Track and Trace Solutions Market Expected To Hit $ 6,049.0 Million By 2027, Growing At A CAGR Of 15.3% With Key Players Axway, Siemens, TraceLink, Antares Vision, RFXCEL, SEA VISION, Adents

Track and trace solutions market accounted to US$ 1,728.3 Mn in 2018 and is expected to grow at a CAGR of 15.3% during the forecast period 2019 – 2027, to account to US$ 6,049.0 Mn by 2027.

Asia Pacific track and trace solutions market is expected to grow at highest rate during the forecast period owing to developments in the healthcare systems and industries, rise in the product innovations in China, rise in programs and initiatives in countries. In addition, emergence of new local players with competitive product portfolio are expected to fuel the market growth in Asia Pacific region.

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According to a new market research study titled ‘Track and Trace Solutions Market - Global Analysis and Forecasts by Component, Technology, Application, and End User. The Global Track and Trace Solutions Market is expected to reach US$ 6,049.0 Mn in 2027 from US$ 1,728.3 in 2018. The market is estimated to grow with a CAGR of 15.3% from 2019-2027. The report highlights the trends prevalent in the global track and trace solutions market and the factors driving the market along with those that act as deterrents to its growth.

The track and trace solutions market by component is segmented into hardware and software. In 2018, the software segment held a largest market share of 57.2% of the track and trace solutions market, by component. The software segment is expected to dominate its market share in 2027 owing to the advantages offered such as reduced administration and increased confidence for quality events. Moreover, the software segment is anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.

Some of the players operating in track and trace solutions market are:
• OPTEL GROUP,
• Axway,
• Körber Medipak Systems AG,
• ZIH Corp.,
• Siemens AG,
• TraceLink,
• Antares Vision,
• RFXCEL CORP.,
• SEA VISION S.r.l.,
• Adents
• among others.
The market players have been establishing acquisitions and collaborations in the market, which enables them to hold a strong position in the market. For instance, in May 2019, OPTEL GROUP entered into an agreement with Nelipak Healthcare Packaging, a full-service global provider of custom thermoformed packaging in the field of medical devices and pharmaceuticals. The strategy would be used to explore commercial opportunities to bring a new seal inspection technology to the medical device market. The developments performed by the companies are helping the market to grow in the coming years.

Strategic Insights:-

Strategic acquisition and product launches were observed as the most adopted strategy in global track and trace solutions industry. Few of the recent product launch and acquisitions are listed below;

2019: SEA Vision Group completed the acquisition of Lixis, provider of pharmaceutical vision, control and serialization. The acquisition would help the former company to hold a stronger position in the LATAM market.

2018: OPTEL acquired GeoTraceability, a provider of technical solutions to increase the visibility of suppliers and products in intricate supply chains. This strategic move has helped OPTEL expand its traceability offering.

2017: rfxcel Corporation acquired Frequentz, Inc., a provider of life science and food traceability. The acquisition has enabled rfxcel to offer better serialization and traceability solutions.

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Stringent Regulations & Criteria for the Implementation of Serialization:

Globally, pharmaceutical companies are considering existing and expected legislation on anti-counterfeiting and traceability of the drugs. Many governments opt for the implementation of serialization regulations. Regulatory compliance for serialization is growing rapidly becoming a focus area for pharmaceutical manufacturers and supply chain partners across the world. Most developed and developing economies have either already laid out the regulatory road map for serialization or are in the process of doing so. The regulatory push to secure the pharmaceutical supply chain comes as a result of rising drug-related criminal activities and supply chain inefficiencies. Efforts are aimed at addressing drug counterfeits and unauthorized parallel supply chains, improving supply chain visibility, difficulty in tracking returns or recalls and the paucity of data-driven tools for predicting patient behavior.

Rising Focus of Manufacturers on Brand Protection:

The importance of brand protection is not new to the industry, customers' increasing access to information requires even greater focus by companies to protect their brands and work to maintain and build customer trust. This customer trust is a foundation upon which companies live. The damage to the image of brand often occurs through product related crime, with sub-standard or dangerous counterfeits and/or products that have been subject to tampering. Sometimes, these events have catastrophic results.

Component Insights:

The track and trace solutions market by product is segmented into software and hardware. In 2018, the software segment held a largest market share of 57.2% of the track and trace solutions market, by component. The software segment is expected to dominate its market share in 2027 owing to the advantages offered such as reduced administration and increased confidence for quality events. Moreover, the software segment is anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.

End User Insights:

Global track and trace solutions market, based on the technology was segmented into, pharmaceutical industry, medical devices industry, and others. In 2018, the pharmaceutical industry held a largest market share of 42.5% of the track and trace solutions market, by end user. This segment is also expected to dominate the market in 2027 owing to the need for the safety and accuracy of the drugs manufactured by the pharmaceutical companies. Also the pharmaceutical industry segment is expected to grow at the fastest growth rate of 15.8% during the forecast period, 2019 to 2027.

Market Segments:-

By Component
• Software
o Plant Manager
o Line Controller
o Enterprise & Network Manager
o Bundle Tracking
o Case Tracking
o Pallet Tracking

• Hardware
o Printing & Marking
o Barcode Scanners
o Labeling
o Checkweigher
o RFID Readers

By Technology
• Barcodes
• RFID (Radio-Frequency Identification)

By Application
• Serialization Solutions
o Carton Serialization
o Bottle Serialization
o Medical Device Serialization
o Blister Serialization
o Vials & Ampoules Serialization

• Aggregation Solutions
o Case Aggregation
o Pallet Aggregation
o Bundle Aggregation
o Tracking, Tracing, & Reporting Solutions

By End User
• Pharmaceutical Industry
• Medical Devices Industry
• Others

By Geography
• North America
• Europe
• Asia Pacific (APAC)
• Middle East & Africa (MEA)
• South America (SAM)

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This release was published on openPR.