Track and Trace Solutions Market to 2027 - Global Analysis and Forecasts by Component

Track and Trace Solutions Market to 2027 - Global Analysis and Forecasts by Component (Hardware and Software), Technology (Barcodes and RFID (RadioFrequency Identification)); Application (Serialization Solutions and Aggregation Solutions); and End User (Pharmaceutical Industry, Medical Devices Industry and Others) and Geography

The global track and trace solutions market is expected to reach US$ 6,049.0 Mn in 2027 from US$ 1,728.3 in 2018. The market is estimated to grow with a CAGR of 15.3% from 2019-2027.

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Stringent regulations & criteria for the implementation of serialization, increase in the number of packaging-related product recalls, and rising focus of manufacturers on brand protection. However, the factors such as high cost of products & implementation and shortage of skilled operators are likely to impact the growth of the market in the forecast period. On the other hand, continuous technological advancements is likely to have a positive impact on the growth of the global track and trace solutions market in the coming years. Globally, pharmaceutical companies are considering existing and expected legislation on anti-counterfeiting and traceability of the drugs. In US, the Drug Supply Chain Security Act

(DSCSA) started in 2013, the DSCSA defines the requirements for an interoperable, electronic system to identify and trace pharmaceutical products throughout their distribution in the country. As part of the requirements, pharmaceutical products must be marked with a National Drug Code (NDC), serial number, lot number, and expiration date. The entire supply chain is expected to be electronically integrated and all nodes of traceability are to be established by November 2023. Thus, it is expected that the market for the track and trace solutions are likely to propel at a significant during the forecast years.

The track and trace solutions market by component is segmented into hardware and software. In 2018, the software segment held a largest market share of 57.2% of the track and trace solutions market, by component. The software segment is expected to dominate its market share in 2027 owing to the advantages offered such as reduced administration and increased confidence for quality events.

Moreover, the software segment is anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027.

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Global track and trace solutions market, based on application was segmented into serialization solutions and aggregation solutions. In 2018, the serialization solutions held a largest market share of 60.0% of the track and trace solutions market, by application. The serialization solutions segment is expected to dominate its market share in 2027 owing to the tracking of product throughout the supply chain, and also provides regulatory compliance. Moreover, the serialization solutions segment is anticipated to witness the fastest growth rate of 15.6% during the forecast period, 2019 to 2027.

Some of the major primary and secondary sources for track and trace solutions included in the report are World Health Organization (WHO), National Center for Biotechnology Information (NCBI), Directorate General of Foreign Trade (DGFT), Healthcare Information and Management Systems Society (HIMSS), Food & Drug Administration (FDA), International Standards Organisation (ISO), Electronics Product Code Global Incorporated (EPCglobal), Generic Pharmaceutical Association (GPhA), China Food and Drug Administration (CFDA) and others.

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