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
Report Metric
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Details
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Forecast Period
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2020 to 2027
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Base Year
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2019
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Historic Years
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2018 (Customizable to 2013 - 2018)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Software Components, Hardware Components and Standalone Platform), Solution (Line and Site-Level Serialization, Cloud Enterprise-Level Traceability, Distribution and Warehouse Solution, Supply Chain Data-Sharing Network and Others), Application (Serialization, Printing, Labeling and Packaging Inspection, Aggregation, Tracking, Tracing, and Reporting), Technology (2D Barcodes, Radiofrequency Identification (RFID), and Linear/1D barcodes), End User (Pharmaceutical and Biopharmaceutical Companies, Consumer Packaged Goods, Luxury Goods, Food and Beverage, Medical Device Companies, Contract Manufacturing Organizations, Repackages, Cosmetics Companies, and Others), Distribution Channel (Direct Sales and Third Party Distributors)
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Countries Covered
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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).
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Market Players Covered
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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) among others.
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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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.
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.
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
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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Global Track and Trace Solutions Market – Industry Trends and Forecast to 2029
Europe Track and Trace Solutions Market – Industry Trends and Forecast to 2027
Middle East and Africa Track and Trace Solutions Market – Industry Trends and Forecast to 2027
Asia-Pacific Track and Trace Solutions Market – Industry Trends and Forecast to 2027
North America Track and Trace Solutions Market – Industry Trends and Forecast to 2029