Global track and trace solutions market was worth USD 2.98 billion in 2021. It is projected to grow at a compound annual rate (CAGR of 19.2%) between 2022 and 2030. Market growth can be attributed to increasing counterfeiting and theft rates worldwide for healthcare products. Manufacturers of medical devices, biopharmaceutical, cosmetic, and pharmaceutical products are adopting track-and-trace solutions to protect their brand equity and products. The healthcare industry will also benefit from favorable regulations regarding serialization.
Stringent regulations and standards for serialization are driving market growth. Manufacturers are focusing more on brand protection and increasing their focus on brand protection. There has been a significant increase in product recalls and high growth in generic and OTC markets. However, market growth will be limited by the high costs and lengthy implementation times associated with serialization and aggregated as well as the large setup costs.
For serialization, strict regulations and standards must be followed
Many governments are working together to develop specific legislation that requires serialization in track and trace systems in order to improve the efficiency of supply chains in healthcare. The European pharmaceutical supply chain must have track and trace. The European Federation of Pharmaceutical Industries and Associations states that the European pharmaceutical industry uses a common coding system. In response to rising counterfeit drug problems, the 2001/83/EC directive was revised. It also required the establishment of strict serialization requirements. The Falsified Medicines Directive (FMD), Safety Features Delegated Regulation was published by the European Union. It states that businesses within the EU will have to start serializing certified drugs goods in 2019.
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Existence technologies to detect fraud transactions
For the medical and pharmaceutical device industries, counterfeit products have been a problem. According to the International Trademark Association (UK), counterfeiting was a 600 billion dollar market in 2017. It included products such as consumer goods like food, beverages, pharmaceuticals and electrical and digital gadgets. Counterfeiting and piracy could also drain USD 4.2 trillion out of the global economy by 2022. This would put at risk 5.4 million legitimate jobs. Many of the existing anti-counterfeiting technology can be duplicated. You can replicate many of the traditional technologies, such as barcodes, holograms, and container designs.
This global track-and-trace solutions market report includes information on recent developments, import/export analysis, production analysis and value chain optimization. The market analysis also examines opportunities in terms of emerging revenues pockets, changes to market regulations, strategic growth analysis, market size and category market growths. Application niches and dominance, product approvals. Geographic expansions. Technological innovations in the market. For more information on the global track trace solutions market, Industry Trends and Forecast to 2027 Market contact Data Bridge Market Research to receive an Analyst Brief. Our team will assist you in making an informed market decision and achieving market growth.
Market Key Trends
The report provides an in-depth analysis on the global track and trace market. It also includes future forecasts and trends to illuminate the investment potential.
It will provide track and trace solutions market analysis between 2020 and 2027. This is expected to allow stakeholders to capitalise on the prevailing market opportunities
A thorough analysis of the region helps understand the market and facilitate strategic business planning. It also helps identify the prevailing opportunities.
We analyze key players’ growth strategies and profiles to determine the global track’s competitive outlook and trace solution market growth.
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TraceLink’s Serialized Product Intelligence was launched in October 2020. This cloud application uses serialization data for actionable intelligence and operational excellence.
Anatres Vision (Italy), purchased Adents International (France) in February 2021. This acquisition allowed the company to expand its software solutions and cloud services that allow for end-to–end traceability by acquiring Adents International (France). This acquisition also strengthened the Group’s international presence in France, particularly in France.
OPTEL Group (Canada), partnered with Bureau Veritas Canada in October 2020. The partnership was to launch V-Trade which is a complete traceability solution for COVID-19 vaccinations.
Sea Vision S.r.l partnered with OBL Pharm Russia in February 2019. OBL pharma installed five track and trace production lines using SEA Vision software and equipment.
SEA VISION S.r.l.
Antares Vision S.r.l.
Zebra Technologies Corporation
ACG Worldwide Private Limited
Adents High Tech International SAS
Radiofrequency Identification (RFID)
Tracking, Tracing, & Reporting Solutions
Frequently Asked Questions About This Report
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- What are the major players in the Track and Trace Solutions industry?
- Which region is the dominant in Track and Trace Solutions?
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