Track & Trace Solutions Market - Forecast(2023 - 2028)
With the advent of the COVID-19 vaccine and the different medical care and diagnostic instruments to control the pandemic, the hazard of fraudulent diagnostic devices has grown globally which has influenced the pharmacy automation market constructively and is fuelling the growth of the Track and Trace Solutions Market owing to the greater acceptance of track and trace solutions involving serialization and aggregation. The increased count of packaging-connected product recalls is set to propel the growth of the Track and Trace Solutions Market during the forecast period 2021-2026. This represents the Track and Trace Solutions Industry Outlook.
The report: “Track & Trace Solutions Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Track and Trace Solutions Market.
- Geographically, North America Track & Trace Solutions Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the growing count of fraudulent medications accessible in the market requiring track & trace solutions involving serialization and aggregation in the North American region.
- Track & Trace Solutions Market growth is being driven by the development of medical instruments and pharmaceutical industries and a boost in the application of serialization. However, the soaring cost connected to the application of serialization in the supply chain is one of the major factors hampering the growth of the Track & Trace Solutions Market.
- Track & Trace Solutions Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Track & Trace Solutions Market report.
Track & Trace Solutions Market: Market Share (%) by Region, 2020
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Track & Trace Solutions Market Segment Analysis – By Product:
The Track & Trace Solutions Market based on Product can be further segmented into Hardware Systems and Software Solutions. The Software Solutions Segment held the largest market share in 2020. This growth is owing to its increasing acceptance in healthcare firms inclusive of pharmaceuticals, biopharmaceuticals, and medical device firms. Track & trace solutions utilize serialization and aggregation. These software solutions are utilized for continued management of production facilities, product lines, case and bundle tracking, and warehousing and shipping. Software developing firms are investing in R&D for superior product advancement which is propelling the growth of this segment.
Furthermore, the Hardware Systems segment is estimated to grow with the fastest CAGR of 18.5% during the forecast period 2021-2026 owing to the increasing demand for serialization and the requirement to accomplish regulatory compliance.
Track & Trace Solutions Market Segment Analysis – By Technology:
The Track & Trace Solutions Market based on Technology can be further segmented into Barcode and RFID (Radio Frequency Identification). The RFID (Radio Frequency Identification) Segment held the largest market share in 2020. This growth is owing to rapid digitization owing to the onset of the Novel Coronavirus (COVID-19) pandemic resulting in increased application of RFID technology in healthcare. Serialization and aggregation play an important role in Track & Trace Solutions. The increased utilization of these technologies in tracking and authenticating vaccines, diagnostic kits, and others and the leading role of RFID in inventory management and supply-chain operations are further propelling the growth of this segment.
Furthermore, the Barcode segment is estimated to grow with the fastest CAGR of 19.1% during the forecast period 2021-2026 owing to the heightened application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging along with serialization and aggregation in track & trace solutions.
Track & Trace Solutions Market Segment Analysis – By Geography:
The Track & Trace Solutions Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Track & Trace Solutions Market) held the largest share with 35% of the overall market in 2020. The growth of this region is owing to the existence of greatly regulated serialization and aggregation standards and progressive healthcare infrastructure in the region. The U.S. Food and Drug Administration (FDA) has approved automatic identification technologies like barcoding and radio frequency identification (RFID) for Pharmaceuticals and other healthcare establishments. The onset of the Novel Coronavirus (COVID-19) pandemic and the increasing innovations in track & trace solutions are propelling the growth of the Track & Trace Solutions Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2021-2026. This growth is owing to factors like the development of the healthcare infrastructure and increasing occurrences of fraudulent medications requiring track & trace solutions involving serialization and aggregation. The increased application of barcoding and enhanced traceability are fuelling the progress of the Track & Trace Solutions Market in the Asia-Pacific region.
Track & Trace Solutions Market Drivers
Increased Traceability Is Projected To Drive The Growth Of Track & Trace Solutions Market:
All through the pharmaceutical supply chain, from point of manufacture to point of care, traceability is being identified as critical, guaranteeing that each patient acquires the right amount of the right medication from the recognized supplier. Worldwide Serialization and Compliance offer the solution to end-to-end transparency, supply chain logistics management, and product authentication services across even the most complicated supply chains. Serialization is being accepted as the basis for meeting rising global regulatory requirements. Videojet provides a rare range of new coding solutions for the expansive range of packaging form factors in pharmaceuticals. Coding on vials is a wonderful example, keeping in mind their tiny size and the complicated series of packaging operations. Videojet inkjet marking offers a lucid and rugged “on-vial” traceability code to guarantee the integrity of the data all through the packaging procedure. Videojet fiber laser marking systems also provide a perfect solution for high-speed marking on strong plastic and metal packaging materials. Heightened traceability is therefore driving the Track & Trace Solutions Market during the forecast period 2021-2026.
Technological Advancements Are Expected To Boost The Demand Of Track & Trace Solutions:
Technological advancements are driving the growth of the Track & Trace Solutions market. Track & trace solutions involve serialization and aggregation. Chief pharmaceutical makers, distributors, packagers, and retailers depend on the rfXcel Traceability System™ (rTS) for traceability of constituents and finished goods across the supply chain, to assist in a boost of market share and profitability, and to enhance patient security. rfXcel’s confirmed event network, rfXchange™, offers malleable integration with great data accuracy for heaps of trading partners and clinics. rfXcel is an accredited SAP and GS1 (EPCglobal) partner, and its solutions are HIPAA compliant. rfXcel’s production-proven, private cloud technology can be completely endorsed to meet every customer’s regulatory standards. These kinds of technological advancements are driving the growth of Track & Trace Solutions during the forecast period 2021-2026.
Track & Trace Solutions Market Challenges
Cybersecurity And Privacy Issues In Track And Trace Apps Are Challenging The Growth Of The Track & Trace Solutions Market:
The UK NHS app gave rise to some safety and privacy issues and doubts over its efficiency. In May 2020, NHSX’s novel contact tracing app failed tests required to be added to the NHS app store. There was botheration that public trust could be lost if privacy issues were not seriously addressed and DHSC (Department of Health and Social Care) conveyed that it had not “failed” and would undergo the evaluation again consequent to piloting. The app failed all the tests required to be added to the NHS app library. The NHSX COVID-19 Track and Trace app utilized a centralized database which gave rise to concerns about data misuse. The UK government later switched to Apple and Google’s model. In March 2020, South Africa joined many other countries in seeking sophisticated technological solutions to assist its contact-tracing efforts, with a determined, if misguided endeavor to use locational data from mobile network operators to assist in the effort to ‘track and trace’ people with the virus. While the program was misconstrued – officials discontinued the effort to utilize cellular data for contact tracing after just a few weeks – it did yield a novel set of privacy protections planned to guarantee oversight and protect against its misuse. These kinds of issues hamper the growth of the Track & Trace Solutions Market.
Track & Trace Solutions Market Landscape:
Product launches, mergers & acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Track & Trace Solutions Market. Key companies of this market include:
- Seavision SRL
- TraceLink Inc.
- RFXCEL ANTARES VISION GROUP
- Mettler-Toledo International Inc.
- OPTEL GROUP
- Adents International
- Siemens AG
- ACG Worldwide
- Equipped with huge experience in open banking initiatives in Europe and Asia, chief enterprise integration provider Axway introduced the Axway Open Banking Program in Brazil at the end of 2020. Presently, 9 firms are participating.
- In November 2020, TraceLink launched Serialized Product Intelligence (SPI), a cloud-based application that tackles serialization data to offer actionable intelligence and assist in making perfect supply chain operations.
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