Track and Trace Solutions Market size is estimated to reach $5.7 billion by 2026, growing at a CAGR of 17.6% during the forecast period 2021-2026. Track and trace solutions permit brands to record the rare journey of a single product through every step of the supply chain. Brands can dedicatedly utilize real data and observations to solve concerns connected to product sustainability, production effectiveness, regulatory compliance, and hazard. Serialization is a procedure that suppliers utilize to recognize products at different pack levels. The procedure includes assigning a unique identifier to every parcel at the level needed by the individual, company, or organization acquiring it. (For example a wholesaler, hospital, or patient). Products scarcely ship only with pack-level serialization. Aggregation is the technique of including higher-level codes exterior to packs and pallets that recognize end user-level products inside. In some situations, there can be numerous aggregations, relying on the stage of distribution. Aggregation makes it effortless for supply chain companies to acquire more information regarding the contents of a consignment without having to individually account for every pack. The idea of track and trace may be backed by means of estimating and noting the position of vehicles and containers with the property of interest, saved, for example, in a real-time database
With the advent of the COVID-19 vaccine and the different medical care and diagnostic instruments to control the pandemic, the hazard of fraudulent diagnostic devices has grown globally which has influenced the pharmacy automation market constructively and is fuelling the growth of the Track and Trace Solutions Market owing to the greater acceptance of track and trace solutions involving serialization and aggregation. The increased count of packaging-connected product recalls is set to propel the growth of the Track and Trace Solutions Market during the forecast period 2021-2026. This represents the Track and Trace Solutions Industry Outlook.
Track and Trace Solutions Market Segment Analysis – By Product:
The Track and Trace Solutions Market based on Product can be further segmented into Hardware Systems and Software Solutions. The Software Solutions Segment held the largest market share in 2020. This growth is owing to its increasing acceptance in healthcare firms inclusive of pharmaceuticals, biopharmaceuticals, and medical device firms. Track and trace solutions utilize serialization and aggregation. These software solutions are utilized for continued management of production facilities, product lines, case and bundle tracking, and warehousing and shipping. Software developing firms are investing in R&D for superior product advancement which is propelling the growth of this segment.
Furthermore, the Hardware Systems segment is estimated to grow with the fastest CAGR of 18.5% during the forecast period 2021-2026 owing to the increasing demand for serialization and the requirement to accomplish regulatory compliance.
Track and Trace Solutions Market Segment Analysis – By Technology:
The Track and Trace Solutions Market based on Technology can be further segmented into Barcode and RFID (Radio Frequency Identification). The RFID (Radio Frequency Identification) Segment held the largest market share in 2020. This growth is owing to rapid digitization owing to the onset of the Novel Coronavirus (COVID-19) pandemic resulting in increased application of RFID technology in healthcare. Serialization and aggregation play an important role in Track and Trace Solutions. The increased utilization of these technologies in tracking and authenticating vaccines, diagnostic kits, and others and the leading role of RFID in inventory management and supply-chain operations are further propelling the growth of this segment.
Furthermore, the Barcode segment is estimated to grow with the fastest CAGR of 19.1% during the forecast period 2021-2026 owing to the heightened application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging along with serialization and aggregation in track and trace solutions.
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Track and Trace Solutions Market Segment Analysis – By Geography:
The Track and Trace Solutions Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Track and Trace Solutions Market) held the largest share with 35% of the overall market in 2020. The growth of this region is owing to the existence of greatly regulated serialization and aggregation standards and progressive healthcare infrastructure in the region. The U.S. Food and Drug Administration (FDA) has approved automatic identification technologies like barcoding and radio frequency identification (RFID) for Pharmaceuticals and other healthcare establishments. The onset of the Novel Coronavirus (COVID-19) pandemic and the increasing innovations in track and trace solutions are propelling the growth of the Track and Trace Solutions Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like the development of the healthcare infrastructure and increasing occurrences of fraudulent medications requiring track and trace solutions involving serialization and aggregation. The increased application of barcoding and enhanced traceability are fuelling the progress of the Track and Trace Solutions Market in the Asia-Pacific region.
Track and Trace Solutions Market Drivers
Increased Traceability Is Projected To Drive The Growth Of Track and Trace Solutions Market:
All through the pharmaceutical supply chain, from point of manufacture to point of care, traceability is being identified as critical, guaranteeing that each patient acquires the right amount of the right medication from the recognized supplier. Worldwide Serialization and Compliance offer the solution to end-to-end transparency, supply chain logistics management, and product authentication services across even the most complicated supply chains. Serialization is being accepted as the basis for meeting rising global regulatory requirements. Videojet provides a rare range of new coding solutions for the expansive range of packaging form factors in pharmaceuticals. Coding on vials is a wonderful example, keeping in mind their tiny size and the complicated series of packaging operations. Videojet inkjet marking offers a lucid and rugged “on-vial” traceability code to guarantee the integrity of the data all through the packaging procedure. Videojet fiber laser marking systems also provide a perfect solution for high-speed marking on strong plastic and metal packaging materials. Heightened traceability is therefore driving the Track and Trace Solutions Market during the forecast period 2021-2026.
Technological Advancements Are Expected To Boost The Demand Of Track And Trace Solutions:
Technological advancements are driving the growth of the Track and Trace Solutions market. Track and trace solutions involve serialization and aggregation. Chief pharmaceutical makers, distributors, packagers, and retailers depend on the rfXcel Traceability System™ (rTS) for traceability of constituents and finished goods across the supply chain, to assist in a boost of market share and profitability, and to enhance patient security. rfXcel’s confirmed event network, rfXchange™, offers malleable integration with great data accuracy for heaps of trading partners and clinics. rfXcel is an accredited SAP and GS1 (EPCglobal) partner, and its solutions are HIPAA compliant. rfXcel’s production-proven, private cloud technology can be completely endorsed to meet every customer’s regulatory standards. These kinds of technological advancements are driving the growth of Track and Trace Solutions during the forecast period 2021-2026.
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Track and Trace Solutions Market Challenges
Cybersecurity And Privacy Issues In Track And Trace Apps Are Challenging The Growth Of The Track And Trace Solutions Market:
The UK NHS app gave rise to some safety and privacy issues and doubts over its efficiency. In May 2020, NHSX’s novel contact tracing app failed tests required to be added to the NHS app store. There was botheration that public trust could be lost if privacy issues were not seriously addressed and DHSC (Department of Health and Social Care) conveyed that it had not “failed” and would undergo the evaluation again consequent to piloting. The app failed all the tests required to be added to the NHS app library. The NHSX COVID-19 Track and Trace app utilized a centralized database which gave rise to concerns about data misuse. The UK government later switched to Apple and Google’s model. In March 2020, South Africa joined many other countries in seeking sophisticated technological solutions to assist its contact-tracing efforts, with a determined, if misguided endeavor to use locational data from mobile network operators to assist in the effort to ‘track and trace’ people with the virus. While the program was misconstrued – officials discontinued the effort to utilize cellular data for contact tracing after just a few weeks – it did yield a novel set of privacy protections planned to guarantee oversight and protect against its misuse. These kinds of issues hamper the growth of the Track And Trace Solutions Market.
Track and Trace Solutions Market Landscape:
Product launches, mergers & acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Track and Trace Solutions Market. Key companies of this market include:
Axway
Seavision SRL
TraceLink Inc.
RFXCEL ANTARES VISION GROUP
Mettler-Toledo International Inc.
OPTEL GROUP
Adents International
Siemens AG
Seidenader
ACG Worldwide
Acquisitions/Product Launches:
Equipped with huge experience in open banking initiatives in Europe and Asia, chief enterprise integration provider Axway introduced the Axway Open Banking Program in Brazil at the end of 2020. Presently, 9 firms are participating.In November 2020, TraceLink launched Serialized Product Intelligence (SPI), a cloud-based application that tackles serialization data to offer actionable intelligence and assist in making perfect supply chain operations.
Key Takeaways
Geographically, North America Track and Trace Solutions Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the growing count of fraudulent medications accessible in the market requiring track and trace solutions involving serialization and aggregation in the North American region.
Track and Trace Solutions Market growth is being driven by the development of medical instruments and pharmaceutical industries and a boost in the application of serialization. However, the soaring cost connected to the application of serialization in the supply chain is one of the major factors hampering the growth of the Track and Trace Solutions Market.
Track and Trace Solutions Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Track and Trace Solutions Market report.
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