| Status : Published | Published On : Jan, 2024 | Report Code : VRHC1040 | Industry : Healthcare | Available Format :
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Page : 220 |
Global Track and Trace Solutions Market – Analysis and Forecast (2025-2030)
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)
Industry Overview
The Global Track and Trace Solutions Market is expected to grow from USD 3.1 billion to USD 7.6 billion by 2030 at a CAGR of 10.5% during the forecast period.
The production and delivery of items in a bustling industrial landscape needs precision in every aspect from packaging to delivery, and hence needs active monitoring. The track and trace solutions are effective in providing real-time visibility and valuable insights into the product location with actual data. In directly, these systems or solutions help businesses to meet the set product quality and delivery standards, ensuring regulatory compliance.
This vast and diverse market of track and trace solutions is driven by the growing regulatory requirements for specific industries like pharmaceuticals. The higher need for product safety and authenticity necessitates efficient inventory control and monitoring, thereby resulting in the widespread adoption of such efficient systems across a wide range of industries.It helps immensely in preventing drug counterfeiting and theft.
However, the growth trajectory of this market has never been stupendous due to the challenges imposed by the high cost of hardware and complex implementation process. Yet, growing digitalization and concerns over counterfeit products, especially in food & beverage and pharmaceutical sectors, are creating opportunities for further growth.
Market Segmentation
Insight by Technology
The global track and trace solution market is divided by technology into barcodes, RFID, and other segments, and the RFID segment is expected to grow faster due to improved security features and real-time tracking, technological advantages offered such as high durability and reusability, higher data storage capacity, and no requirement of the line of sight.
Insight by Application
According to the applications, the global track and trace solution market is divided into serialization, aggregation, and tracking. Out of these segments, the serialization segment is expected to contribute largely to the market due to the growing need for product safety and legitimacy. Also, the increasing focus of regulatory bodies on its implementation, efforts by the federal agencies, country governments, and healthcare industry to decrease product diversion and drug counterfeiting, need to comply with novel ePedigree regulations, and growing focus on patient safety and brand protection by manufacturers will propel the segment growth during the forecast period.
Insight by End-User
The type of end users divides the global track and trace solution market into pharmaceuticals, food and beverage, consumer goods, and electronics sectors. Among all these segments, the pharmaceuticals segment is expected to grow more than the others due to stringent regulations and high standards for product safety and serialization. Also, these companies need to ensure safe product track and trace abilities across various entities throughout the supply chain and comply with federal and state regulations, which will fuel the demand during the forecast period. On the other hand, the consumer goods segment will also grow over the forecast period to prevent common counterfeit goods, ensure consumer safety, and brand retention, and reduce product recalls by providing consumers with authentic products.
Insight by Product Type
The global track and trace solution market is divided into hardware and software based on the type of products. The hardware section is expected to grow more than the other due to the increase in demand for printing and marketing solutions. Within this segment, the printing and marking solutions will grow more due to the important role it play in the production and supply chain to ensure the high quality and authenticity of the products. On the other hand, the software solutions segment will also grow due to higher adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical devices for continuous management of manufacturing facilities, product lines, case and bundle tracking, and warehousing and shipping. Also, the growing investment in R&D by companies developing such software is driving the growth of this segment.
Global Track and Trace Solutions Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 3.1 Billion |
|
Revenue Forecast in 2030 |
U.S.D. 7.6 Billion |
|
Growth Rate |
10.5% |
|
Segments Covered in the Report |
By Technology, By Application and By End-User |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
Companies are increasingly focusing on anti-counterfeiting measures to prevent the sale of counterfeit items. There is also a growing demand for accountability and transparency in the supply chain to know product whereabouts in real-time, optimize efficiency and logistical networks, and reduce wastage. In addition, companies are now adopting advanced technologies like blockchain to maintain tamper-proof supply chain records and automate different processes.
Growth Drivers
The rising concern among people and healthcare providers over counterfeit products is driving the demand for track and trace solutions all over the world. The market growth is also driven by the developments in technologies and implementation of more advanced technologies such as IoT and blockchain into supply chain systems to enhance transparency and reduce cost. Furthermore, supportive government regulations to promote serialization is also driving the overall market growth.
Challenges
There is also a separate license fee required to use these solutions, which adds to the inconvenience and cost of use, preventing voluntary and widespread adoption and growth of the market. Apart from that, lack of technical expertise to use these solutions prevents widespread adoption and growth of the track and trace solutions market.
Opportunities
There is a widespread adoption of advanced technologies such as AI, IoT sensors, and blockchain within the industry which is increasing the efficiency and preference for these solutions. This leads to higher applicability and adoption of these solutions, thereby offering new opportunities for growth in the market.
Geographic Overview
North America is the dominant region and is expected to grow during the forecast period due to strict regulatory frameworks, higher awareness among end-users, robust healthcare infrastructure, and rising emphasis on drug counterfeiting by implementing serialization.
The European market will grow due to strict regulations for pharmaceuticals and medical devices and compliance requirements with the EU Falsified Medicines Directive.
The Asia Pacific track and trace solutions market is also expected to grow at the fastest rate due to the growing demand in developing countries like India and China and the rising emphasis on anti-counterfeiting measures and supply chain management.
Competitive Insight
Siemens AG is a German multinational technology conglomerate. It is focused on industrial automation, distributed energy resources, rail transport, and health technology. With SIMATIC RTLS, one can locate everything in industrial applications. Seamless real-time positioning based on ultrawide broadband technology (UWB), the scalable RTLS enables precisely locating relevant assets in production and logistics.
Axway is an enterprise integration company that is working behind the scenes to digitally transform enterprises of all sizes. Axway helps companies in all major industrial sectors leverage the IT infrastructure they already have to respond to disruption, open new markets, and create brilliant customer experiences. Companies with MFT solutions managed cloud services, and expert consultants are ready to help no matter what industry you're in.
The global track and trace solution market is a highly competitive landscape, with players such as Siemens AG, Axway Inc., Antares Vision S.r.l., Mettler-Toledo International Inc., Adents International SAS, and many others competing for market shares. These companies are focusing on developing new products to cater to the growing demand across various industries. Additionally, partnerships and collaborations among key players have become increasingly popular in recent years.
Recent Developments by Key Players
Siemens AG has signed an agreement to acquire the industrial drive technology (IDT) business of ebm-papst. The business includes intelligent, integrated mechatronic systems in the protective extra-low voltage range and innovative motion control systems. These systems are used in free-range driverless transport systems.
Axway has acquired AdValvas adding new eInvoicing compliance capabilities to its B2B integration software. The new capabilities include embedded support for Pan-European Public Procurement On-Line (PEPPOL), value-added tax (VAT) reform in France and other worldwide B2B and business-to-government (B2G) eInvoicing mandates
The Track and Trace Solutions Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Technology
- Barcodes
- RFID
- Others
- By Application
- Serialization
- Aggregation
- Tracking
- By End-User
- Pharmaceuticals
- Food and Beverage
- Consumer Goods
- Electronics
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Track and Trace Solutions Market