Global Track and Trace Solutions Market – Analysis and Forecast (2018-2024)

Industry Insights by Type (Software and Hardware), by Technology (Radiofrequency Identification, Linear/1D Barcodes, and 2D Barcodes) by Application (Aggregation Solutions, Tracking, Tracing, and Reporting Solutions and Serialization Solutions), and by End User (Medical Device Companies, Pharmaceutical & Biopharmaceutical Companies, Cosmetic Industry and Others)

Status : Upcoming
Report Code : VRHC1040
Available Format : PDF
Industry : Healthcare

Industry Overview

Track and trace solutions are used to provide precise position of devices at the present and earlier. The global track and trace solutions market is growing at significant rate, due to rigid guidelines and standards for the employment of serialization and progress in the pharmaceutical and medical devices industries. Different types of solutions contributed to the track and trace solutions market size. The market has witnessed high demand for software over the last few years due to emergent acceptance in healthcare industry.

Market Segmentation

Insight by Type

There are two types of solutions, software and hardware, offered by manufacturers in the market. Emergent implementation in healthcare industry and escalating acceptance of software for unceasing management of manufacturing facilities, are some of the factors responsible for the growth of the software segment. Of both the types, the software segment accounted the foremost share in the track and trace solutions market. The software segment is further subdivided into line controller, plant manager, case tracking, enterprise and network manager, warehouse and shipment manager, bundle tracking, and pallet tracking.

The plant manager segment accounted the largest share in the market due to escalating requirement for a protected supply chain of pharmaceutical and medical devices industry and stringent government regulations. Moreover, enterprise and network manager category is expected to grow at the fastest rate in the market due to mounting alertness of producers regarding protected packaging and stringent regulations for the employment of track & trace and serialization solutions. In addition the hardware segment is further subdivided into barcode scanners, labeling, printing and marking, checkweighers, monitoring and verification and RFID readers.

Insight by Technology

 

The various technologies are radiofrequency identification (RFID), linear/1d barcodes, and 2D barcodes. Of all applications, radiofrequency identification application is expected to witness the highest growth worldwide, which is due to mounting requirement for these systems in point-of-care solutions, automated pharmaceutical distribution and electronic medical records. In addition, 2D barcodes accounted the largest share in the market due to benefits of 2D barcodes, such as higher data storage capacities with fewer variants in image size.

Insight by Application

The various applications of these solutions are aggregation solutions, tracking, tracing, and reporting solutions, and serialization solutions. Strict regulation for the employment of serialization solutions in packaging and supply chain purposes are some of the factors responsible for the growth of the serialization solutions. Of all the applications, serialization solutions accounted the foremost share in the track and trace solutions market. In addition, tracking, tracing, and reporting solutions market is expected to grow at the fastest rate in the track and trace solutions market due to boosting number of rules such as UDI, Medical Device Reporting, and DSCSA.

Insight by End User

There are different end users in the market, medical device companies, pharmaceutical & biopharmaceutical companies, cosmetic industry and others. Mounting pharmaceutical expenditure, budding pharmaceutical & biopharmaceutical industries, and escalating amount of counterfeit drugs globally are the factors growing the demand of pharmaceutical & biopharmaceutical companies. Among the all end users, the pharmaceutical & biopharmaceutical companies accounted the largest share in the track and trace solutions market.

Industry Dynamics

Industry Trends

Acceptance of e-pedigree technology and mounting alliance among market players are the major trends in the track and trace solutions market.

Growth Drivers

The rigid guidelines and standards for the employment of serialization, progression in the amount of packaging-related product withdraws, mounting number of forge drugs entering the supply chain, mounting emphasis of manufacturers on brand security and progress in the pharmaceutical and medical devices industries are the primary growth drivers for track and trace solutions market.

Budding number of production facilities in developing regions, expanding geriatric population with mounting lifestyle diseases is up surging the need for pharmaceuticals, escalating attention on consumer and patient well-being. Medical devices and technological progressions are also facilitating the growth for the track and trace solutions market.

Challenges

The elevated costs related with serialization and aggregation and absence of common principles for serialization and aggregation are the major challenges for the growth of track and trace solutions market.

Industry Ecosystem

Globally, the manufacturing companies trying to enter the track and trace solutions market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Geographic Overview

Geographically, North America is the largest track and trace solution market as in the region the occurrence of chronic disease and lifestyle associated diseases is mounting which upsurges the demand of medical devices and pharmaceuticals. Growing geriatric population, occurrence of advanced healthcare systems, existence of a huge number of medical device manufacturers and pharmaceutical and biotechnology companies, strict regulations concerning serialization and emergent medical devices market are also up surging growth of the North American track and trace solutions industry.

Asia-Pacific is observed to witness the fastest growth in the market, as in the region the pharmaceutical and medical device expenditure is mounting. In addition, expanding geriatric population with mounting lifestyle diseases is up surging the need for pharmaceuticals and medical devices and mounting demand of secure packaging & supply chain efficiency are also creating a positive impact on the track and trace solutions market growth in the region.

Competitive Insight

Key players in the track and trace solutions industry are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In November 2017, Körber Medipak Systems completed the acquisition of Systec & Services GmbH to strengthen its business area in pharma systems. Antares Vision, Körber Medipak Systems, Sea Vision, Axway, Adents, METTLER TOLEDO, ACG Worldwide, Optel Group, Tracelink, and Siemens are the key players offering track and trace solutions.

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