The Track and Trace Solutions Market Size was valued at USD 3.51 billion in 2022, and is expected to reach USD 14.21 billion by 2030, and grow at a CAGR of 19.1% over the forecast period 2023-2030.
Track and trace solutions deal with the use and distribution of a variety of products, making it easy to find something of interest to current and past locations. Radio frequency identification (RFID) and barcodes are used to track and track solutions to track delivery. Manufacturers of track and track solutions have developed hardware, software, and consulting systems to respond to increased productivity. Companies use a variety of solutions depending on the industries that are the end users. Radio-frequency identification (RFID) and barcodes are two main technologies used to track delivery. Production resources, product lines, case and bulk tracking, shipping, and shipping are all controlled using these software solutions. The companies that make the software spend money on research and development to improve their products. There are many providers, small and large, who offer a variety of tracking and tracking solutions, resulting in heated debate. Track and-trace solutions can help you find weak links in your supply chain, verify individual items and components, track conditions to help prevent product damage, diversion, or damage, and even control your carbon footprint.
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DRIVERS
For serialisation to be implemented, strict norms and standards must be followed.
The importance of brand protection is becoming more prominent among manufacturers.
The frequency of product recalls due to packaging is on the rise.
The generic and over-the-counter drug marketplaces are experiencing rapid expansion.
The medical device sector is growing at a rapid pace.
RESTRAINTS
Setup expenditures are enormous.
The performance of serialization and integration has a high cost and a long-time line of use.
OPPORTUNITIES
Innovations in technology
Products can be verified remotely.
The food tracing market is expanding.
Offshore drug production is becoming increasingly popular.
CHALLENGES
Serialization and aggregation have no uniform criteria.
Anti-counterfeiting technology exists.
The impact of COVID-19 has highlighted the importance of tracking and stopping the health care business in order to effectively employ people, inventory, and assets. The global trade in counterfeit goods has become increasingly dangerous due to the explosion of COVID-19. According to the World Health Organization (WHO), COVID-19 counterfeit medicines are proliferating in developing lands, accompanied by an increase in COVID-19 counterfeit counterfeit medicines.
By Product type
The track and trace solutions market is divided into software, hardware components, and private platforms. Increasing awareness of safe packaging, the growing number of counterfeit medicines and their associated products, and the growing awareness of product protection are all contributing to the growing market. In addition, compliance helps to increase market share.
During the proposed period, the field of private stadiums is expected to grow at a rapid pace. Strict government regulations on the use of serialization codes and UDI codes in the pharmaceutical and pharmaceutical industry, increasing pressure on pharmaceutical companies to acquire the series, and the growing demand for private platforms to reduce network usage all contribute to market growth.
By Application
Serialization solutions, integration solutions, and tracking, tracking, and reporting solutions enable the market for track and tracking solutions. The category of serialization solutions has dominated most of the applications market. The growth of this category is encouraged by the strict rules for the use of serialization solutions in applications and applications.
Due to the growing number of regulations for medical equipment and pharmaceutical products such as DSCSA, UDI, and Medical Device Reporting (MDR), the tracking, tracking, and reporting component is predicted to grow at a faster rate throughout the speculative period.
By Technology Type
Linear barcodes, 2D barcodes, and radiofrequency identification are the three main types of track and trace solutions (RFID). The rising use of 2D barcodes in the packaging industry accounts for a major proportion of the 2D barcodes technology segment. They can store more data and have fewer image size changes than linear barcodes.
Due to increased demand for RFID systems in automated pharmaceutical distribution and medical devices, as well as lower labour costs and enhanced visibility and planning, the RFID segment is predicted over the predicted period, to expand at the quickest pace.
By End User
Pharmaceutical and biopharmaceutical companies, medical equipment companies, the cosmetics industry, and other end users are the four categories that make up the market. Due to the increasing number of counterfeit medicines, part of the pharmaceutical and biopharmaceutical firms dominated the global market for trace and trace solutions.
By Product type
Software
Hardware Components
Standalone Platforms
By Application
Serialization
Aggregation
Tracking, Tracing, & Reporting
By Technology type
2D Barcodes
Radiofrequency Identification (RFID)
Linear Barcodes
By End User
Pharmaceutical & Biopharmaceutical Companies
Food Industry
Medical Device Companies
Cosmetic Industry
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Due to the availability of highly controlled serialization and aggregation requirements, as well as advanced healthcare infrastructure, North America accounted for the biggest revenue share. The FDA advises pharmaceutical companies and other healthcare businesses to use automatic identification technology such as barcoding and RFID. Furthermore, the market is likely to be driven by the United States' highly established healthcare infrastructure and adoption of this technology.
In terms of revenue, Europe surpassed Asia as the second-largest regional market for track and trace systems, and this trend is projected to continue. The existence of established economies in the region, like Germany, Turkey, the United Kingdom, France, and Italy, is responsible for this. To combat medicine counterfeiting and theft, the European Union intends to gradually integrate track and trace technologies throughout the healthcare supply chain. Manufacturers who do not follow drug serialisation standards will be barred from marketing their products in Europe, as per the Falsified Medicines Directive.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Some of the major key players are as follows: Axway, ACG Worldwide, Optel Vision, Siemens AG, Antares Vision S.r.l, Mettler-Toledo International, Inc., TraceLink, Inc., Adents, Markem Imaje, Korber AG and Other Players.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 3.51 Billion |
| Market Size by 2030 | US$ 14.21 Billion |
| CAGR | CAGR of 10.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Software, Hardware (Printers and Labeling Systems, Barcode Scanners and RFID Readers, Mobile Computing Systems), Consumables (Barcode Labels and RFID Tags, Slides, Specimen Containers, Tissue Cassettes, and Blocks, Transport Bags) • By Technology (Barcode, RFID) • By Application (Slides Tracking, Tissue Cassettes & Blocks Tracking, Specimen Tracking) • By End User (Hospital Laboratories, Independent and Reference Laboratories) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles |
Axway, ACG Worldwide, Optel Vision, Siemens AG, Antares Vision S.r.l, Mettler-Toledo International, Inc., TraceLink, Inc., Adents, Markem Imaje, Korber AG. |
| DRIVERS | • More Diagnostic Tests Are Being Run in Anatomic Pathology Laboratories • A Growing number of Legal Cases Concerning Cancer Misdiagnosis • Anatomic Pathology Laboratories Are Consolidating More and More |
| RESTRAINTS | • Implementing Track and Trace Solutions in Anatomic Pathology Laboratories Comes at a High Cost |
Track and Trace Solutions Market Size was valued at USD 3.51 billion in 2022.
Ans: The Track and Trace Solutions market is to grow at a CAGR of 19.1% over the forecast period 2023-2030.
Due to the availability of highly controlled serialisation and aggregation requirements, as well as advanced healthcare infrastructure, North America accounted for the biggest revenue share.
The generic and over-the-counter drug marketplaces are experiencing rapid expansion, and the medical device sector is growing at a rapid pace are all propelling the Track and Trace Solutions market forward.
Setup expenditures are enormous is the main restraints of the Pancreatic and Biliary Stents market
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine ware
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Track and Trace Solutions Market Segmentation, By Product type
8.1 Software
8.2 Hardware Components
8.3 Standalone Platforms
9. Track and Trace Solutions Market Segmentation, By Application
9.1 Serialization
9.2 Aggregation
9.3 Tracking, Tracing, & Reporting
10. Track and Trace Solutions Market Segmentation, By Technology type
10.1 2D Barcodes
10.2 Radiofrequency Identification (RFID)
10.3 Linear Barcodes
11. Track and Trace Solutions Market Segmentation, By End User
11.1 Pharmaceutical & Biopharmaceutical Companies
11.2 Food Industry
11.3 Medical Device Companies
11.4 Cosmetic Industry
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Axway
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 ACG Worldwide
13.3 Optel Vision
13.4 Siemens AG
13.5 Antares Vision S.r.l
13.6 Mettler-Toledo International, Inc.
13.7 TraceLink, Inc.
13.8 Adents
13.9 Markem Imaje
13.10 Korber AG
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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