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Global Track and Trace Solutions Market to Grow at a CAGR of 14.2% During 2022-2027, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Track and Trace Solutions Market Report and Forecast 2022-2027’, the global market for track and trace solutions attained a value of about USD 2.30 billion in 2020. The industry is further expected to grow at a CAGR of 14.2% in the forecast period of 2022-2027.

The growing adoption of track and trace solutions by major pharmaceutical manufacturers are driving the growth of the market . This is because track and trace solutions enable pharmaceutical companies to track and trace compliance mandates and increase the overall efficiency of their manufacturing processes. This trend was further propelled by sudden insurgence of COVID-19 in 2020, which spearheaded the demand for medicines and vaccines across the globe. In addition, the expanding pharmaceutical industry, increased product launches, and mergers and acquisitions are also expected to contribute to the market growth. Moreover, the rising cases of drug counterfeiting across the globe are resulting in a considerable demand for track and trace solutions to enhance the drug security across the production and distribution chain. Furthermore, the stringent government regulations regarding labelling and serialisation of goods are projected to bolster the demand for authentication technologies in the forecast period. Also, the rapid technological advancements, such as the integration of artificial intelligence (AI) and machine learning (ML) into monitoring systems, and the growing investments by pharmaceutical and biotechnology companies in research and development activities to bring forth robust solutions to track production process are expected to aid the market in the forecast period.

Several companies are competing and collaborating to escalate their market potential by introducing advanced technological solutions, which is estimated to support the market growth. For instance, Mettler-Toledo International Inc (NYSE: MTD), in June 2021, announced the launch of the T60 Integrated 360 series of solutions for serialisation and aggregation of bottles and vials in the pharmaceutical industry. The solution gives a 360-degree image of containers and enables manufacturers to read the small serialisation codes printed on the bottles. Besides, fewer labelling processes help save time and money. Furthermore, companies like Honeywell International Inc. (NASDAQ: HON)  offers Forge Track & Trace, a supply chain monitoring solution that aims to help with major manufacturing challenges. Its benefits include ensured regulatory compliance, end-to-end traceability, and protection against counterfeits.

Market Analysis by Product Type, Technology, Application, End User, and Regions:

  • The track and trace solutions industry, on the basis of its product types, can be segmented into hardware systems and software solutions. 
  • Based on technology, the industry can be bifurcated into barcode and RFID.
  • On the basis of application, the industry is divided into serialisation solutions and aggregation solutions. 
  • Based on end user, the industry is categorised into pharmaceutical and biotechnology companies, medical device companies, and others. 
  • The regional markets for track and trace solutions include North America, Europe, the  Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for track and trace solutions is being driven by the increasing adoption of these solutions across the pharmaceutical sector.
  • The heightened demand for efficient medications and vaccines, fuelled by the rising incidences of chronic illnesses, is bolstering the market growth. 
  • The rising incidences of drug counterfeiting and the imposition of stringent government regulations are further augmenting the market growth.
  • The rapid technological advancements and the growing expenditure by the market players in research and development activities are expected to further propel the market in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for track and trace solutions for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the product types, technologies, applications, end users, and major regions of track and trace solutions.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global track and trace solutions market are Adents International, Axway, Mettler Toledo international Inc., and Optel Group, and Robert Bosch Gmbh, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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