to reduce the timeframe for the implementation of serialization.
“Serialization solutions segment is expected to witness the fastest growth in the forecast period.”
The serialization solutions segment accounted for the largest share—62.3%—of the applications market. This segment is projected to grow at a CAGR of 12.08% during the forecast period to reach USD 5,273.7 million by 2027, thereby making it the fastest growing segment. Stringent regulations for the implementation of serialization solutions in packaging and supply chain applications drive this segments growth.
“2D barcode technology account for the largest share in the track and trace solutions market.”
The 2D barcodes segment accounted for the largest share of 75.8 % of the technology market in 2021. The large share of the 2D barcode technology segment can be attributed to the growing adoption of 2D barcodes in the packaging industry owing to their large data storage capacity when compared to linear barcodes. The RFID segment is expected to register the highest CAGR of 13.2% during the forecast period due to the rising demand for these systems in automated pharmaceutical distribution and medical devices owing to low labor costs with improved visibility.
“Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2021.”
The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of 52.9% of the market in 2021. This segment is projected to grow at the highest CAGR of 12.6% to reach USD 4,612.2 million by 2027. The large share of this segment is mainly attributed to the high drug counterfeiting activity globally and the increasing focus on restricting the entry of counterfeit products into the pharmaceutical and biopharmaceutical supply chain.
“North America accounted for the largest share of the track and trace solutions market in 2021”
In 2021, North America accounted for the largest share of 38.7% of the global track and trace solutions market. The market growth was driven by the presence of developed healthcare systems in the US and Canada; the presence of many pharmaceutical and biotechnology companies as well as medical device manufacturers; stringent regulations regarding serialization; and the growing medical devices market.
Report Link: Track and Trace Solutions Market
Table of Contents:
1 INTRODUCTION (Page No. – 41)
- STUDY OBJECTIVES
- MARKET DEFINITION
- MARKET SCOPE
- YEARS CONSIDERED
- CURRENCY CONSIDERED
- RESEARCH METHODOLOGY (Page No. – 47)
- RESEARCH DATA
- MARKET SIZE ESTIMATION
- MARKET BREAKDOWN AND DATA TRIANGULATION
- MARKET SHARE ANALYSIS
- RESEARCH ASSUMPTIONS
- EXECUTIVE SUMMARY (Page No. – 62)
- PREMIUM INSIGHTS (Page No. – 66)
- MARKET OVERVIEW
- ASIA PACIFIC: MARKET, BY TECHNOLOGY AND COUNTRY (2021)
- MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES
- MARKET OVERVIEW (Page No. – 70)
5.2 MARKET DYNAMICS
6 INDUSTRY INSIGHTS (Page No. – 82)
6.2 INDUSTRY TRENDS
6.2.1 RISING DEMAND FOR INTEGRATED, FULLY AUTOMATED SERIALIZATION AND AGGREGATION SYSTEMS
6.2.2 INCREASING CONSOLIDATION
6.2.3 USE OF BLOCKCHAIN IN TRACK AND TRACE SOLUTIONS
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