OTTAWA, Nov. 02, 2020 (GLOBE NEWSWIRE) -- The global track and trace solutions market size was valued at US$ 2.09 billion in 2019, according to new study by Precedence Research.
Track and trace technologies allow a product’s status to be taken through the value chain, and to retrospectively recognize and confirm its path. Track and trace solutions are related to logistics and distribution of wide range of products, that enables to discover the present and prior position of the object of interest. The foremost technologies utilized to track the delivery of the products include barcodes and radio-frequency identification. Lately, there is an upsurge in the product recall that caused the development of hardware, software, and consulting systems by the producers of track and trace systems. These products provide extensive range of solutions for tracing products catering to various industries.
Growth Factors
Some of the prominent influencers of the track and trace solutions market include rigorous standards and regulations for the execution of serialization, growing focus of producers on brand protection, and escalating number of packaging-related product recalls. Additionally, tremendous growth in the OTC and generic markets and developing medical device sector are flourishing the market growth. Augmented numbers of product recalls also impel the growth of track and trace solutions. As per the Food and Drug Administration (FDA), about 200 food connected recalls were revealed in in 2018. Consequently, the acceptance of track and trace solutions has become indispensable in the manufacturing sector regardless of the products being manufactured like medical device food & beverage and pharmaceutical industry.
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The severe standards and regulations for the employment of serialization are expected to spur the growth of the global market. Pharmaceuticals, medical device and food & beverage industry are the significant businesses that need execution of these mandates. Numerous end-to-end solutions including ingredients traceability, food & beverage traceability, blockchain enabler, serialization processing, environmental monitoring, finished goods traceability, compliance management are predicted to achieve traction in the market during forecast period.
Report Highlights
- Depending on different types of technologies, the track and trace solutions market is bifurcated into 2D barcodes, linear barcodes, and Radio Frequency Identification (RFID). Among these technologies, in terms of revenue, 2D barcodes accounted for the biggest market share in 2019.
- Growing number of forged drugs and rigorous government regulations for the application of serialization is pushing the growth of track and trace serialization solutions market
- 2D barcodes are favored for packaging above linear barcodes due to their higher data storage capability and feature of containing huge amounts of data with less variation in image size.
- Unexploited opportunities in the emerging regions are estimated to offer alluring future prospect to the track and trace solutions market growth.
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Regional Snapshots
In terms of revenue, Europe has emerged as second-largest market for track and trace solutions and expected mirror this trend till 2027. This growth can be credited to the existence of established markets, such as Turkey, Germany, the U.K., Italy and France in the region. The European Union purposes to increasingly execute track and trace solutions in the healthcare supply chain to deal with drug forging and theft. As per the Falsified Medicines Directive, companies failing to obey with drug serialization regulations would not be permitted to market their products in Europe.
North America market is principally fueled by existence of extremely regulated serialization and aggregation principles along with cutting-edge healthcare infrastructure. There are plentiful small and large sellers proposing a plethora of track and trace solutions that makes market competition fiercer in this region. Asia Pacific is estimated to show the high CAGR because of collective pressure to curtail the frequency of forged drugs in emerging Asian nations such as China and India.
Key Players & Strategies
There are manifold small and large companies proposing a host of solutions for tracking and tracing uses, following extreme competition amongst vendors. Foremost companies catering to the demand for track and trace solutions in the marketplace are Optel Vision, TraceLink, Inc., Adents International, Axway, Siemens AG, Mettler-Toledo International, Inc., Antares Vision srl, ACG Worldwide, Seidenader Maschinenbau GmbH, and Systech, Inc. among others.
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Recent developments by some of the market participants:
In 2018, Antares Vision introduced its product, ATSFOUR, an enterprise-level serialization software solution. The new ATSFOUR incorporates the Antares Tracking System architecture and bids a wide-ranging solution which permits the broadest connection competence for any traceability network.
In 2018, RopackPharma Solutions partnered with TraceLink (US) to attain DSCSA compliance for its pharmaceutical customers
In 2017, Antares Vision prolonged its partnership with Xyntek, where Xyntek will endure to sell and service solutions of the Antares Tracking System platform across the U.S.
Market Segmentation
By Technology
- RFID
- Barcode
By Product
- Hardware Systems
- Software Solutions
By Application
- Aggregation Solutions
- Serialization Solutions
End-User
- Medical device Companies
- Pharmaceutical Companies
- Food and Beverage
- Healthcare
- Consumer Packaged Goods
- Luxury Goods
- Others
By Regional Outlook
- North America
- Europe
- France
- Asia Pacific
- Middle East & Africa
- Latin America
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