Track and Trace Solutions Market by Product (Software [Plant Manager, Line Controller], Hardware), Application (Serialization, Aggregation), Technology (Barcode, RFID), Industry (Chemicals, F&B, Pharma, Cosmetics, Retail, Agriculture) - Global Forecast to 2029
Redding, California, June 09, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Track and Trace Solutions Market by Product (Software [Plant Manager, Line Controller], Hardware), Application (Serialization, Aggregation), Technology (Barcode, RFID), Industry (Chemicals, F&B, Pharma, Cosmetics) - Global Forecast to 2029’, published by Meticulous Research®, the track and trace solutions market is expected to grow at a CAGR of 8.3% during the forecast period 2022–2029 to reach $27.27 billion by 2029.
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Traceability is crucial in any supply chain, from production to distribution. It ensures the supply of an accurate quantity of the right products from the known supplier. Adopting traceability and serialization solutions is important to prevent supply chain failures such as product theft, counterfeiting, and product recalls. Partnerships among the key market players and pharma, biopharma & medical device manufacturers for the track and trace solutions result in secured brand integrity and patient safety. Nearing deadlines for the implementation of mandatory serialization and track and trace solutions across various industries drive the growth of this market. Over the last few years, several track and trace solutions have been developed to meet the changing market conditions. Furthermore, growing production volumes at the end-use industries and untapped opportunities in the semi-regulated and non-regulated markets offer opportunities for market growth.
Impact of COVID-19 on the Track and Trace Solutions Market
COVID-19 pandemic has affected the healthcare industry diversely. The impact of the COVID-19 pandemic on the track and trace solutions has been both positive and negative. Few exemptions and exclusions from the Drug Supply Chain Security Act had negatively affected the market. High incidences of essential medical device counterfeiting had positively impacted the market due to growing adoption amid the pandemic.
In April 2020, the U.S. FDA announced exemption and exclusion from certain requirements of the Drug Supply Chain Security Act amidst the COVID-19 pandemic to ensure a smooth supply of prescribed medicines. With the widespread of the COVID-19 disease, several countries announced nationwide lockdowns. The lockdowns negatively impacted the large raw material and pharma API supply hubs such as India and China. The governments of these countries had temporarily imposed general manufacturing and export restrictions. Under this scenario, to ensure an uninterrupted supply of essential medicines, the U.S. FDA announced exemption and exclusion from certain requirements, which eventually hampered the adoption of track and trace solutions. However, this scenario is not expected to last long, safeguarding the market growth in the next 1-2 years.
The COVID-19 pandemic also resulted in the market entry of counterfeit essential medical products like N95 masks, personal protective equipment (PPE) kits, diagnostic test kits, and some essential drugs. Some of the cases where fake medical products were seized for counterfeiting are as follows:
In November 2020, Canada Border Services Agency reported a receiving of 380 shipments of fake or substandard medical products between March and June 2020. The seized medical products included 48,000 COVID-19 test kits, 4.5 million units of PPE kits and 33,000 prescription tablets and pills.
In October 2020, a Delhi-based chemist was arrested for illegal manufacturing of Tocilizumab, a drug used to treat COVID-19 disease, by seizing 15 vials of the drug.
Thus, the growing penetration of counterfeit medical products amidst the COVID-19 pandemic is expected to positively impact track and trace solutions adoption.
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The global track and trace solutions market is segmented by product (software [plant manager, line controller, enterprise and network manager, warehouse & shipment manager, bundle & case tracking software, and other software, which covers reporting and visibility and serial number generation and linking], hardware [printing and marking solutions, barcode scanners, RFID readers, and other hardware], services), by application (serialization, aggregation [bundle aggregation, case aggregation, pallet aggregation], other applications such as tracking, tracing, and reporting and verification and decommissioning, by technology (barcode, RFID), by industry (food & beverages, chemicals, pharmaceutical and biopharmaceuticals, medical devices, industrial components, transport and logistics, cosmetics, other industries (which include agriculture, retail, consumer electronics, raw materials and jewelry), and geography. The study also evaluates industry competitors and analyzes their market share at the regional and country levels.
Based on product, in 2022, the software segment is estimated to account for the largest market share of the track and trace solutions market. With the gradual shift of the track and trace market from software to software as a service (SaaS) model for revenue generation, software dominance has increased over hardware. The software segment is further sub-segmented into plant manager, line controller, enterprise & network manager, warehouse & shipment manager, bundle/case/pallet tracking, other software. In 2022, the plant manager software is estimated to hold the largest revenue share. The plant manager software provides real-time production data and related statistics across production lines, serialized codes, and audit trails. The implementation of serialization regulations for pharmaceuticals has increased the need for controlling costs. Plant manager software ensures cost reduction and increased productivity by simultaneously overseeing the daily plant operations, coordination, assigning work orders to production lines, data capture in the electronic system, shortening the cycle time for product release, and preparing batch records.
Based on application, serialization is expected to grow at the fastest CAGR during the forecast period. The high growth of this segment is attributed to the increasing need for implementing serialization solutions in compliance with the regulations, managing product recalls, and new developments in serialization solutions.
Based on technology, in 2022, barcode is estimated to account for the largest share of the track and trace solutions market. The large market share of this segment is attributed to developments in barcoding technology, cost-effectiveness, and mandatory implementation of track and trace regulations using a linear or 2D data matrix across countries such as the U.S., Brazil, and Columbia. However, the RFID segment is expected to grow at the fastest CAGR over the forecast period due to the increasing RFID applications in pharma, medical device, food, and consumer goods supply chains. The RFID readers can scan multiple RFID tags simultaneously, due to which the adoption of RFID scanners is rising compared to barcode scanners.
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Based on the industry, in 2022, the pharmaceuticals & biopharmaceuticals segment is estimated to account for the largest share of the track and trace solutions market. The gradual implementation of serialization and track and trace regulations across various countries, continual efforts of the pharma manufacturers to secure the integrity of the supply chain from raw material procurement to the distribution of the finished medical product, and increased focus of policymakers and regulators to prevent product theft and counterfeiting are the key factors supporting the market growth.
Based on geography, North America is estimated to account for the largest share of this market, followed by Europe. The large market share of this segment is attributed to the availability of developed pharma and medical device infrastructure in this region, supportive guidelines for serialization implementation in the U.S., and strict actions by the regulatory authorities to maintain the safety and integrity of the supply chains of pharma, food & beverages and cosmetic products and the changing guidelines for anticounterfeit and labeling in Canada. However, Asia-Pacific is expected to grow lucratively over the forecast period. Increasing production volumes of food and pharmaceutical products, government support to increase foreign direct investment to boost local manufacturing, and growing trade of counterfeit products are the factors supporting the market growth.
Furthermore, the report includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past three years (2019–2022). The track and trace solutions market has witnessed several new product developments, acquisitions, and expansions. For instance, in August 2020, OPTEL GROUP (Canada) announced an increase in its current investment at the Goa facility in India, with further plans to double the local workforce.
Some of the key players operating in the global track and trace solutions market report are Axway (U.S.), METTLER TOLEDO (Switzerland), OPTEL Group (Canada), Antares Vision S.p.A (Italy), ACG (India), Siemens (Germany), TraceLink Inc. (U.S.), SEA Vision S.r.l. (U.S.), Zebra Technologies Corporation (U.S.), and Systech (U.S.).
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Track and Trace Solutions Market, by Product
Other software (Other software include reporting and visibility and serial number generation and linking)
Other Hardware (Other hardware include checkweigher, monitoring, and verification solutions)
Track and Trace Solutions Market, by Application
Other Applications (Other applications include tracking, tracing, reporting and verification and decommissioning)
Track and Trace Solutions Market, by Technology
Track and Trace Solutions Market, by Industry
(Other industries include agriculture, retail, consumer electronics, raw materials, and jewelry)
Track and Trace Solutions Market, by Geography
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RFID Market by Component (Hardware (Printers, Antenna, Readers, Labels, Card, Tags, Implant), Software), Frequency (Ultra-high Frequency), Type (Active, Passive), End-user (Transportation & Logistics, Retail), and Geography - Global Forecasts to 2029
https://www.meticulousresearch.com/product/rfid-market-5272
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