by Market Overview:
Track and trace solutions are technologies used to authenticate legitimate drug supply chain and to prevent counterfeit drugs. These solutions provide products authenticity and traceability by assigning serialized codes to pharmaceutical products and verifying them at each stage of supply chain including manufacturing, distribution and dispensing. They help pharmaceutical companies comply with regulations related to drug safety and traceability. Rapid increase in counterfeiting of pharmaceutical products and stringent regulations regarding supply chain transparency are major factors driving demand for track and trace solutions.
Market Dynamics:
One of the key driver for growth of track and trace solutions market is growing concerns regarding security of drug supply chain from counterfeits. According to studies, around 1 in 10 medical products in developing countries are estimated to be counterfeit. This poses serious public health risks. Track and trace solutions help verify authenticity of drugs and curb counterfeiting activities. Furthermore, stringent regulations implemented in many countries mandating supply chain traceability also fuels the adoption of these solutions. For instance, Drug Supply Chain Security Act (DSCSA) implemented in US in 2023 requires verification of product identifiers at different transaction points. Such regulations promote track and trace implementation.
Additionally, increasing focus on patient safety and efforts towards full supply chain visibility provide positive outlook for Track And Trace Solutions Market Demand. Verification of authentic products at each stage ensures patients receive genuine medicines and helps reduce number of adverse events related to consumption of counterfeit drugs. Solutions are being developed with advanced authentication features and capabilities
Segment Analysis
The track and trace solutions market is segmented into product and application. Based on product, the market can be bifurcated into software and hardware. The hardware segment dominates the market owing to wide applications of printers, scanners, and labeling machines in various end-use industries for product identification and verification.
PEST Analysis
Political: Government regulations for unique identification of pharmaceuticals to curb counterfeiting is boosting the adoption of track and trace solutions.
Economic: Growing pharmaceutical, food & beverages industries in emerging economies is fueling the market growth economically.
Social: Increasing instances of counterfeit products and rising consumer awareness about authentic products is propelling the market socially.
Technological: Advancements in software solutions for serialization, aggregation, and scanning are expected to contribute to the market growth technologically over the forecast period.
Key Takeaways
The global track and trace solutions market is expected to witness high growth, exhibiting CAGR of 14.79% over the forecast period, due to increasing regulations to fight counterfeiting. Regionally, North America dominated the market in 2022 due to favorable government regulations and presence of major players. Europe is expected to be the fastest growing market owing to widespread adoption of track and trace technology across industries. Key players operating in the track and trace solutions market include Tracelink Inc., Adents International, Seidenader Maschinenbau Gmbh., Axway Software Sa, Siemens Ag, Mettler Toledo International Inc., Robert Bosch Gmbh, and Optel Group. Tracelink Inc. dominates the market owing to its comprehensive software solutions.
The global track and trace solutions market size was valued at US$ 3,056.4 million in 2022. The market is expected to reach US$ 7,624.2 million by 2030, expanding at a CAGR of 14.79% from 2023 to 2030. Regionally, North America accounted for largest revenue share in the track and trace solutions market in 2022 owing to strict regulations for product serialization and aggregation. Europe is projected to witness highest growth during the forecast period due to widespread deployment of track and trace solutions across verticals for maintaining product authenticity and safety.
Key players operating in the track and trace solutions market are focusing on new product launches. For instance, in June 2022, Tracelink Inc. launched Tracelink T-Hub Exchange, an industry data hub for seamless product information exchange between trading partners. This new solution will help connect manufacturer’s data to their trading partner’s platforms to facilitate product traceability.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
