The global Track and Trace Solutions market was valued at USD 2,217.8 million in 2019 and is expected to reach USD 6,287.9 million by 2027, growing at a CAGR of 14.07% from 2020 to 2027.

This growth is majorly attributed due to the rising rate of healthcare product counterfeiting and theft worldwide. Pharmaceuticals, biopharmaceuticals, medical devices, and cosmetic product manufacturers are adopting track and trace systems to protect their product and brand equity. Moreover, favourable regulations for serialization implementation is expected to drive the application of trace and trace solutions in healthcare industry. Product counterfeiting and theft is a key problem faced by pharmaceuticals, biopharmaceuticals, and cosmetic companies.

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The healthcare industry is struggling to ensure the reliability of its products as the counterfeiting and product theft is on rise. According to statistics, about 60 different Pfizer products were being counterfeited worldwide until 2014. The problem of counterfeiting and product theft has been growing worldwide, primarily in developing countries such as China, South Africa, and India.

International Trade Administration estimated that the global counterfeit drug market size ranges from USD 75 million to USD 200 million and accounted for around 50% of all medicines sold in some Asian and African countries. Furthermore, it is estimated that the U.S. Barcode Technology companies faces around 10% to 15% loss in their annual revenue because of counterfeit products in China market.

Counterfeits and theft of the products have led to several problems to manufacturers such as lowering of brand value, high price of product, packaging-related product recalls, and decreased revenue generation.

Counterfeit drugs and theft are a hazardous source of financial harm and unfair competition for both generic and innovative industries. Existing government regulations and law enforcement are often lacking to tackle counterfeiting problems.

Thus, the manufacturers are adopting track and trace solutions in their business model to control and avoid counterfeiting and stealing of their products. For example, Eli Lilly invested around USD 110 million in serialization of every drug package that it markets around globally. Preventing counterfeiting and theft to save brand value in the market have become a key business focus. Thus, increasing focus of Barcode Technologies and medical devices manufactures on brand protection expected to drive the market.

Market Restraints:

High cost associated with the implementation of serialization

Implementation of serialization and aggregation is tedious process. Manufacturers need to analyze shop floor systems, packaging lines, and related engineering investments, along with larger supply chain system like warehouse edge systems.

Serialization products should properly incorporate with manufacturing lines to facilitate overall production and packaging with an ongoing focus on necessities of the evolving serialization regulatory requirements. Track and trace hardware systems & software solutions are expensive, as well as the other related elements such as system maintenance, software licensing, and support and project implementation increases the total project cost.

The engineering and implementation are key cost drivers in serialization projects. Thus, high cost related with implementation of serialization in supply chain could hinder the adoption of track and trace solutions.

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Market Opportunity:

Untapped opportunities in Asia Pacific region is expected to contribute to the growth of the sector

Track and trace solutions demand is projected to increase considerably in Asia Pacific region as compared to the previous years with increased demand of track and trace solutions with introduction of increased technologically advanced track & trace solutions.

In addition, demand of track and trace solutions have increased due to the increase in drug counterfeiting across the globe. Therefore, number of key players are actively expanding their footprint in Asia Pacific countries such as India, China and Japan. Thus, investing in this region is considered to be one of the market opportunity get benefited from current market trends.

Track and Trace Solutions market share by types, 2019 & 2027

Software solutions held the largest share in 2019 due to its growing adoption in healthcare industry. Software solutions segment dominated the overall market in terms of revenue in 2019 with 55%. Rising popularity of software solutions for continuous management of manufacturing facilities, product lines, case & bundle tracking, and warehousing & shipping are some factors accounting for its maximum share in the market.

Track and Trace Solutions market share by Technology, 2019 & 2027

Barcodes technology reported largest revenue share of the track and trace solutions sector in 2019. The 2D barcode is the largest segment of barcodes technology & it is anticipated to maintain its position over the forecast period.

The increase in application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging is a prominent factor which contributed to the higher revenue share. Also, higher data storage capacity of 2D barcodes than linear barcodes, as well as its higher popularity in the industry boosts the demand for 2D barcode-based solutions.

Track and Trace Solutions market share by Application, 2019 & 2027

Serialization solutions held the highest revenue share in the track and trace solutions industry due to the increasing focus of regulatory bodies on implementation of serialization. The federal agencies, country governments, and healthcare industry are taking measures to decrease product diversion & drug counterfeiting.

Serialization is an important step to comply with new ePedigree regulations which are required for product traceability. In addition, the increased focus on patient safety and brand protection by manufacturers is expected to propel the segment growth during study period.

Track and Trace Solutions market share by End Use, 2019 & 2027

Pharmaceutical companies are estimated to lead the market in terms of revenue as well as growth rate. In 2019, pharmaceutical companies dominated the end use segment. The rising rate of drug counterfeiting resulted in high adoption of track and trace by pharmaceutical industry. The market is anticipated to witness rapid growth during the forecast period.

Region Analysis: Track and Trace Solutions market share, 2019 & 2027

North America is a dominant region accounting for 40% market share primarily due to its advanced healthcare infrastructure. This region is projected to maintain its dominance over the forecast period. Well-developed healthcare infrastructure and availability of advanced technology and skilled professionals is anticipated to impel the demand for Track and Trace solutions during the forecast period.

The Asia-Pacific and LAMEA are expected to offer lucrative growth opportunities in track and trace solutions market during the forecast period

Recent Developments:

In November 2020, Siemens Mobility & prominent partners have won innovative (two) research projects from the DZSF (German Center for Rail Traffic Research) to study safety of the automated rail operations.

In May 2020, Korber AG acquired businesses of Exputec GmbH (Austria) & ExputecKft. (Hungary) through Körber Group is extending its range of digital solutions for pharma & biotech production. Körber is thus reemphasizing its claim of market & technology leadership in the field of pharma software.

In August 2020, Sea Vision had acquired ARGO Vision, (which is a startup located in Milan), specializing in the development of AI solutions with particular focus on Computer Vision.

Market Key players

Various key players are discussed in this report such as Siemens AG, Körber AG, Sea Vision S.R.L.,  Adents International, ACG Worldwide, Tracelink Inc., Optel Group, Mettler-Toledo International Inc., Axway, Antares Vision, etc.

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