“The Track and Trace Solutions Market is projected to grow at a CAGR of 18.9%”.
The track and trace solutions market is expected to reach USD 3.93 billion by 2023 from USD 1.65 billion in 2018, at a CAGR of 18.9%.
The growth of this market is mainly attributed to the stringent regulations and standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the medical devices and pharmaceutical industries, and rising number of packaging related product recalls. However, the high cost of serialization and aggregation is expected to hinder the growth of this market up to a certain extent.
“The carton serialization segment is expected to grow at the fastest rate during the forecast period”
Based on serialization type, the track and tarce solutions market is segmented into bottle serialization, blister serialization, vials & ampoules serialization, carton serialization, and medical device serialization.
The carton serialization segment is expected to register the highest CAGR during the forecast period owing to the increasing awareness on supply chain efficiency in the pharmaceutical and medical devices industry.
“2D barcodes segment continue to dominate the market during the forecast period.”
On the basis of technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and Radio Frequency Identification (RFID). The 2D barcodes segment accounted for the major share of the track and trace solutions market for technology during the forecast period.
The increasing preference for 2D barcodes in packaging over linear barcodes due to the advantages of 2D barcodes such as they have higher data storage capacities as well as contain large amounts of data with fewer variations in image size are expected to drive the demand for 2D barcodes in this segment.
“APAC to witness the highest growth during the forecast period”
Geographically, the track and trace solutions market is broadly segmented into five major geographies, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2017, North America commanded a major share of the track and trace solutions market. However, APAC is expected to witness the highest growth during the forecast period.
Growth in this market is driven by a number of factors, such as the growing pharmaceutical and medical devices market, increasing focus of prominent players on emerging Asian countries, increasing healthcare expenditure, and rising awareness on advanced track and trace solutions.
Break of primary participants was as mentioned below:
- By Company Size – Tier 1–40%, Tier 2–35% and Tier 3–25%
- By Designation Level – C-level–30%, Director Level–25%, Others–45%
- By Region – North America–32%, Europe–25%, Asia Pacific–20%, Latin America–15%, Middle East and Africa–8%
- The prominent players in the track and trace solutions market are Optel Vision (Canada), METTLER-TOLEDO International (US), Systech (US), TraceLink (US), Antares Vision (Italy), Xyntek (US), Axway (US), Adents International (France), Sea Vision (Italy), Siemens (Germany), Zebra Technologies (US), ACG Worldwide (India), and Körber Medipak Systems (Switzerland).
The report analyzes the various types of track and trace solutions in the market and their adoption patterns. It aims at estimating the market size and future growth potential of the track and trace solutions market for different segments such as type, technology, application, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, recent developments, SWOT analysis, and market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) to enhance their market presence.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the track and trace solutions market. The report analyzes the market by type, technology, application, and end user across all regions
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the track and trace solutions market
- Market Development: Comprehensive information about the lucrative emerging markets by type, technology, application, end user, and region
- Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the track and trace solutions market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, and manufacturing capabilities of the leading players in the track and trace solutions market
1.1 Objectives Of The Study
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered For The Study
2. Research Methodology
2.1 Research Data
2.1.1 Secondary Data
22.214.171.124 Secondary Sources
2.1.2 Primary Data
126.96.36.199 Primary Sources
188.8.131.52 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown And Data Triangulation
2.4 Market Share Estimation
2.5 Assumptions For The Study
3. Executive Summary
4. Premium Insights
4.1 Track And Trace Solutions Market Overview
4.2 Asia Pacific: Track And Trace Solutions Market, By End User And Country
4.3 Geographical Snapshot Of The Track And Trace Solutions Market
4.4 Track And Trace Solutions Market: Regional Mix
4.5 Track And Trace Solutions Market, Developing Vs. Developed Countries
5. Market Overview
5.2 Market Dynamics
184.108.40.206 Stringent Regulations & Standards For The Implementation Of Serialization
220.127.116.11 Increasing Focus Of Manufacturers On Brand Protection
18.104.22.168 Growth In The Number Of Packaging-Related Product Recalls
22.214.171.124 Growth In The Medical Devices And Pharmaceutical Industries
126.96.36.199 High Costs Associated With Serialization And Aggregation
188.8.131.52 Growing Number Of Manufacturing Facilities In Developing Regions
184.108.40.206 Technological Advancements
220.127.116.11 Lack Of Common Standards For Serialization And Aggregation
6. Industry Insights
6.2 Industry Trends
6.2.1 Adoption Of E-Pedigree Technology
6.2.2 Increasing Consolidation Among Market Players
6.2.3 Growing Demand For L4 And L5 Track And Trace Solutions In The Pharmaceutical Industry For Compliance Management
6.3 Global Pharamaceutical Track And Trace Solutions Market: Penetration And Opportunity
6.4 Regulatory Analysis
6.4.1 North America
6.4.3 Asia Pacific
6.4.4 Latin America And Middle East & Africa
7. Track And Trace Solutions Market, By Type
7.2.1 Plant Manager
7.2.2 Line Controller
7.2.3 Enterprise And Network Manager
7.2.4 Bundle Tracking
7.2.5 Case Tracking
7.2.6 Warehouse And Shipment Manager
7.2.7 Pallet Tracking
7.3.1 Printing And Marking
7.3.2 Barcode Scanners
7.3.3 Monitoring And Verification
7.3.6 Rfid Readers
8. Track And Trace Solutions Market, By Technology
8.2 2D Barcodes
8.3 Radiofrequency Identification (Rfid)
8.4 Linear/1D Barcodes
9. Track And Trace Solutions Market, By Application
9.2 Serialization Solutions
9.2.1 Carton Serialization
9.2.2 Bottle Serialization
9.2.3 Blister Serialization
9.2.4 Vial And Ampoule Serialization
9.2.5 Medical Device Serialization
9.3 Aggregation Solutions
9.3.1 Case Aggregation
9.3.2 Pallet Aggregation
9.3.3 Bundle Aggregation
9.4 Tracking, Tracing, & Reporting Solutions
10. Track And Trace Solutions Market, By End User
10.2 Pharmaceutical & Biopharmaceutical Companies
10.3 Medical Device Companies
10.4 Cosmetic Industry
10.5 Other End Users
11. Track And Trace Solutions Market, By Region
11.2 North America
11.3.6 Rest Of Europe
11.4 Asia Pacific
11.4.4 Rest Of Asia Pacific
11.5 Latin America
11.5.3 Rest Of Latin America
11.6 Middle East & Africa
12. Competitive Landscape
12.2 Market Share Analysis
12.2.1 Track And Trace Hardware Systems Market
12.2.2 Track And Trace Software Solutions Market
12.3 Competitive Situation And Trends
12.3.1 Product Launches
12.3.2 Agreements, Partnerships, And Collaborations
13. Company Profiles
(Overview, Strength Of Product Portfolio, Business Strategy Excellence, Products Offering, And Recent Developments)*
13.1 Antares Vision
13.3 Mettler Toledo
13.4 Optel Group
13.6 Acg Worldwide
13.8 Sea Vision
13.9 Körber Medipak Systems
13.13 Zebra Technologies
*Details On Overview, Strength Of Product Portfolio, Business Strategy Excellence, Products Offering, And Recent Developments Might Not Be Captured In Case Of Unlisted Companies.
14.1 Insights Of Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Publisher's Subscription Portal
14.4 Introducing Rt: Real-Time Market Intelligence
14.5 Available Customizations
14.6 Related Reports
14.7 Author Details
The track and trace solutions market is estimated to reach USD 3.93 Billion by 2023 from USD 1.65 Billion in 2018, at a CAGR of 18.9%. Stringent regulations and standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the medical devices and pharmaceutical industries, and rising number of packaging related product recalls are the major factors driving the growth of the market. However, the high cost associated with serialization and aggregation may hinder the growth of this market. Furthermore, the lack of common standards for serialization and aggregation is a major challenge for the growth of the track and trace solutions market.
In this report, the market is segmented by type, technology, application, end user, and region. By application, the track and trace solutions market is majorly segmented into serialization, aggregation, and tracking, tracing, & reporting. The serialization solutions segment accounted for the largest share of the track and trace solutions market in 2017. Stringent regulation for the implementation of serialization solutions in packaging and supply chain applications is a key driver for market growth in this segment.
Based on technology, the market is segmented into linear/1D barcodes, 2D barcodes, and radiofrequency identification (RFID). The RFID segment will be the fastest-growing segment during the forecast period. The high growth of this segment can primarily be attributed to the growing demand for these systems in automated pharmaceutical distribution, point-of-care solutions, and electronic medical records. However, security and privacy concerns, a large amount of initial installation cost, and lack of skilled professionals may restrain the growth of this market to a certain extent.
On the basis of end user, the track and trace solutions market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, cosmetic industry, and other end users (blood banks and clinical & research laboratories). In 2017, the pharmaceutical & biopharmaceutical companies segment accounted for the largest share of the track and trace solutions market. Factors such as increasing pharmaceutical spending, growing pharmaceutical & biopharmaceutical industries, and rising number of counterfeit drugs across the globe are the key market drivers for this segment.
Geographically, North America represented the largest regional market in 2017, followed by Europe. Although, North America will continue to dominate the track and trace solutions market during the forecast period, the Asia Pacific (APAC) region is expected to be the fastest-growing market in the coming years. Growth in this region is driven by the growing geriatric population with increasing lifestyle diseases which in turn increase the demand for pharmaceuticals and medical devices, rising pharmaceutical and medical device expenditure in this region, and increasing need of secure packaging & supply chain efficiency. Moreover, the stringent regulation for the implementation of serialization is also supporting the growth of this market in Asia Pacific.
Major players in this market are continuously focusing on securing high market shares through product launches, expansions, agreements, partnerships, collaborations, and acquisitions. The prominent players in the track and trace solutions market are OPTEL Group (Canada), METTLER TOLEDO (US), Systech (US), TraceLink (US), Antares Vision (Italy), Xyntek (US), Axway (US), Adents International (France), Sea Vision (Italy), Siemens (Germany), Zebra Technologies (US), ACG Worldwide (India), and Körber Medipak Systems (Switzerland).