Track And Trace Solutions Market Size, Share & Trends Report

Track And Trace Solutions Market Size, Share & Trends Analysis Report By Product (Hardware Systems, Software Solutions), By Technology (Barcodes, RFID), By Application, By End Use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-229-7
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the track and trace solutions market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for track and trace solutions market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of track and trace solutions market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Track And Trace Solutions Market Categorization:

The track and trace solutions market was categorized into four segments, namely product (Hardware Systems, Software Solutions), technology (Barcode, RFID), application (Serialization Solutions, Aggregation Solutions), end-use (Pharmaceutical Companies, Medical Device Companies, Healthcare Others, Food and Beverage, Consumer Packaged Goods, Luxury Goods), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The track and trace solutions market was segmented into product, technology, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The track and trace solutions market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S.; Canada; Germany; the UK.; France; Italy; Spain; Switzerland; Belgium; Russia; China; Japan; India; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; Egypt.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Track and trace solutions market companies & financials:

The track and trace solutions market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Axway - Axway develops a cloud-enabled data integration and engagement software & services platform. The company’s platform enables customers to manage data flow and facilitates business-critical interactions. Its offerings include analytics, Application Program Interface (API) management, app development, community management, and integration. Axway’s analytics platform provides real-time analytics solutions, which enable employees, suppliers, and developers to achieve interconnectivity. In addition, it offers product-related services and support. The company serves energy, automotive, financial service, healthcare & life sciences, retail, telecommunications, and transportation sectors, among others. Axway operates as a subsidiary of Axway Software S.A.

  • Mettler-Toledo - Mettler-Toledo is a global manufacturer and provider of instruments & services for various applications, including R&D, scale-up & production, packaging, logistics, quality control, and retail. The company mainly manufactures, develops, and provides serialization systems, aggregation solutions, and track & trace software, laboratory weighing products, industrial scales & load cell systems, inline product inspection solutions, Rainin pipettes, process analytics, scales & weighbridges, analytical instruments, and retail weighing scales. The company has a wide geographic presence and has manufacturing facilities in the U.S., Germany, Switzerland, and China.

  • Optel Group - Optel Group is a global engineering company that has expertise in diverse areas, including engineering, optics, electronic innovation, data processing, mechanics, and robotics along with other subordinate activities. The company is a part of the OPENSCS Working Group and is actively involved in social assistance for young children, providing them with support and resources. Optel Vision is a business unit of Optel Group and Optel Medevon. The company develops serialization solutions for pharmaceutical companies. Optel Vision operates primarily from locations in Canada, Ireland, India, and Brazil.

  • TraceLink - TraceLink is a global life sciences supply chain company. It develops and provides track-and-trace solutions to eliminate counterfeit prescription drugs from the global marketplace. The company offers TraceLink Life Sciences Cloud, a solution that digitizes the entire pharmaceutical supply chain to help drug manufacturers & distributors and hospitals & pharmacies meet existing & emerging regulations in the global market. TraceLink, through this solution, serves a wide range of customers, including wholesalers, MOs & CPOs, distributors, pharmaceutical companies, and repackages. The company also supplies pharmaceutical serialization, drug tracking & compliance, and network performance solutions. It has a wide geographic presence and has offices in the UK, India, Singapore, and Brazil.

  • Adentsis - Adentsis a software company that develops product identification and track & trace solutions. It helps companies comply with regulations on product series and traceability. The company has partnerships with Microsoft, Siemens, and other software companies, machine builders, and device suppliers. Adents International offers solutions for pharmaceuticals and other industries to eliminate counterfeit products and improve supply chain visibility. The company focuses on using serialization data to gain edge over its competitors and intends to enhance connection with its customers using its products & services.

  • Antares Vision S.p.A. - Antares Vision S.p.A. designs, manufactures, and installs a wide array of inspection systems for the pharmaceutical industry. The company offerings include print quality control for verification of barcodes and alphanumeric characters; blister filling control for inspection & accurate filling of pharmaceutical blisters; total layout control for the inspection of prints on all pharmaceutical packaging materials; package integrity control for the inspection of tray carrying bottles, syringes, ampoules, and vials in thermoforming packaging; and Antares tracking systems. The company operates as a subsidiary of Imago Technologies Srl.

  • Siemens - Siemens is a multinational conglomerate that serves various industries, including aerospace, automation, oil & natural gas, chemicals, food & beverage, energy & power, data centers, and pharmaceutical. The company’s major divisions are healthcare, energy, industry, and infrastructure. It develops and provides track-and-trace solutions to the healthcare industry. The company has operations in 200 countries worldwide. Approximately 54% of Siemens’ net annual sales were recorded to be from Europe, the Middle East, and Africa (EMEA) in 2014. The company’s major markets include the Americas, Asia, and Australia.

  • Korber Medipak Systems GmbH - Korber Medipak Systems GmbH designs and develops high-tech solutions to sort, inspect, and decontaminate pharmaceutical products, including liquid containers and dry sterile products. The company provides inspection solutions for vials, ampoules, cartridges, syringes, and infusion bottles. It develops serialization solutions that help trace products, covering the entire production and distribution process. In addition, the company offers high-voltage leak detection or near-infrared inspection solutions. Seidenader Maschinenbau GmbH operates as a subsidiary of Korber Medipak GmbH.

  • ACG - ACG is a conglomerate that provides R&D, manufacturing, and packaging services to pharmaceutical and dietary supplement companies in India and other countries. The company offers packaging solutions, including blister packing & cartooning machines, high-barrier packaging films, camera inspection systems, and end-of-line case packers. In addition, it offers manufacturing solutions, such as tablet coating systems, encapsulation machinery, hard empty capsules, and online & inline analytical & inspection systems. Its R&D solution offerings comprise lab modeling in granulation, capsulation & coating, and capsules for clinical trials & blister packing. The company was formerly known as Associated Capsules Group; it changed its name to ACG Worldwide Private Limited in 2006.

  • Systech International - Systech International offers technology solutions for pharmaceuticals, food & beverage, life sciences, and consumer packaged goods industries. The company also provides products for enterprise serialization, authentication technologies to ensure regulatory compliance, and track-and-trace solutions for improved profitability and efficiency. It provides these solutions in more than 35 countries worldwide.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Track And Trace Solutions Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Track And Trace Solutions Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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