Know More Technological Advancements in Track and Trace Solutions Market - Increase in Offshore Pharmaceutical Manufacturing
The implementation of track and trace solutions and technologies is an important strategy adopted by many manufacturing companies and regulatory bodies in recent years.
The Growth in the market is largely driven by stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, high growth in the generic and OTC markets, and growth in the medical device industry.
How the Market Growth Will Impact In-terms of Revenue?
The Global Track and Trace Solutions Market is projected to reach USD 7.3 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 12.1% during the forecast period.
“The 2D Barcode segment accounted for the largest market share in 2020.”
Based on Technology - segmented into linear barcodes, 2D barcodes, and radiofrequency identification (RFID). The 2D barcodes segment accounted for the largest share of 76.2% of the technology market in 2020. This segment is projected to grow at a CAGR of 12.4% to reach USD 5,641.3 million by 2026. The large share of the 2D barcodes technology segment can be attributed to the increasing use of 2D barcodes in the packaging industry. They have higher data storage capacities than linear barcodes and contain larger amounts of data with fewer variations in image size.
The RFID segment is expected to register the highest CAGR of 13.7% during the forecast period due to the growing demand for these systems in automated pharmaceutical distribution and medical devices due to low labor costs and improved visibility & planning.
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Recent Developments in Track and Trace Solutions Market:
- In October 2020, TraceLink launched the Serialized Product Intelligence–a new cloud application that uses serialization data to provide actionable intelligence and operative excellence.
- In February 2021, Anatres Vision (Italy) acquired Adents International (France). Through this acquisition the company expanded its portfolio of software solutions and cloud services for end-to-end traceability with this acquisition. The development also helped in the strengthening of the Group's international presence, especially in France.
Geographical growth scenario of Track and Trace Solutions Market:
The track and trace market studied in this report is divided into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 42.9% of the global market, followed by Europe (33.5%). The presence of developed healthcare systems in the US & Canada; the presence of many pharmaceutical & biotechnology companies and medical device manufacturers; stringent regulations regarding serialization; and the growing medical devices market are major factors driving market growth in North America.
Asia Pacific (APAC) is the fastest-growing market and is projected to grow at the highest CAGR of 13.8% for track and trace solutions. Growing regulatory requirements in the healthcare industry to comply with manufacturing and distribution practices, the rising number of pharmaceutical and biotechnology companies, and the significant economic development in emerging Asia Pacific countries such as China and India are the major factors driving the demand for track and trace solutions in the APAC region.
Key companies and strategies adopted-
Some of the prominent players in the track and trace solutions market are OPTEL GROUP (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), SEA Vision Srl (Italy), Syntegon (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US), ACG Worldwide (India), Laetus GmbH (Germany), and WIPOTEC-OCS (Germany).
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