Track and Trace Solutions Market worth $9.8 billion by 2028
The report "Track and Trace Solutions Market by Product(Bundle Tracking, Checkweigher, Barcode Scanner, Labeler), Serialization (Carton, Bottle, Blister, Vial), Aggregation (Case, Pallet), Technology (2D Barcode, RFID), End User (Pharma, Food) - Global Forecast to 2028", is projected to reach USD 9.8 billion by 2028 from USD 5.5 billion in 2023, at a high CAGR of 12.2% during the forecast period.
Browse 372 market data Tables and 58 Figures spread through 346 Pages and in-depth TOC on "Track and Trace Solutions Market by Product(Bundle Tracking, Checkweigher, Barcode Scanner, Labeler), Serialization (Carton, Bottle, Blister, Vial), Aggregation (Case, Pallet), Technology (2D Barcode, RFID), End User (Pharma, Food) - Global Forecast to 2028"
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The significant drivers propelling track and trace solutions market growth include strict regulations and standards mandating the adoption of serialization, coupled with manufacturers placing a heightened emphasis on brand protection. Conversely, market growth is anticipated to be somewhat constrained due to the substantial costs, prolonged implementation timeframe linked to serialization and aggregation, and considerable setup expenses.
“2D barcode technology accounts for the largest share in the track and trace solutions market.”
The predominant technology in the track and trace solutions market is 2D barcode technology. In 2022, the 2D barcodes segment claimed the majority share of the technology market. The substantial dominance of the 2D barcode technology segment is attributed to the increasing adoption of 2D barcodes within the packaging industry, primarily due to their superior data storage capacity compared to linear barcodes. Also, the RFID segment is anticipated to exhibit the highest CAGR during the forecast period. This growth is fueled by the escalating demand for RFID systems in automated pharmaceutical distribution and medical devices, driven by the cost-effectiveness of these systems and the enhanced visibility they offer.
“Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2022.”
In 2022, the pharmaceutical and biopharmaceutical companies segment held the dominant market share. This segment is forecasted to experience the highest CAGR. The significant prevalence of this segment is primarily linked to the pervasive issue of drug counterfeiting on a global scale and the heightened emphasis on preventing the infiltration of counterfeit products into the supply chain of pharmaceutical and biopharmaceutical entities.
“North America accounted for the largest share of the track and trace solutions market in 2022.”
In the year 2022, North America held the majority share of the global track and trace solutions market. This growth was propelled by the well-established healthcare systems in the US and Canada, the concentration f numerous pharmaceutical, biotechnology, and medical device manufacturing companies, rigorous regulations pertaining to serialization, and the expanding market for medical devices.
Key Market Players :
The key players functioning in the track and trace solutions market include ANTARES VISION S.p.A (Italy), Axway (France), OPTEL GROUP (Canada), TraceLink Inc. (US), Syntegon Technology GmbH (Germany), ACG (India), Marchesini Group S.p.A. (Italy), Markem-Imaje, a Dover Company. (Switzerland), Uhlmann (Germany), Siemens (Germany), SAP SE (Germany), Zebra Technologies Corp. (US), METTLER TOLEDO (US), IBM (US), WIPOTEC GmbH (Germany), VISIOTT Technologie GmbH (Turkey), Jekson Vision (India), Kevision (India), TrackTraceRX Inc. (US), Arvato - Bertelsmann SE & Co. KGaA (Germany), 3KEYS GmbH (Germany), RN Mark Inc (Canada), Kezzler (Norway), Shubham Automation Pvt. Ltd. (India), and Bar Code India Limited (India).
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