ANTARES VISION S.p.A. Offers Track and Trace Solutions for the Industries such as Food and Beverage, Cosmetics, Medical Device, and Pharmaceuticals

The pharmaceutical sector has proven to be particularly vulnerable to tracking and identifying relevant problems, as its primary goal — patient treatment and safety — is continuously being compromised by forgers. The extent of this trend is partially attributed to the opportunity for significant net income (as prescription trials and medications are abundant and sometimes expensive) and the scarcity of pharmaceutical supply. Due to these issues, the adoption of track and trace solutions have increased in the areas of various industries and especially medical devices and pharmaceutical industries.      

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Global track and trace solutions market is expected to reach USD 5,692.30 million by 2027 from USD 2,593.24 million in 2019, growing at a healthy CAGR of 10.5% in the forecast period of 2020 to 2027. Major factors driving the growth of global track and trace solutions market are stringent regulations and standards pertinent to serialization implementation and aggregation, the rising awareness of benefits of track and trace solutions and the factor which hampers the growth of the track and trace solutions market includes lack of standard regulation across different countries.           

The rising demand for track and trace solutions by medical device and pharmaceutical industries across the world will drive the market's growth rate

Since the law on labelling and serialization of medicines is fairly recent, it is subject to greater global complexity and varies more often than other regulations. Moreover, the supply chain for the genuine pharmaceuticals has grown longer, creating an opportunity for counterfeiters at every step in the supply chain. Hence, stringent regulations and standardization are made in order to protect the goods from counterfeiting.

Report Scope and Market Segmentation

Segment Analysis:

Global track and trace solutions market is categorized into six notable segments which are based on the basis of product, solution, application, technology, end user and distribution channel.

• On the basis of product, the global track and trace solutions market is segmented into software components, hardware components and standalone platform. In 2020, software components segment is dominating the track and trace solutions market with the market share of 50.56% due to changing regulatory landscape in manufacturing and distribution across different industries. Moreover, the ease of installation with limited IT resources has enabled the end users to realize the value of software as compared to traditional business processes.
• On the basis of solution, the global track and trace solutions market is segmented into line & site-level serialization, cloud enterprise-level traceability, distribution and warehouse solution, supply chain data-sharing network and others. In 2020, line & site-level serialization segment is dominating the track and trace solutions market with the market share of 41.80% due to increasing pressure on manufacturing companies to adopt serialization, along with the demand for standalone platforms to reduce the serialization implementation timeframe. 
• On the basis of application, the global track and trace solutions market is segmented into serialization, printing, labeling and packaging inspection, aggregation, tracking, tracing, and reporting. In 2020, serialization segment is dominating the track and trace solutions market with the market share of 42.15% as the significant share of manufacturing companies are making efforts in order to reduce complexities, counterfeiting, and theft in addition to comply to regulations.
• On the basis of technology, the global track and trace solutions market is segmented into 2D barcodes, radiofrequency identification (RFID), and linear/1D barcodes. In 2020, 2D barcodes segment is dominating the track and trace solutions market with the market share of 53.79% due to their fast readability and ability to store a large amount of information at lower cost as compared to radiofrequency identification (RFID) technology.
• On the basis of end user, the global track and trace solutions market is segmented into pharmaceutical & biopharmaceutical companies, consumer packaged goods, luxury goods, food and beverage, medical device companies, contract manufacturing organizations, repackagers, cosmetics companies, and others. In 2020, pharmaceutical & biopharmaceutical companies segment is dominating the track and trace solutions market with the market share of 31.74% due to increasing efforts to combat counterfeiting and reduce large losses that the industry faces due to the problem. Moreover, regulatory support is also aiding the adoption of track and trace solutions in the pharmaceutical & biopharmaceutical industry.

The pharmaceutical & biopharmaceutical companies segment will dominate the end user segment of the track and trace solutions market

The pharmaceutical & biopharmaceutical companies segment will emerge as the dominating segment end user segment. This is because of the growing number of hospitals in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

• On the basis of distribution channel, the global track and trace solutions market is segmented into direct sales and third party distributors. In 2020, direct sales segment is dominating the track and trace solutions market with the market share of 80.06% as the products are specialized and vendors offer high level of services by experts in the company. This ensures proper functioning of software and equipment for tracking and tracing.

The direct sales segment will dominate the distribution channel segment of the track and trace solutions market

The direct sales segment will emerge as the dominating segment under distribution channel with approximately 80.00% market share. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the healthcare industry all around the globe will further bolster the growth of this segment.

Major Players

Data Bridge Market Research recognizes the following companies as the market players in track and trace solutions market: OPTEL GROUP (Canada), Mettler-Toledo (U.S), Systech International (U.S), TraceLink Inc. (U.S), Antares Vision  S.p.A (Italy), SAP (Germany), Xyntek Incorporated (U.S), SEA Vision (Italy), Syntegon (Germany), Körber AG (Switzerland), Siemens (Germany), Uhlmann Group Holding GmbH & Co. KG  (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (U.S), Zebra Technologies Corporation (U.S), Axway (U.S), ACG (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany).

Market Development

• In June 2020, Zebra Technologies Corp. launched Zebra MotionWorks Proximity, which provides proximity sensing through device-level alerting, and touch monitoring as the help workers secure their employees' safety while in the workplace. This new product launch by the company will increase its credibility in the market
• In April 2020, Systech launched its brand protection innovation series to educate the global chain and the supply chain participants. This launch will increase the credibility of the company in the market
• In September 2019, F. Hoffmann-La Roche AG acquired Spark Therapeutics, a commercial gene-therapy company based in Philadelphia. This acquisition increases the manufacturing facility of the company in Philadelphia.

Regional Analysis

Geographically, the countries covered in the track and trace solutions market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

As per Data Bridge Market Research analysis:

North America is the dominant region in track and trace solutions market during the forecast period 2020 - 2027

North America dominates the market due to the presence of many pharmaceutical and biotechnology companies and medical device manufacturers, stringent regulations regarding serialization, and the growing medical devices.

Asia-Pacific is estimated to be the fastest-growing region in track and trace solutions market the forecast period 2020 - 2027

Asia-Pacific (APAC) is the fastest-growing market and is projected to grow due to growing regulatory requirements in the healthcare industry to comply with manufacturing and distribution practices and the rising number of pharmaceutical and biotechnology companies.

COVID-19 Impact

On March 11, 2020, the World Health Organization (WHO) designated COVID-19 to be a pandemic. International trade and transit have been hampered due to the majority of countries efforts to control the coronavirus (COVID-19) outbreak, which began at the beginning of 2020. Uncertainty in the capital markets and the global economy had an effect on the supply chains for the track and trace industry, which temporarily decreased demand.

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