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Track and Trace Solutions Market Size, Industry Analysis Report By 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), By 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), By End user (Pharmaceutical and Biopharmaceutical Companies, Food Industry, Medical Device Companies, Cosmetic Industry) & Region – Forecasts

  • PUBLISHED ON
  • 06/12/2022
  • NO OF PAGES
  • 261
  • CATEGORY
  • Healthcare & Life Sciences
Track and Trace Solutions Market: Overview
The global track and trace solutions market size was valued at USD 2.95 billion in 2022 and is expected to expand at a CAGR of 19.3% over the forecast period. Solutions for tracking and tracing are utilized to provide accurate device locations in the present and the past. The global market for track and trace systems is expanding significantly as a result of stringent regulations governing the use of serialization, as well as advancements in the pharmaceutical and medical device industries. The size of the market for track and trace solutions was influenced by a number of different solution types. Software demand has recently increased as a result of the healthcare industry's expanding popularity. T&T technologies can help businesses to manage their supply chains and lessen the risk of receiving counterfeit goods. They facilitate the transportation of products, offer services for product ID verification, and help with packaging and logistical management. As a result, T&T solutions are utilized for both personal and professional reasons since they reduce the cost of insurance and gas, offer customer service, and send emails or SMS notifications with the most recent information. They are becoming more and more common as a way to track supply chains in numerous end-use industries.

Track and Trace Solutions Market - Growth Factors
The global increase in healthcare product theft and counterfeiting is largely to blame for the market's expansion. Manufacturers of medical devices, pharmaceuticals, cosmetics, and biopharmaceuticals are implementing track and trace strategies to safeguard their goods and reputations. The deployment of track and trace solutions in the healthcare industry is also projected to be driven by favorable legislation for the implementation of serialization. Due to the increasing deployment of track and trace systems by pharmaceutical and medical device businesses, the industry is predicted to experience significant growth. Companies in the biopharmaceutical and pharmaceutical industries struggle greatly with drug counterfeiting. Consequently, businesses are implementing track and trace technologies for supply chain management. It has been discovered that low- to middle-income nations like India and Africa are more likely to see an invasion of substandard/counterfeit medicines. Furthermore, the industry is anticipated to be driven by strict laws and norms pertaining to the implementation and aggregation of serialization. Therapeutic Goods Administration (TGA) updated its product coding criteria in July 2019 in an effort to lessen counterfeiting in Australia. Furthermore, the high implementation costs associated with track and trace and the absence of globally agreed-upon standards for serialization and aggregation could limit market expansion.

Track and Trace Solutions Market – Market Trends
• Due to factors like the growing usage of track and trace solutions by medical device and pharmaceutical manufacturers to address the issue of drug counterfeiting and an organized regulatory framework & execution of standards, the market for track and trace solutions is predicted to grow significantly during the estimated period.
• The track and trace market in the Asia Pacific has a lot of potentials and is expected to develop at the quickest rate throughout the forecast timeframe. The region's pharmaceutical market is becoming more competitive, and strict rules have been implemented to raise the quality and consistency of pharmaceutical drugs. These are key drivers of market expansion.

Track and Trace Solutions Market – Segmentation

Based on Product, the market is segregated into
• 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

Based on Application, the market is categorized into
• 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

Based on End user, the market is divided into
• Pharmaceutical and Biopharmaceutical Companies
• Food Industry
• Medical Device Companies
• Cosmetic Industry
• Other

Track and Trace Solutions Market –Regional Analysis
Due to its numerous pharmaceutical, biotechnology, and medical device manufacturers, strict serialization laws, and expanding medical device industry, North America dominates the market.

The market with the fastest growth in Asia-Pacific (APAC), is expected to continue to expand as a result of increasing regulatory requirements in the healthcare sector to adhere to manufacturing and distribution practices as well as an increase in the number of pharmaceutical and biotechnology firms.

Track and Trace Solutions Market – Key Market players
• 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)

Report scope
Global Track and Trace Solutions Market: Historical Years- 2018-2021
Global Track and Trace Solutions Market: Forecast Years- 2022-2030
Global Track and Trace Solutions Market 2022- USD 2.95 billion
Global Track and Trace Solutions Market CAGR- 19.3%

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Market Research Process




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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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