Track And Trace Solutions Market Will Accelerate at a CAGR of over 19.2% through 2022-2031

Global track and trace solutions market was worth USD 2.98 billion in 2021. It is projected to grow at a compound annual rate (CAGR of 19.2%) between 2022 and 2030. Market growth can be attributed to increasing counterfeiting and theft rates worldwide for healthcare products. Manufacturers of medical devices, biopharmaceutical, cosmetic, and pharmaceutical products are now using track and trace to protect their brand equity and products. The healthcare industry will also benefit from favorable regulations regarding serialization.

Stringent regulations and standards for serialization are driving market growth. Manufacturers are focusing more on brand protection and increasing their focus on brand protection. There has been a significant increase in product recalls and high growth in generic and OTC markets. However, market growth will be limited by the high costs and lengthy implementation times associated with serialization and aggregated as well as the large setup costs.

Driving Factors

Specific regulations and standards are required for serialization implementation

Numerous governments are working with others to create legislation that requires serialization in track and trace systems to improve healthcare supply chain efficiency. All levels of the European pharmaceutical supply chain require track and trace. The European Federation of Pharmaceutical Industries and Associations claims that Europe’s pharmaceutical industry follows a common code. Because of the increasing problem with counterfeit drugs, the 2001/83/EC Directive was updated to address the need to establish drug serialisation requirements. The Falsified Medicines Directive Safety Features Delegated Regulation (EU) was released by the European Union. This regulation states that the serialization of certified drug products will become a legal requirement for EU businesses starting in early 2019.

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Restraining Factors

Existence of technology that detects fraudulent transactions

The problem of counterfeit items has been a major concern for the medical device and pharmaceutical industries. According to the International Trademark Association,

counterfeiting was a US 600 billion market in 2017. Products included consumer goods, pharmaceuticals, electronic gadgets, electrical and electronic equipment, as well as diplomas. By 2022 counterfeiting and piracy will have a global economic impact of USD 4.2 trillion, which could threaten 5.4 million jobs. Many of the anti-counterfeiting technologies are easily replicated. Examples of old technologies that can easily be replicated include barcodes and holograms.

This report on the global track and trace market provides information about recent developments, import-export analysis and production analysis. It also analyzes market share and impact of local market players. Our analysts will assist you in making informed market decisions to grow the market.

Market Key Trends

This study provides a detailed analysis of the global track-and-trace solutions market, along with current trends and future estimates to help you understand the potential investment opportunities.

It provides track and trace market analysis for 2020-2027. This will enable stakeholders to take advantage of the market’s opportunities.

An extensive analysis of the region helps to understand the market, facilitate strategic business planning, and identify prevailing opportunities.

To understand the competitive outlook for the global track and trace market, we thoroughly analyze the profiles and growth strategies.

Recent development

  • TraceLink introduced the Serialized Product Intelligence in October 2020. It is a cloud application that uses serialization to deliver actionable intelligence as well as operational excellence.
  • Anatres Vision, an Italian company that specializes in software solutions and cloud services for end-to-end traceability, acquired Adents International (France), in February 2021. With this acquisition, the company grew its portfolio of software solutions as well as cloud services to ensure end-to-end traceability. The Group’s international presence was also strengthened, especially in France.
  • OPTEL Group (Canada), joined forces with Bureau Veritas Canada (Canada) in October 2020. V-Trade was a solution to complete assured traceability for COVID-19 vaccines.
  • Sea Vision S.r.l partnered OBL Pharm (Russia) in February 2019. OBL pharma established five production lines that track and trace with SEA Vision equipment.

Key Companies

  • Axway Inc
  • Siemens AG
  • Optel Group
  • TraceLink Inc
  • SEA VISION S.r.l.
  • Antares Vision S.r.l.
  • Zebra Technologies Corporation
  • ACG Worldwide Private Limited
  • Adents High Tech International SAS

Segmentation

Solution Type:

  • Hardware Systems
  • Software Solutions

Technology:

  • 2D Barcodes
  • Radiofrequency Identification (RFID)

Application:

  • Serialization Solutions
  • Aggregation Solutions
  • Tracking, Tracing, & Reporting Solutions

End-use Industry:

  • Pharmaceutical
  • Food

Frequently Asked Questions About This Report

  • How big is track and trace market?
  • What is the growth rate of track and trace solutions?
  • Which segment was responsible for the largest market share in track and trace?
  • Which are the main players in track and trace market?
  • What are the key factors that drive the track-and-trace solutions market?
  • Which product is leading the product segment?
  • Which market segment is the largest for Track and Trace Solutions Market?
  • Which type of technology is the market leader in Track and Trace Solutions Market?
  • Which end-user segment is the largest in Track and Trace Solutions’ market?
  • Which are the main players in the Track and Trace Solutions Market?
  • Which geographic region dominates the Track and Trace Solutions Market?

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About the author

Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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