North America Track and Trace Solutions Market – Industry Trends and Forecast to 2029

North America Track and Trace Solutions Market by 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)– Industry Trends and Forecast to 2029.

Market Analysis and Size

Track and trace solutions are used to offer precise device location both now and in the past. Due to strict laws and requirements for the use of serialization and progress in the pharmaceutical and medical device industries, the worldwide track and trace solutions market is rising at a significant rate. Several types of solutions influenced the size of the track and trace solutions market. Due to growing popularity in the healthcare business, software has recently seen a surge in demand.

Data Bridge Market Research analyses that the track and trace solutions market which was USD 4.1 billion in 2021, would rocket up to USD 12.90 billion by 2029, and is expected to undergo a CAGR of 15.41% during the forecast period 2022 to 2029. In addition to 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 also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Organizations can use track and trace (T&T) technologies to manage their supply chains and reduce the danger of counterfeit items. They provide transparency, product ID verification services, make product movement easier, and assist with packaging and logistics management. As a result, T&T solutions are used for both personal and business purposes since they save money on gas and insurance, provide customer support, and deliver up-to-date information via SMS alerts or emails. They are currently gaining popularity as a means of monitoring supply chains in a variety of end-use sectors.
Market Dynamics

Drivers

• Stringent regulations for the implementation of serialization

In order to improve supply chain efficiency in the healthcare business, many governments are working to adopt specific legislation requiring serialisation in track and trace systems. The usage of track and trace solutions is necessary throughout the pharmaceutical supply chain in Europe. According to the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical industry in Europe utilises a common coding scheme. The 2001/83/EC directive was updated in response to the rising problem of counterfeit drugs and the necessity to set drug serialisation requirements. The European Union released the Falsified Medicines Directive (FMD) Safety Features Delegated Regulation, which states that serialisation of certified drug goods will be a legal requirement for businesses in the EU beginning in early 2019.

• Rise of counterfeit goods

Regulatory compliance has been an ever-increasing requirement to maintain product authenticity around the world. The global proliferation of counterfeit goods has prompted a surge in the use of track and trace systems across a variety of industries. The majority of industrialised countries have already implemented these solutions to limit the danger of product recalls, illness outbreaks, brand tarnishing, and unlawful parallel supply chains that foster illegal logistics and crime. Growing government and regulatory actions are opening the way for a greater adoption of track and trace technologies. Serialization has long been the most used way to track and trace products worldwide.

• Rising adoption in the pharmaceutical industry

Increased usage in the pharmaceutical industry for product I.D. verification, packaging, and logistics management will drive the global market. Government rules throughout the world requiring pharmaceutical companies to serialise their pharmaceuticals and technology advancements in track and trace systems are projected to fuel the track and trace solutions market's growth over the forecast period.

Opportunities

Traditional trademark protection solutions such as anti-theft and authentication are meant to safeguard individual goods rather than the entire supply chain. Fake items are likely to be introduced into the supply chain at any point. A system with autonomous and non-line-of-sight capabilities is required to combat counterfeiting and identify huge product items. There has been an increase in demand for technologies with modular designs that fulfil the needs of enterprises in recent years. For instance, RFID-based track and trace devices keep an electronic genealogy of product transactions across the supply chain. This strategy has been proven effective in preventing penetration, theft, and fraud in the supply chain.

Restraints/Challenges

• Existence of technologies that deter counterfeiters

Counterfeit items have been a problem for the pharmaceutical and medical device industries. Counterfeiting was a USD 600 billion market in 2017, according to the International Trademark Association (UK), with products ranging from consumer goods like food and beverages, pharmaceuticals, and electrical and electronic gadgets to graduation diplomas. Furthermore, counterfeiting and piracy are expected to drain USD 4.2 trillion from the global economy by 2022, putting 5.4 million genuine jobs at danger. Many of the current anti-counterfeiting technologies can be replicated. Holograms, barcodes, and container designs are examples of traditional technologies that can be simply recreated.

This track and trace solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the track and trace solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on North America Track and Trace Solutions Market

COVID-19 is a newly discovered coronavirus that produces a contagious illness. COVID-19, which was mostly unknown before the outbreak in Wuhan, China, in December 2019, has gone from a regional problem to a global pandemic in a matter of weeks. COVID-19 was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. Since the beginning of 2020, most nations worldwide have closed their borders and restricted movement to manage the coronavirus (COVID-19) outbreak, causing international trade and transit to be impeded. The supply chains for the track and trace sector were impacted by global economic and capital market uncertainty, resulting in a temporary decline in demand.

Recent Development

• In October 2020, Serialized Product Intelligence is a new cloud service developed by TraceLink that uses serialisation data to give actionable intelligence and operational excellence.
• In February 2021, Adents International was purchased by Anatres Vision (Italy) (France). With this acquisition, the company has broadened its offering of software solutions and cloud services for end-to-end traceability. The development also contributed to the Group's international expansion, particularly in France.

North America Track and Trace Solutions Market Scope

The track and trace solutions market is segmented on the basis of product, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Software
• Plant Manager
• Line Controller
• Enterprise and Network Manager
• Bundle Tracking
• Case Tracking
• Warehouse and Shipment Manager
• Hardware Components
• Printing and Marking
• Barcode Scanners
• Monitoring and Verification
• Labelers
• Checkweighers
• Standalone Platforms

Application

• Serialization
• Carton Serialization
• Bottle Serialization
• Medical Device Serialization
• Blister Serialization
• Vial and Ampoule Serialization
• Aggregation
• Case Aggregation
• Pallet Aggregation
• Bundle Aggregation
• Tracking, Tracing, and Reporting

End User

• Pharmaceutical and Biopharmaceutical Companies
• Food Industry
• Medical Device Companies
• Cosmetic Industry
• Other

North America Track and Trace Solutions Market Regional Analysis/Insights

The track and trace solutions market is analysed and market size insights and trends are provided by country, product, application and end-user as referenced above.

The countries covered in the track and trace solutions market report are U.S., Canada and Mexico in North America.

The U.S. is dominating in North America track and trace solutions market due to rising incidence of drug counterfeiting and increasing government initiatives to decrease it via imposing stringent laws.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and North America Track and Trace Solutions Market Share Analysis

The track and trace solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to track and trace solutions market.

Some of the major players operating in the track and trace solutions market are:

• 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)