The report "Track and Trace Solutions Market by Product (Hardware, Software, Standalone Platforms), Application (Serialization, Aggregation, Reporting), Technology (2D Barcode, RFID) End User (Pharma, Food, Medical Devices, Cosmetics) - Global Forecast to 2027", is projected to reach USD 8.6 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 11.6% during the forecast period.
The stringent regulations and standards for the implementation of serialization and the increasing focus of manufacturers on brand protection are the major drivers of growth for this market. On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation, as well as the huge setup costs, are expected to limit market growth to a certain extent.
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Browse in-depth TOC on "Track and Trace Solutions Market”
304 – Tables
57 – Figures
340 – Pages
Key Market Players:
The global track and trace solutions market is highly fragmented, with prominent players, such as OPTEL Group (Canada), Uhlmann Group (Germany), SEA Vision S.r.l. (Italy), Syntegon (Germany), and Antares Vision S.p.A. (Italy), accounting for 20-25% of the total market share. The key players in the track and trace solutions market are based in developed regions such as Europe and North America. However, in the past few years, many smaller players specializing in pharmaceutical serialization solutions have emerged from niche markets. They are competing with global players based on product scope and innovation. The lucrative growth opportunities in the Asia Pacific and Latin American markets encourage market players to strengthen their presence in these regions.
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OPTEL group (Canada) is a leading player in the track and trace solutions market, accounting for a share of around 5-7% in 2021. The company’s leading position in the market is attributed to its wide product portfolio, which includes software, hardware, and standalone solutions for product traceability. In its new product launch— OPTCHAIN—the company took traceability to another level by providing intelligent supply chain solutions that boost traceability capabilities to help businesses have more performant and sustainable supply chains while complying with local regulations and international standards. OPTEL Group does product launches with agreements & partnerships to sustain its market position. The company has a wide geographical presence, with operations in Europe, Asia, and North & Latin America.
ANTARES VISION S.P.A.
Antares Vision S.p.A. (Italy) accounted for 4-6% of the track and trace solutions market in 2021. The company has a strong presence in the Americas and Europe, wherein it derived around 65% of its annual revenue in 2021. The company seeks to further enhance its geographical presence by strengthening its business operations in emerging high-growth markets. The company has a strong product portfolio that is used by the life sciences and FMCG sectors for product traceability. The company is presently engaged in inorganic growth strategies such as acquisitions and partnerships to acquire new customers and expand its portfolio into new industry verticals.
DRIVERS: Increasing focus of manufacturers on brand protection
Counterfeiting is a growing threat for companies that bring to market medicines, medical devices, cosmetics, and pharmaceutical packaging. Growing international trade and the lack of stringent regulations have increased the use of counterfeit drugs and other products across the globe. Counterfeiting applies to both branded and generic products; that includes products with incorrect/false ingredients, without active ingredients, with an incorrect amount of active ingredients, and with fake packaging. Manufacturers invest large amounts of resources in developing a brand, and counterfeiters use this brand identity to sell counterfeit products. This creates significant damage to the original manufacturer’s revenue and also hampers the brand's image. Hence, in order to prevent counterfeiting, the use of track-and-trace technologies such as barcodes and RFID is imperative. Many manufacturers use a combination of different track-and-trace technologies throughout their supply chain to enhance product traceability and security. A uniquely serialized product allows for item-level traceability across the supply chain, helping brand owners collect more information for deeper insights than lot- or container-level traceability. Thus, the growing focus of manufacturing companies is on brand building, which, in turn, is increasing the usage of serialisation and thereby driving the market for track and trace solutions.
“The software solutions segment accounted for the largest share in the track and trace solutions market.”
The software solutions segment accounted for the largest share—60.6 %—of the track and trace solutions market in 2021. The increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, as well as the growing awareness of brand protection are the major market drivers for this market. The standalone platforms segment is expected to register the highest CAGR of 15.3% during the forecast period. The growth in this market is mainly attributed to the stringent government regulations for implementing serialization and increasing demand for standalone platforms to reduce the timeframe for the implementation of serialization.
“Serialization solutions segment is expected to witness the fastest growth in the forecast period.”
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 12.08% during the forecast period to reach USD 5,273.7 million by 2027, thereby making it the fastest growing segment. Stringent regulations for the implementation of serialization solutions in packaging and supply chain applications drive this segments growth.
“2D barcode technology account for the largest share in the track and trace solutions market.”
The 2D barcodes segment accounted for the largest share of 75.8 % of the technology market in 2021. The large share of the 2D barcode technology segment can be attributed to the growing adoption of 2D barcodes in the packaging industry owing to their large data storage capacity when compared to linear barcodes. The RFID segment is expected to register the highest CAGR of 13.2% during the forecast period due to the rising demand for these systems in automated pharmaceutical distribution and medical devices owing to low labor costs with improved visibility.
“Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2021.”
The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of 52.9% of the market in 2021. This segment is projected to grow at the highest CAGR of 12.6% to reach USD 4,612.2 million by 2027. The large share of this segment is mainly attributed to the high drug counterfeiting activity globally and the increasing focus on restricting the entry of counterfeit products into the pharmaceutical and biopharmaceutical supply chain.
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“North America accounted for the largest share of the track and trace solutions market in 2021”
In 2021, North America accounted for the largest share of 38.7% of the global track and trace solutions market. The market growth was driven by the presence of developed healthcare systems in the US and Canada; the presence of many pharmaceutical and biotechnology companies as well as medical device manufacturers; stringent regulations regarding serialization; and the growing medical devices market.
- In May-2022, OPTEL Group launched OPTCHAIN, a suite of the modular intelligent supply chain (ISC) that will enable easy capturing and digitization of Critical Tracking Events (CTEs) and Key Data Elements (KDEs) along the entire supply chain of the food and beverage industry.
- In March 2022, Zebra Technologies Corporation (US) launched Reflexis solutions across the Asia Pacific with the vision to have every asset and worker on edge visible, connected and fully optimized.
- In January 2022, OPTEL Group acquired the pharmaceutical track and trace unit of Körber to expand its expertise in pharmaceutical and agrochemical track and trace technologies, thereby expanding its foothold in the European marketplace.
- In April 2021, Syntegon entered into a partnership with Kezzler (Norway). This partnership will offer best-in-class solutions to effectively implement product digitization and traceability strategies with a minimal operational burden.
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