Tracking and trace solutions involve the distribution and logistics of a broad variety of goods which facilitate the place of the item of concern both presently and before. The main techniques used in the monitoring of product shipment include RFID and barcode recognition. Recently, the recall of products has been increasing and so the track and track system companies have been developing software, equipment and consulting services. These products provide a broad variety of alternatives for tracing catering goods to various sectors.
Increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection is one of the major factors driving the growth. Pharmaceuticals and medical devices manufacturers encounter a major threat from counterfeit products and theft. Deployment of track and trace solution helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
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Increased incidence of counterfeit drugs in developing countries of Asia, Africa, and Latin America is a major factor contributing to the high adoption of track and trace solutions. It is expected that more than 40 countries and over 75% of worldwide medicine supply will be covered by track and trace regulations in near future. Automatic identification technologies including barcoding and RFID are recommended by the Food and Drug Administration (FDA) to pharmaceuticals and other healthcare companies. Incidence of drug counterfeiting and theft is very high in developing countries like China and India. This is expected to drive the demand from emerging countries like China, India, and Brazil.
Rising deployment by pharmaceutical and medical devices companies is anticipated to further fuel the growth. Drug counterfeiting is a major problem faced by pharmaceuticals and biopharmaceuticals companies. Thus, companies are adopting these solutions for supply chain monitoring. It is expected that more than 40 countries and over 75% of worldwide medicine supply will be covered by track and trace regulations by 2018.
The food and beverage, pharmaceutical, and medical devices sectors are the two most significant sectors requiring continuous application of these mandates. A variety of end-to-end alternatives are expected in this sector, such as traceability of products, final products traceability, blockchain enabler, serialization processing, conformity management, traceability of food and beverages, and environmental tracking.
Manufacturers face difficulties, mainly in pharmaceutical industry, owing to the increasing complexity and variety of serialization needs. Variations in national norms and regulations, as well as aggregated complicated information management make it hard for companies to implement track and track serialisation. The growing rate of falsification of pharmaceuticals and other health products however leads to serialization in the supply chain. The application of bar code technology has resulted in the healthcare industry to government regulations and the rise in the sale of forged drugs. For example, a notice announcing the implementation of an embedded track and trace system bar code technology has been released by the Directorate general for Foreign Trade, for exporting pharmaceuticals from India. As a result, demand for the track and trace solutions technology has grown and is expected to stay high over the forecast era.
According to Acumen Research And Consulting, the track and trace solutions market is estimated to grow at CAGR above 18.0 % over the forecast time frame 2019 to 2026 and reach the market value around USD 7.2 billion by 2026.
Further Key Findings from the Study Suggest:
- Software solutions was the largest revenue-generating segment in 2018, mainly due to the regulatory mandates for the execution of serialization and aggregation in healthcare sector
- Serialization solution was the largest grossing segment in 2018, owing to increasing application of serialization in pharmaceuticals and medical devices packaging will be a vital factor contributing to the growth
- RFID segment is expected to exhibit the fastest CAGR during the study period, attributed to the technological advantages, such as high durability and reusability, more data storage capacity, and no requirement of line of sight
- North America is set to reign the global market in 2019. Rising implementation of regulatory standards and regulations along with high adoption of thse solutions are anticipated to contribute to the growth
Key Players & Strategies
The track and trace solutions market consists of major vendors such as Mettler-Toledo International, Inc.; Antares Vision srl; Siemens AG; Axway; Seidenader Maschinenbau GmbH; Adents International; Systech, Inc., Optel Vision; TraceLink, Inc. and ACG Worldwide.
Several small and big companies offer tracking and tracing goods which result in heavy competition between the suppliers. ATSFOUR, a software company serialization solution, was introduced by Antares Vision in 2018. The fresh ATSFOUR integrates the Antares Tracking System architecture and provides an integrated solution for all traceability networks.
The suppliers concentrate more on strategic relationships with their customers and work with other suppliers in the industry. Another key approach used by suppliers for maximizing sales in this industry is mergers and acquisitions.
Base Year for Estimation - 2018
Actual estimates/Historical data - 2015 to 2018
Market Representation - Revenue in USD Million & CAGR from 2015 to 2026
Regional Scope - North America, Europe, Asia Pacific, Latin America & MEA
Report Coverage - Revenue forecast, company share, competitive landscape, growth factors and trends
Global Track and Trace Solutions Market, By Product Type
Table of Content
CHAPTER 1. INDUSTRY OVERVIEW
CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
CHAPTER 3. MANUFACTURING PLANTS ANALYSIS
CHAPTER 3. MANUFACTURING PLANTS ANALYSIS
CHAPTER 5. TRACK AND TRACE SOLUTIONS MARKET BY COMPONENT
CHAPTER 6. TRACK AND TRACE SOLUTIONS MARKET BY DEPLOYMENT
CHAPTER 7. TRACK AND TRACE SOLUTIONS MARKET BY END USE
CHAPTER 8. NORTH AMERICA TRACK AND TRACE SOLUTIONS MARKET BY COUNTRY
CHAPTER 9. EUROPE TRACK AND TRACE SOLUTIONS MARKET BY COUNTRY
CHAPTER 10. ASIA-PACIFIC TRACK AND TRACE SOLUTIONS MARKET BY COUNTRY
CHAPTER 11. LATIN AMERICA TRACK AND TRACE SOLUTIONS MARKET BY COUNTRY
CHAPTER 12. MIDDLE EAST TRACK AND TRACE SOLUTIONS MARKET BY COUNTRY
CHAPTER 13. AFRICA TRACK AND TRACE SOLUTIONS MARKET BY COUNTRY
CHAPTER 14. COMPANY PROFILE
CHAPTER 15. RESEARCH APPROACH
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