Track And Trace Solutions Market (By Product: Hardware Systems, Software Solutions; By Technology: Barcode, RFID; By Application: Serialization solutions, Aggregation Solutions; By End-use: Pharmaceutical & biopharmaceutical Companies, Medical device companies, Healthcare Other, Food and beverage, Consumer goods, Luxury goods) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Published Date : Aug 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Track And Trace Solutions market size is expected to be worth around US$ 11.7 billion by 2030, according to a new report by Vision Research Reports.

The global Track And Trace Solutions market size was valued at US$ 5.5 billion in 2020 and is anticipated to grow at a CAGR of 20.0% during forecast period 2021 to 2030.

Growth Factors

The growth is attributed majorly due to the increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of a track and trace system helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.

Furthermore, the rising adoption of track and trace systems by healthcare manufacturers would fuel the market growth in the long run. The introduction of advanced technology, such as RFID, provides fast reading and delivers high levels of security. However, the deployment cost of serialization and aggregation methods, as well as the lack of common regulations and standards, may hamper the market growth in few developing geographies.

Report Highlights

The software solutions segment dominated the market for track and trace solutions and held the largest revenue share of over 55.0% in 2020 due to its growing adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical device companies. These software solutions are used for continuous management of manufacturing facilities, product lines, case and bundle tracking, and warehousing and shipping. Companies developing this software are investing in R&D for better product development which is expected to propel the growth.

The hardware solution segment is expected to show lucrative growth over the forecast period. The printing and marking solutions segment held the largest revenue share in the market. This system plays important role in the production and supply chain to ensure quality and product authenticity. 

The serialization solutions segment dominated the market for track and trace solutions and held the largest revenue share of over 60.0% in 2020 due to the increasing focus of regulatory bodies on the implementation of the same. The federal agencies, country governments, and healthcare industry are taking measures to decrease product diversion and drug counterfeiting. Serialization is a major step to comply with new ePedigree regulations that are required for product traceability during the supply chain. In addition, the increased focus on patient safety and brand protection by manufacturers is expected to propel the segment growth during the study period.

Manufacturers are facing challenges due to growing complexity and diversity in serialization requirements, primarily in the pharmaceutical industry. Variations in standards and regulations across the countries, as well as management of aggregated complex data, makes it difficult for manufacturers to implement serialization in track and trace. However, the increasing rate of counterfeiting of pharmaceuticals and other healthcare products drives the adoption of serialization in the supply chain.

The barcodes technology segment dominated the market for track and trace solutions and accounted for the largest revenue share of over 90.0% in 2020. The 2D barcode is the dominant segment of the barcode technology and is expected to maintain its position throughout the study period. The increased application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging is a major factor that contributed to the higher revenue share. Also, ample data storage capacity of 2D barcodes than linear barcodes, as well as its higher popularity in the industry boosts the demand for 2D barcode-based solutions.

Government regulations and an increase in counterfeit drugs sale led to the implementation of barcode technology in the healthcare industry. For instance, the Directorate General of Foreign Trade issued a notice announcing the execution of a track and trace system integrated barcode technology for pharmaceutical products exported from India since 2011. Thus, demand for barcode technology in the track and trace solutions market has increased and is expected to remain high during the forecast period.

The pharmaceutical and biopharmaceutical companies dominated the market for track and trace solutions and accounted for the largest revenue share of over 30.0% in 2020. Ensuring safe product track and trace abilities across various entities throughout the supply chain by implementing serialization is a crucial step to address the challenges faced by the pharmaceutical & biopharmaceutical companies.

The consumer goods segment is expected to show significant growth over the forecast period. Common counterfeit goods include clothing, footwear, handbags, watches, OTC products, household products, books, batteries, cigarettes, and video games. 

North America dominated the market for track and trace solutions and accounted for the largest revenue share of 40.0% in 2020, primarily due to the presence of highly regulated serialization and aggregation standards, as well as advanced healthcare infrastructure. Automatic identification technologies including barcoding and RFID are recommended to pharmaceuticals and other healthcare companies by the FDA. Furthermore, the presence of highly developed healthcare infrastructure and adoption of this technology in the U.S. is expected to drive the market in the region.

Europe is the second-largest market for track and trace solutions in terms of revenue share and is expected to remain unaltered till 2028. They can be attributed to the presence of developed economies, such as Germany, Turkey, the U.K., France, and Italy, in the region.

Key Players

  • Axway

  • Mettler-Toledo International, Inc.

  • Optel Vision

  • TraceLink, Inc.

  • Adents International

  • Antares Vision srl

  • Siemens AG

  • Seidenader Maschinenbau GmbH

  • ACG Worldwide

  • Systech, Inc.

Market Segmentation

  • Product Outlook

    • Hardware Systems

      • Printing & marking solutions

      • Monitoring & verification solutions

      • Labeling solutions

      • Others

    • Software Solutions

      • Plant manager software

      • Line controller software

      • Bundle tracking software

      • Others

  • Technology Outlook 

    • Barcode

    • RFID  

  • Application Outlook 

    • Serialization solutions       

      • Bottle serialization

      • Label serialization

      • Carton serialization

      • Data matrix serialization

    • Aggregation Solutions

      • Bundle aggregation

      • Case aggregation

      • Pallet aggregation

  • End-use Outlook 

    • Pharmaceutical & biopharmaceutical Companies

    • Medical device companies

    • Healthcare Others

    • Food and beverage

    • Consumer goods

    • Luxury goods

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Switzerland

      • Belgium

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • Egypt

The Track And Trace Solutions market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Track And Trace Solutions market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Track And Trace Solutions market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Track And Trace Solutions market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Track And Trace Solutions market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Track And Trace Solutions capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Track And Trace Solutions by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Track And Trace Solutions market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Track And Trace Solutions market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Track And Trace Solutions market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Track And Trace Solutions industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

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.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Track And Trace Solutions market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Track And Trace Solutions market. These factors have benefited the growth of the global market for Track And Trace Solutions. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Track And Trace Solutions. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Track And Trace Solutions are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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