Track and Trace Solutions Market Size Is Projected to Reach $9.33 Billion By 2028 | CAGR: 18.9%: Polaris Market Research

NEW YORK, Nov. 10, 2021 /PRNewswire/ -- The global track and trace solutions market size is expected to reach USD 9.33 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 18.9% from 2021-2028. The growth of the global market is primarily driven by the stringent criteria & regulations regarding the implementation of serialization, a rise in the number of packaging-related product recalls, and rapid growth in the medical device sector. The introduction of the latest technology such as RFID is anticipated to boost track and trace systems adoption globally. Rising investments in the R&D programs and the increasing presence of prominent players in the industry are creating a positive outlook for the overall market.

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Key Highlights of Track and Trace Solutions Market

• Based on product, the software segment dominated the track and trace solutions market and is expected to grow ahead with the same trend. The growing awareness of secure packaging, the rising quantity of counterfeit medications and associated items, and the expanding awareness of brand protection are all contributing to the segment's rise.
• Based on the application, the serialization solutions segment generated a higher revenue share and is anticipated to take this lead further during the forecast period. This segment's growth is fueled by stringent laws governing the use of serialization technologies in packaging and supply chain applications.
• Based on technology, the 2D barcodes emerged as the lucrative segment and accounted for the majority of the market share. The increasing use of 2D barcodes in the packaging industry accounts for a substantial proportion of the 2D barcodes technology segment. They offer more data storage capacity than linear barcodes and can hold more data with fewer image size fluctuations.
• Based on end-use, the pharmaceutical and biopharmaceutical firms are expected to use track and trace technologies to their full potential, resulting in higher growth. Serialization is a vital step in addressing the issues faced by pharmaceutical and biopharmaceutical companies by ensuring safe product trace and track capabilities across varied units across the supply chain.

Developed countries such as the U.S. have stricter regulations on the serialization of medical products. The approval of vaccines will help in the adoption of track and trace solutions. Moderna, which has developed messenger RNA (mRNA) vaccines for COVID-19, has introduced SAP Digital Supply Chain solutions for the distribution and serialization of its vaccine in December 2020.

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Regional Developments

North America is expected to be the largest region for track and trace solutions market during the forecast period, owing to increased adoption of advanced results such as RFID and stringent regulatory guidelines. Asia Pacific (APAC) is the fastest-growing market and is projected to grow at the highest CAGR during the forecast period. The demand for track and trace solutions in the APAC region is being driven by increased regulatory requirements in the healthcare business, a growing number of pharmaceutical and biotechnology companies, and major economic developments in emerging Asian countries.

Competitive Outlook

Pharmaceutical companies are focusing on building their brands in a modern medication supply market. Product launches and strategic alliances are the primary focus of healthcare industry players to meet changing consumer demands around the globe while also allowing them to keep their brand reputation. Some of the major players operating in the Market : OPTEL GROUP, Mettler-Toledo International Inc., Systech International Inc., TraceLink Inc., Antares Vision, SAP, Xyntek Inc., SEA Vision Srl, Syntegon, Körber Medipak Systems AG, Siemens AG, Uhlmann Group, JEKSON VISION, Videojet Technologies, Inc., Zebra Technologies Corporation, Axway Inc., ACG Worldwide, Laetus GmbH, and WIPOTEC-OCS.

Target Audience

• Supply Side: Software & Hardware Solutions Provider
• Demand Side: Pharmaceutical & Biopharmaceutical Industry, Medical Device Companies
• Regulatory Side: World Health Organization

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Polaris Market Research has segmented the track and trace solutions market report on the basis of product, technology, application, end-use, and region:

Track and Trace Solutions, Product Outlook (Revenue – USD Million, 2016 – 2028)

• Hardware
• Printing & Marking
• Monitoring & Verification
• Labeling
• Others
• Software
• Plant manager software
• Line controller software
• Bundle tracking software
• Others

Track and Trace Solutions, Technology Outlook (Revenue – USD Million, 2016 – 2028)

• Barcodes
• RFID

Track and Trace Solutions, Application Channel Outlook (Revenue – USD Million, 2016 – 2028)

• Serialization
• Bottle serialization
• Label serialization
• Carton serialization
• Data matrix serialization
• Aggregation
• Case aggregation
• Bundle aggregation
• Pallet aggregation

Track and Trace Solutions, End-Use Outlook (Revenue – USD Million, 2016–2028)

• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Healthcare
• Food & Beverage
• Consumer Goods
• Luxury Goods

Track and Trace Solutions, Regional Outlook (Revenue – USD Million, 2016 –2028)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• Italy
• France
• Spain
• Austria
• Netherlands
• Asia Pacific
• China
• Japan
• India
• Indonesia
• Malaysia
• South Korea
• Latin America
• Brazil
• Argentina
• Mexico
• Middle East & Africa
• Israel
• Saudi Arabia
• South Africa
• UAE

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SOURCE Polaris Market Research