Dublin, June 15, 2023 (GLOBE NEWSWIRE) -- The "Global Track & Trace Solutions Market 2023-2028 by Product Type, Technology, Applications, End User, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Track & Trace Solutions Market is estimated to be USD 3.51 Bn in 2023 and is expected to reach USD 8.45 Bn by 2028, growing at a CAGR of 19.2%.
Track and trace solutions are software applications that use various technologies, such as barcodes, RFID tags, and GPS tracking, to track the movement of goods and materials throughout the supply chain. These solutions can provide businesses with several benefits, including improved visibility, increased efficiency, and enhanced compliance.
The growth of the medical devices and pharmaceutical industries, and the increasing use of serialization, are driving the demand for track-and-trace solutions. These solutions help to ensure the authenticity and traceability of products, which is important in these industries where counterfeiting and product recalls can have serious consequences. Serialization involves assigning a unique identifier to each unit of a product, which can then be used to track the product throughout the supply chain. This practice is being adopted more widely due to government regulations and manufacturers' desire to improve supply chain security.
However, the track and trace solution market is being hindered by the high cost associated with serialization and aggregation as substantial investments are required for infrastructure, technology, and personnel training to implement serialization and aggregation processes. This encompasses the installation of specialized hardware and software, integration of diverse data sources, and the establishment of secure communication networks. Also, the process of serializing and aggregating individual products along the supply chain introduces complexity and time, leading to potential delays and operational inefficiencies in production and distribution.
Also, the availability of alternative anti-counterfeiting technologies such as blockchain, RFID, and digital watermarks, offer different approaches for authentication and verification, posing challenges to the effectiveness of track and trace solutions. As technology advances, counterfeiters gain access to sophisticated tools that can replicate or bypass traditional track and trace systems. Furthermore, these alternatives often offer added advantages like improved security, transparency, and efficiency, driving their adoption by businesses and consumers. Consequently, the track and trace solution market must continuously adapt and innovate to stay ahead of these alternative anti-counterfeiting technologies, ensuring its relevance and fostering growth amidst evolving markets.
The growing Medtech sector presents a range of opportunities for track and trace solutions. As the industry expands, there is an increasing demand for efficient systems that can effectively track and trace medical devices, pharmaceuticals, and other healthcare products throughout their lifecycle. These solutions play a crucial role in allowing manufacturers, regulators, and healthcare providers to closely monitor the location, usage, and quality of these products, thereby ensuring patient safety and regulatory compliance.
Moreover, with the supply chain becoming more complex and globalized in the Medtech sector, there is a heightened need for robust track and trace solutions to prevent the entry of counterfeit or substandard products into the market. To address these challenges, track and trace solutions can leverage technologies like RFID tags, barcodes, and serialization, facilitating real-time monitoring, authentication, and traceability of products. Ultimately, these advancements enhance safety, efficiency, and transparency in the healthcare industry, benefiting both providers and patients alike
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.51 Billion |
| Forecasted Market Value (USD) by 2028 | $8.45 Billion |
| Compound Annual Growth Rate | 19.2% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growth in the Medical Devices and Pharmaceutical Industries and an Increase in the Implementation of Serialization
- Rise in the Number of Packaging-Related Product Recalls
Restraints
- High Cost Associated with Serialization and Aggregation
- Lack of Common Standards
Opportunities
- Increasing Demand and the Subsequent Increase in the Manufacturing of Generic Drugs & Biologics
- Growing Medtech Sector
Challenges
- Availability of Alternative Anti-counterfeiting Technologies
Companies Mentioned
- ACG Worldwide
- Adents
- Antares Vision SpA
- Axway
- IBM Corp.
- Kezzler AS
- Korber Medipak Systems GmbH
- Markem Imaje, a Dover Company
- Mettler-Toledo International, Inc.
- Mettler-Toledo International, Inc.
- Optel Group
- Rfxcel Corp.
- RN Mark, Inc.
- SAP SE
- Sea Vision SRL
- Seidenader Maschinenbau GmbH (Medipak Systems)
- Siemens Ag
- Syntegon Technology GmbH
- TraceLink, Inc.
- Zebra Technologies Corp.
- Zetes Industries S.A. / N.V.
Market Segmentation
The Global Track & Trace Solutions Market is segmented based on Product Type, Technology, Application, End User, and Geography.
- By Product, the market is classified into Hardware Solutions and Software Solutions. Software Solution holds the largest market share owing to the rising adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical devices. These software solutions are used for continuous management of manufacturing facilities, product lines, case and bundle tracking, and warehousing and shipping.
- By Technology, the market is classified into Barcode and RFID. Barcode holds the highest market share due to the increased application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging.
- By Application, the market is classified into Serialization Solutions and Aggregation Solutions. Serialization solutions hold the largest revenue share owing to the increasing focus of regulatory bodies on the implementation of the same. Federal agencies, country governments, and the healthcare industry are taking measures to decrease product diversion and drug counterfeiting.
- By End User, the market is classified into Pharmaceutical Companies, Medical Device Companies, and Other End Users. Pharmaceutical companies hold the largest share due to the surge in the number of counterfeit drugs, particularly in developing countries along with the presence of stringent regulations for the pharmaceutical companies.
- By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. Asia-Pacific is growing with the highest CAGR due to the implementation of regulations to enhance the quality and reliability of pharmaceutical drugs, and the development of the pharmaceutical and biotechnology market.
For more information about this report visit https://www.researchandmarkets.com/r/4zf8kk
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