As per the current market research conducted by CMI Team, the Global Track and Trace Solutions Market size is expected to record a CAGR of 19.7% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 3.7 Billion. By 2032, the valuation is anticipated to reach USD 17.22 Billion.
Track and Trace Solutions Market: Overview
Solutions that track and trace allow you to track a product’s status along the whole supply chain. Solutions for tracking and tracing drugs ensure safe medication usage, stop billing fraud and stop the parallel distribution of fake drugs.
A high risk of product recalls, an increase in anticounterfeiting measures, and advancements in track and trace systems are the main factors driving the growth of this industry. Pharmaceutical and biopharmaceutical product manufacturing is expected to increase, and chances for market expansion in the medical technology and device sectors are also anticipated to arise. For both the present and the past, accurate device location is provided through track and trace systems.
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 developments in the pharmaceutical and medical device sectors. The scope of the track and trace solutions market was impacted by a number of different solution types. Software has lately experienced a boom in demand as a result of the healthcare industry’s rising popularity.
Growth Factors
Companies that produce medications, medical equipment, cosmetics, and pharmaceutical packaging face an increasing danger from counterfeiting. Globally, the prevalence of counterfeit medications and other items has grown due to expanding global trade and lax laws. Branded and generic goods that include inaccurate or misleading ingredients, no active substances, an insufficient amount of active ingredients, or fraudulent packaging are considered counterfeit.
Large sums of money are spent by manufacturers on building a brand, and counterfeiters leverage this brand identification to market their products. The income of the original producer suffers greatly, and the reputation of the brand is also damaged. Therefore, the adoption of track and trace technology like barcodes and RFID is essential to preventing counterfeiting. To improve product traceability and security, many businesses implement a variety of track and trace technology across their supply chain.
When a product is individually serialized, it enables item-level traceability across the supply chain, allowing brand owners to gather more data for richer insights than they could with container-level traceability. Thus, the market for track and trace solutions is being driven by the manufacturing businesses’ rising emphasis on brand building, which is in turn driving serialization adoption.
Innovations in track and trace solutions are being sparked by regulators’ and policymakers’ increasing attention to maintaining the integrity of the supply chain. Key businesses are investing in operations scaling up and R&D to offer unique solutions in response to the increased need for creative serialization and aggregation solutions.
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Segmental Overview
The market for track and trace solutions is segmented into product, technology, and end use. According to the product, the software category is expected to dominate the global market. Due to its increasing acceptance in healthcare organizations, particularly those producing pharmaceuticals, biopharmaceuticals, and medical devices, software solutions held the greatest revenue share in 2021.
These software programs are used to track cases and bundles, manage product lines, warehouse inventory, and distribute orders continuously. Such software companies are spending money on R&D to improve product development, which is likely to spur growth. The market’s software solutions category is anticipated to be the most profitable one. Software businesses are investing more in R&D and putting more emphasis on customer service, which is helping this market sector flourish.
Regional Overview
The biggest market share of the total market was held by the North American region in the track and trace solutions market during the forecast period. Major factors influencing the market growth in North America include the existence of advanced healthcare systems in the U.S. and Canada, the presence of numerous pharmaceutical, biotechnology, and medical device manufacturers, strict regulations regarding serialization, and the expanding market for medical devices.
Competitive Landscape/ Key Players Insights
The players have implemented various strategies to expand in the global track and trace solutions market. The study contains a thorough competitive analysis of the major track and trace solutions market participants and information on their company overviews, recent developments, and vital business strategies.
Some of the prominent players
- Axway
- Mettler-Toledo International, Inc.
- TraceLink Inc.
- Adents
- Antares Vision S.r.l
- Siemens AG
- Optel Vision
- Korber AG
- ACG Worldwide
- Markem Imaje a Dover Company
- Others
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