The global track and trace solutions market size is expected to reach USD 9.33 billion by 2028 according to a new study by Polaris Market Research. The report “Track and Trace Solutions Market Share, Size, Trends, Industry Analysis Report, By Product (Hardware, Software); By Technology; By Application; By End-Use; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The stringent execution of serialization on medical products by many countries across the globe is mainly driving the growth of the global market across the globe. The emergence of the COVID-19 pandemic and the advantages associated with the solutions such as transparency and product ID identification are expected to contribute to the upward growth of the market during the forecast period.
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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The industry is segmented into Barcodes and RFID based on technology. Pharmaceutical industries mostly use 2D barcode technology. In contrast, Radio-frequency identification (RFID) technology is seeing significant growth in recent years as it is employed in authentication and tracing vaccines, testing kits, and others.
The product has main applications in the serialization and aggregation of medical products in pharmaceutical and medical devices companies. Most of the products are software-based and hardware-based systems and are showing steep growth due to the increasing need for printing and marking equipment in the serialization of medical products and technological advancements in Thermal Transfer Overprinting and laser marking systems.
Market participants include Mettler-Toledo International, Inc., Axway, Optel Vision, Adents International, TraceLink, Inc., Antares Vision Srl, Seidenader Maschinenbau GmbH, Systech, Inc., Siemens AG, and ACG Worldwide are some of the key players operating in the global market.
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)
- Printing & Marking
- Monitoring & Verification
- Plant manager software
- Line controller software
- Bundle tracking software
Track and Trace Solutions, Technology Outlook (Revenue – USD Million, 2016 – 2028)
Track and Trace Solutions, Application Channel Outlook (Revenue – USD Million, 2016 – 2028)
- Bottle serialization
- Label serialization
- Carton serialization
- Data matrix serialization
- Case aggregation
- Bundle aggregation
- Pallet aggregation
Track and Trace Solutions, End-Use Outlook (Revenue – USD Million, 2016–2028)
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
- Food & Beverage
- Consumer Goods
- Luxury Goods
Track and Trace Solutions, Regional Outlook (Revenue – USD Million, 2016 –2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa