SAN FRANCISCO, May 17, 2021 - The global track and trace solutions market size is expected to reach USD 9.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.0% from 2021 to 2028. The growth is attributed majorly due to the increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of a track and trace system helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
Key suggestions from the report:
The software solution was the largest revenue-generating segment of the market in 2020. This contribution is mainly because of the regulatory mandates for the execution of serialization and aggregation in the healthcare sector
The serialization solution was the largest grossing segment in 2020. Increasing application of serialization in pharmaceuticals and medical devices packaging will be a vital factor contributing to the growth of the segment
The RFID segment is expected to exhibit the fastest growth rate during the study period. The key factors attributing to the growth of the segment are technological advantages, such as high durability and reusability, more data storage capacity, and no requirement of the line of sight
North America dominated the market in 2020. The rising implementation of regulatory standards and regulations along with the high adoption rate of track and trace systems by consumers is anticipated to contribute to the growth of the market in the region
Read 150 page research report with ToC on "Track And Trace Solutions Market Size, Share & Trends Analysis Report By Product (Hardware, Software), By Technology (Barcodes, RFID), By Application (Serialization, Aggregation), By End-use, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/track-trace-solutions-market
Furthermore, the rising adoption of track and trace systems by healthcare manufacturers would fuel the market growth in the long run. The introduction of advanced technology, such as RFID, provides fast reading and delivers high levels of security. However, the deployment cost of serialization and aggregation methods, as well as the lack of common regulations and standards, may hamper the market growth in few developing geographies.
US CBP and customs of other member countries as well as by the World Customs Organization reported the seizures of false coronavirus tests and personal protective equipment for example facemasks and hand sanitizers. For instance, in May 2020, Smartrac teamed up with SUKU to validate COVID-19 testing kits and personal protective equipment to permit prompt verification and deliver end-to-end supply chain transparency. Hence, it is estimated that the market will witness lucrative growth opportunities due to the COVID-19 outbreak.
Grand View Research has segmented the global track and trace solutions market on the basis of product, technology, application, end-use, and region:
Track & Trace Solution Product Outlook (Revenue, USD Million, 2016 - 2028)
Hardware Systems
Printing & marking
Monitoring & verification
Labeling
Others
Software Solutions
Plant manager software
Line controller software
Bundle tracking software
Others
Track & Trace Solution Technology Outlook (Revenue, USD Million, 2016 - 2028)
Barcodes
RFID
Track & Trace Solution Application Outlook (Revenue, USD Million, 2016 - 2028)
Serialization Solutions
Bottle Serialization
Label Serialization
Carton Serialization
Data Matrix Serialization
Aggregation Solutions
Bundle Aggregation
Case Aggregation
Pallet Aggregation
Track & Trace Solution End-use Outlook (Revenue, USD Million, 2016 - 2028)
Pharmaceutical & biopharmaceutical Companies
Medical Device Companies
Healthcare Others
Food and Beverage
Consumer Goods
Luxury Goods
Track & Trace Solution Regional Outlook (Revenue, USD Million, 2016 - 2028)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Switzerland
Belgium
Russia
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
Egypt
List of Key Players of Track And Trace Solutions Market
Axway
Mettler-Toledo International, Inc.
Optel Vision
TraceLink, Inc.
Adents International
Antares Vision srl
Siemens AG
Seidenader Maschinenbau GmbH
ACG Worldwide
Systech, Inc.
Find more research reports on Healthcare IT Industry, by Grand View Research:
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Electronic Health Records Market – Global electronic health records market size was valued at USD 26.8 billion in 2020 and it is expected to witness a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028.
Medical Billing Outsourcing Market – Global medical billing outsourcing market size was valued at USD 10.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.3% from 2021 to 2028.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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