The global track and trace solutions market accounted for USD 1.2 billion in 2015 and is anticipated to grow at a CAGR of 15.7% during the forecast period. Track and trace solutions provides various advantages, such as continuous transparency, packaging & logistics management, and product ID verification services in distribution channel.
The future of the market will be fueled by rising deployment of track & trace solution by pharmaceutical and medical devices companies. Drug counterfeiting is a major problem faced by pharmaceuticals and biopharmaceuticals companies. Thus, companies are adopting track and trace solutions for supply chain monitoring. It is expected that more than 40 countries and over 75% of worldwide medicine supply will be covered by track and trace regulations by 2018.
Global track and trace solutions market, by region, 2014 - 2025 (USD Million)
In addition, the existence of stringent regulations & standards for the implementation of serialization and aggregation is expected to drive the market growth. However, the high cost connected with the track and trace implementation, and lack of global standards and regulations for serialization and aggregation could hinder market growth.
Software solutions held the largest share in 2015 due to its growing adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical devices companies. These software solutions are used for continuous management of manufacturing facilities, product lines, case & bundle tracking, and warehousing & shipping. The rate of counterfeit prescription drugs is growing worldwide.
According to the WHO, it is estimated that around 10% of all medicines are counterfeit worldwide, and this percentage is much higher in some parts of Africa, Asia, and Latin America (10% to 30%). Thus, more and more companies are adopting this technology to protect their brand and revenue.
Germany track and trace solutions market, by product, 2015 (USD Million)
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 a major step to comply with new ePedigree regulations that are required for product traceability during the supply chain. In addition, the increased focus on patient safety and brand protection by manufacturers is expected to propel the segment growth during study period.
Barcodes technology reported largest revenue share of the track and trace solutions sector in 2015. The 2D barcode is the largest segment of barcodes technology and is expected to maintain its position throughout the study period.
The increased application of 2D barcodes in pharmaceutical & biopharmaceutical product packaging is a major factor that 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.
North America is the predominant regional sector and accounted for the largest revenue share in 2015, primarily due to presence of highly regulated serialization & aggregation standards, as well as advanced healthcare infrastructure. Automatic identification technologies including barcoding and RFID are recommended to pharmaceuticals and other healthcare companies by the FDA. Furthermore, the presence of highly developed healthcare infrastructure and adoption of this technology in the U.S. is expected to drive the market growth.
Track and trace solutions market in Asia Pacific region is expected to exhibit the highest growth rate due to high incidence of counterfeit drugs in the developing Asian countries like China & India. According to INTERPOL, in 2015, illicit and falsified medicines worth over USD 7 million were seized in Asia. In addition, untapped opportunities in this region are expected to contribute toward the growth of the sector.
Some major players catering to the track and trace solutions market are Axway; Mettler-Toledo International, Inc.;Optel Vision; TraceLink, Inc.; Adents International; Antares Vision srl; Siemens AG; Seidenader Maschinenbau GmbH; ACG Worldwide; and Systech, Inc. There are various small and large manufacturers offering products for tracking and tracing applications, resulting in intense competition among vendors.
The vendors are increasing their focus on strategic partnerships with their consumers and are collaborating with other vendors in the sector. Mergers and acquisitions is another major strategy applied by vendors to get maximum revenue share in this sector. For instance, in June 2016, Recipharm, the contract development and manufacturing organization, announced global partnership with SEA Vision, Marchesini, and TraceLink to introduce new serialization capabilities.
Base year for estimation
Actual estimates/Historic data
2014 - 2015
2016 - 2025
Revenue in USD Million & CAGR from 2016 to 2025
North America, Europe, Asia Pacific, Latin America & MEA
U.S., Canada, UK, Germany, India, China, Brazil, Mexico, South Africa
Revenue forecast, company share, competitive landscape, growth factors and trends
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Segments covered in the report
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025. Grand View Research has segmented the track and trace solutions market by product, technology, application, end use, and region:
Product Outlook (Revenue, USD Million, 2014 - 2025)
Printing & marking solutions
Monitoring & verification solutions
Plant manager software
Line controller software
Bundle tracking software
Technology Outlook (Revenue, USD Million, 2014 - 2025)
Application Outlook (Revenue, USD Million, 2014 - 2025)
Data matrix serialization
End-use Outlook (Revenue, USD Million, 2014 - 2025)
Medical device companies
Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East and Africa
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