Dublin, June 09, 2021 (GLOBE NEWSWIRE) -- The "Global Track and Trace Solutions Market by Product (Plant Manager, Checkweigher, Barcode Scanner, Monitoring), Technology (2D Barcode, RFID), Application (Serialization, Aggregation, Reporting), End User (Pharma, Food, Medical Devices) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global track and trace solutions market is projected to reach USD 7.3 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 12.1% during the forecast period.
The implementation of track and trace solutions and technologies is an important strategy adopted by many manufacturing companies and regulatory bodies in recent years.
Growth in the market is largely driven by stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, high growth in the generic and OTC markets, and growth in the medical device industry.
On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation and the huge setup costs are expected to limit market growth to a certain extent.
The Software segment accounted for the largest market share in 2020
Based on products, the track and trace solutions market is segmented into software, hardware components, and standalone platforms based on product. The software segment accounted for the largest share-60.1%-of the track and trace solutions market in 2020. Market growth is largely driven by the increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, and growing awareness of brand protection. In addition, regulatory compliance is further supporting the growth of this market.
The standalone platforms segment is expected to register the highest CAGR of 15.9% during the forecast period. The growth in this market is mainly attributed to the stringent government regulations for implementing serialization and UDI codes in the pharma and medical device industry, increasing pressure on pharmaceutical companies to adopt serialization, and increasing demand for standalone platforms to reduce the serialization implementation timeframe.
The Serialization Solutions segment accounted for the largest market share in 2020
Based on application, the track and trace solutions market is segmented into serialization solutions; aggregation solutions; and tracking, tracing, and reporting. The serialization solutions segment accounted for the largest share-62.3%-of the applications market. This segment is projected to grow at a CAGR of 12.0% during the forecast period to reach USD 2,560.9 million by 2026. Stringent regulations for the implementation of serialization solutions in packaging and supply chain applications drive this segment's growth.
The tracking, tracing and reporting segment is expected to register the highest CAGR of 16.1% during the forecast period owing to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.
The 2D Barcode segment accounted for the largest market share in 2020
Based on technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and radiofrequency identification (RFID). The 2D barcodes segment accounted for the largest share of 76.2% of the technology market in 2020. This segment is projected to grow at a CAGR of 12.4% to reach USD 5.6 billion by 2026.
The large share of the 2D barcodes technology segment can be attributed to the increasing use of 2D barcodes in the packaging industry. They have higher data storage capacities than linear barcodes and contain larger amounts of data with fewer variations in image size.
The Pharmaceutical and Biopharmaceutical Company segment accounted for the largest market share in 2020
Based on technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and radiofrequency identification (RFID). The 2D barcodes segment accounted for the largest share of 76.2% of the technology market in 2020. This segment is projected to grow at a CAGR of 12.4% to reach USD 5.6 billion by 2026.
The large share of the 2D barcodes technology segment can be attributed to the increasing use of 2D barcodes in the packaging industry. They have higher data storage capacities than linear barcodes and contain larger amounts of data with fewer variations in image size.
Asia Pacific recorded the highest CAGR for track and trace solutions market in 2020
The track and trace solutions market studied in this report is divided into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 42.9% of the global track and trace solutions market, followed by Europe (33.5%).
The presence of developed healthcare systems in the US & Canada; the presence of many pharmaceutical & biotechnology companies and medical device manufacturers; stringent regulations regarding serialization; and the growing medical devices market are major factors driving market growth in North America.
Premium Insights
- Stringent Regulations & Standards for the Implementation of Serialization is a Major Factor Driving the Market Growth
- China Accounted for the Largest Share of the Asia-Pacific Market in 2020
- China to Register the Highest Growth Rate During the Forecast Period
- North America Will Continue to Dominate the Track and Trace Solutions Market During the Forecast Period
- Developing Markets to Register Higher Growth Rates During the Forecast Period
Market Dynamics
Drivers
- Stringent Regulations & Standards for the Implementation of Serialization
- Increasing Focus of Manufacturers on Brand Protection
- Growth in the Number of Packaging-Related Product Recalls
- High Growth in the Generic and OTC Markets
- Growth in the Medical Device Industry
Restraints
- Huge Setup Costs
- High Costs and Long Implementation Timeframe Associated with Serialization and Aggregation
Opportunities
- Increase in Offshore Pharmaceutical Manufacturing
- Remote Authentication of Products
- Technological Advancements
- Growth in the Food Traceability Market
Challenges
- Lack of Common Standards for Serialization and Aggregation
- Existence of Technologies That Deter Counterfeiters
Industry Insights
Industry Trends
- Rising Demand for Integrated Fully Automated Serialization and Aggregation Systems
- Increasing Consolidation Among Market Players
- Use of Blockchain in Track and Trace Solutions
Technology Analysis
- Growing Demand for L4 and L5 Track and Trace Solutions in the Pharmaceutical Industry for Compliance Management
- Global Pharmaceutical and Food Track and Trace Solutions Market: Penetration and Opportunity
Regulatory Analysis
End-User Demand Analysis
- Demand Analysis for Track and Trace Solutions
- Unmet Needs
- Challenges Associated with Manual Track and Trace of Products: End-User Perspective
Ecosystem Analysis
Porter's Five Forces Analysis
Companies Mentioned
- ACG Worldwide
- Antares Vision
- Axway
- Jekson Vision
- Kevision Systems
- Korber AG
- Laetus GmbH
- Mettler-Toledo International Inc.
- Optel Group
- SAP
- Sea Vision S.R.L
- Siemens AG
- Syntegon (Formerly Robert Bosch GmbH)
- Systech International (A Part of Markem-Imaje)
- Tracelink Inc.
- Uhlmann Group
- Videojet Technologies Inc.,
- Wipotec-Ocs GmbH
- Xyntek Inc.
- Zebra Technologies Corporation
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