Abstract
Summary
The global track and trace solutions market 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. Track and trace solutions help determine the current and past locations of a product throughout the supply chain. This can be done using information such as product numbers and batch numbers to ensure that a product and its locations can be tracked. These solutions capture a product’s status throughout a value chain, as well as their path can be retrospectively identified and verified to improve supply chain efficiency.
“The standalone platforms segment accounted for the fastest growth rate in the track and trace solutions market.”
In the year 2022, the standalone platforms segment is projected to achieve the highest CAGR throughout the forecast period. This growth is attributed to the rising demand for these platforms, which streamline implementation timelines and offer comprehensive end-to-end traceability. Conversely, the software solutions segment held the majority share of the track and trace solutions market. The primary factor driving this market growth is the increasing awareness of counterfeit products in the market, necessitating the adoption of track and trace solutions.
“Serialization solutions segment is expected to witness the fastest growth in the forecast period.”
In the year 2022, the serialization solutions segment commanded the majority share of the applications market. Additionally, this segment is anticipated to experience the highest growth rate during the forecast period. The primary driver behind the growth of this segment is the substantial regulatory burden on end-user segments, compelling the implementation of serialization solutions to mitigate the influx of counterfeit products into the supply chain.
“North America accounted for the largest share of the track and trace solutions market in 2022”
In the year 2022, North America held the leading share of the worldwide track and trace solutions market. The growth in this region was primarily propelled by the significant presence of pharmaceutical and biotechnology companies, a stringent regulatory environment, and the rising adoption of track and trace solutions among end-user segments for enhanced brand protection.
The break-down of primary participants is as mentioned below:
• By Company Type - Tier 1: 45%, Tier 2: 30%, and Tier 3: 25%
• By Designation - C-level: 42%, Director-level: 31%, and Others: 27%
• By Region - North America: 32%, Europe: 32%, Asia Pacific: 26%, Middle East & Africa: 5%, Latin America: 5%
Key Players in the track and trace solutions Market
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).
Research Coverage:
The report analyses the track and trace solutions market. It aims to estimate the market size and future growth potential of various market segments based on product, application, technology, end-user, and region. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms and new entrants/smaller firms to gauge the market's pulse, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
Analysis of key drivers: (Stringent regulations and standards for serialization, Increasing focus of manufacturers on brand protection, Growth in packaging-related product recalls), restraints (Long implementation timeframe of serialization and aggregation, Huge setup costs of technologies), opportunities (Increase in offshore pharmaceutical manufacturing, Remote authentication of products), and challenges (Lack of common standards for serialization and aggregation) influencing the growth of the track and trace solutions market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the track and trace solutions market.
Market Development: Comprehensive information on the lucrative emerging markets, products, applications, technology, end-users, and regions.
Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the track and trace solutions market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the track and trace solutions market like ANTARES VISION S.p.A (Italy), Axway (France), OPTEL GROUP (Canada), TraceLink Inc. (US), Syntegon Technology GmbH (Germany).
Table of Contents
1 INTRODUCTION 46
1.1 STUDY OBJECTIVES 46
1.2 MARKET DEFINITION 46
1.2.1 INCLUSIONS AND EXCLUSIONS 47
1.3 MARKET SCOPE 48
1.4 YEARS CONSIDERED 49
1.5 CURRENCY CONSIDERED 50
1.6 STAKEHOLDERS 50
1.7 SUMMARY OF CHANGES 51
2 RESEARCH METHODOLOGY 52
2.1 RESEARCH DATA 52
2.1.1 SECONDARY DATA 53
- 2.1.1.1 Key data from secondary sources 54
2.1.2 PRIMARY DATA 54
- 2.1.2.1 Key data from primary sources 56
- 2.1.2.2 Insights from primary experts 57
2.2 MARKET SIZE ESTIMATION 58
2.3 DATA TRIANGULATION 63
2.4 MARKET SHARE ANALYSIS 64
2.5 RESEARCH ASSUMPTIONS 64
2.6 LIMITATIONS 65
2.6.1 METHODOLOGY-RELATED LIMITATIONS 65
2.6.2 SCOPE-RELATED LIMITATIONS 65
2.7 RISK ASSESSMENT 65
2.8 RECESSION IMPACT ANALYSIS 65
3 EXECUTIVE SUMMARY 66
4 PREMIUM INSIGHTS 70
4.1 TRACK AND TRACE SOLUTIONS MARKET OVERVIEW 70
4.2 ASIA PACIFIC: TRACK AND TRACE SOLUTIONS MARKET, BY TECHNOLOGY AND COUNTRY 71
4.3 TRACK AND TRACE SOLUTIONS MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 72
4.4 REGIONAL MIX: TRACK AND TRACE SOLUTIONS MARKET 72
4.5 TRACK AND TRACE SOLUTIONS MARKET: DEVELOPED VS. EMERGING MARKETS 73
5 MARKET OVERVIEW 74
5.1 INTRODUCTION 74
5.2 MARKET DYNAMICS 74
5.2.1 DRIVERS 75
- 5.2.1.1 Stringent regulations and standards for serialization 75
- 5.2.1.2 Increase in focus of manufacturers on brand protection 78
- 5.2.1.3 Growth in packaging-related product recalls 78
- 5.2.1.4 High growth in generic and OTC markets 79
- 5.2.1.5 Growth of medical device industry 80
5.2.2 RESTRAINTS 81
- 5.2.2.1 Huge setup costs for technologies 81
- 5.2.2.2 Long implementation timeframe of serialization and aggregation 81
5.2.3 OPPORTUNITIES 82
- 5.2.3.1 Increase in offshore pharmaceutical manufacturing 82
- 5.2.3.2 Remote authentication of products 83
- 5.2.3.3 Significant technological advancements in R&D 83
- 5.2.3.4 Growth of food traceability market 83
5.2.4 CHALLENGES 84
- 5.2.4.1 Lack of common standards for serialization and aggregation 84
- 5.2.4.2 Existence of technologies to deter counterfeiters 84
5.3 INDUSTRY TRENDS 85
5.3.1 RISE IN DEMAND FOR INTEGRATED, FULLY AUTOMATED SERIALIZATION AND AGGREGATION SYSTEMS 85
5.3.2 USE OF BLOCKCHAIN IN TRACK AND TRACE SOLUTIONS 86
5.4 TECHNOLOGY ANALYSIS 87
5.4.1 GROWTH IN DEMAND FOR L4 AND L5 TRACK AND TRACE SOLUTIONS IN PHARMACEUTICAL INDUSTRY FOR COMPLIANCE MANAGEMENT 87
5.5 PRICING ANALYSIS 88
5.5.1 AVERAGE SELLING PRICE TREND, BY PRODUCT 88
5.5.2 PRICING MODELS AND INDICATIVE PRICES 88
5.6 PORTER’S FIVE FORCES ANALYSIS 90
5.6.1 INTENSITY OF COMPETITIVE RIVALRY 90
5.6.2 BARGAINING POWER OF BUYERS 90
5.6.3 BARGAINING POWER OF SUPPLIERS 90
5.6.4 THREAT FROM SUBSTITUTES 91
5.6.5 THREAT FROM NEW ENTRANTS 91
5.7 REGULATORY LANDSCAPE 92
5.7.1 NORTH AMERICA 93
5.7.2 EUROPE 94
5.7.3 ASIA PACIFIC 95
5.7.4 LATIN AMERICA AND MIDDLE EAST & AFRICA 96
5.8 VALUE CHAIN ANALYSIS 96
5.9 ECOSYSTEM/MARKET MAP 97
5.10 CASE STUDY ANALYSIS 99
5.10.1 MARKET OPPORTUNITY ANALYSIS OF TRACK AND TRACE SOLUTIONS 99
5.11 PATENT ANALYSIS 100
5.12 ADJACENT MARKET ANALYSIS 101
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 103
5.13.1 KEY STAKEHOLDERS ON BUYING PROCESS 103
5.13.2 BUYING CRITERIA 104
5.14 KEY CONFERENCES AND EVENTS 105
5.15 UNMET NEEDS - TRACK AND TRACE SOLUTIONS MARKET 106
5.15.1 CHALLENGES ASSOCIATED WITH MANUAL TRACK AND TRACE OF PRODUCTS: END-USER PERSPECTIVE 106
5.15.2 END-USER DEMAND ANALYSIS FOR TRACK AND TRACE SOLUTIONS 106
5.16 TRACK AND TRACE SOLUTIONS INVESTMENT LANDSCAPE 107
6 TRACK AND TRACE SOLUTIONS MARKET, BY PRODUCT 108
6.1 INTRODUCTION 109
6.2 SOFTWARE SOLUTIONS 109
6.2.1 PLANT MANAGERS 111
- 6.2.1.1 Growth in awareness regarding secure packaging and strict regulations 111
6.2.2 ENTERPRISE & NETWORK MANAGERS 112
- 6.2.2.1 Reporting mandates of product information 112
6.2.3 LINE CONTROLLERS 113
- 6.2.3.1 Growth in need to improve supply chain efficiency 113
6.2.4 BUNDLE TRACKING SOLUTIONS 115
- 6.2.4.1 Demand for accuracy in serialization and identification 115
6.2.5 CASE TRACKING SOLUTIONS 116
- 6.2.5.1 Accurate serialization of cases to ensure traceability throughout supply chain 116
6.2.6 WAREHOUSE AND SHIPMENT MANAGERS 117
- 6.2.6.1 Management of order receipts from ERP and shipment operations 117
6.2.7 PALLET TRACKING SOLUTIONS 118
- 6.2.7.1 Need to identify and verify pallets throughout supply chain 118
6.3 HARDWARE COMPONENTS 119
6.3.1 PRINTING & MARKING SOLUTIONS 120
- 6.3.1.1 Printing and marking solutions to dominate market 120
6.3.2 BARCODE SCANNERS 122
- 6.3.2.1 Rise in need for anti-counterfeiting technologies and patient safety 122
6.3.3 MONITORING & VERIFICATION SOLUTIONS 124
- 6.3.3.1 Optical character recognition and verification camera systems to verify serial numbers and code sets 124
6.3.4 LABELERS 125
- 6.3.4.1 Focus of pharmaceutical industry on implementing anti-counterfeiting measures and making labels tamper-evident 125
6.3.5 CHECKWEIGHERS 127
- 6.3.5.1 Automatic tracking of products from point-of-code verification to reject mechanism 127
6.3.6 RFID READERS 128
- 6.3.6.1 Reduced data entry errors with easier tracking of pharmaceutical drugs and medical devices 128
6.4 STANDALONE PLATFORMS 129
6.4.1 INCREASE IN ADOPTION OF FULLY INTEGRATED PLATFORMS WITH AUTOMATED FORMAT ADJUSTMENT 129
7 TRACK AND TRACE SOLUTIONS MARKET, BY APPLICATION 132
7.1 INTRODUCTION 133
7.2 SERIALIZATION SOLUTIONS 133
7.2.1 CARTON SERIALIZATION 135
- 7.2.1.1 Serialization mandated to secure supply chain 135
7.2.2 BOTTLE SERIALIZATION 136
- 7.2.2.1 Implementation of serialization solutions in China and Turkey 136
7.2.3 MEDICAL DEVICE SERIALIZATION 137
- 7.2.3.1 Stringent implementation of label mandates, particularly in US 137
7.2.4 BLISTER SERIALIZATION 139
- 7.2.4.1 Higher growth in adoption in Europe and Asia Pacific 139
7.2.5 VIAL & AMPOULE SERIALIZATION 140
- 7.2.5.1 Increase in demand for serialization at primary packaging level 140
7.3 AGGREGATION SOLUTIONS 141
7.3.1 CASE AGGREGATION 142
- 7.3.1.1 Benefits of better supply chain visibility among bundles 142
7.3.2 PALLET AGGREGATION 143
- 7.3.2.1 Higher demand for brand protection 143
7.3.3 BUNDLE AGGREGATION 144
- 7.3.3.1 Greater awareness about secure packaging and regulatory mandates 144
7.4 TRACKING, TRACING, AND REPORTING SOLUTIONS 145
7.4.1 HIGHER EMPHASIS ON REGULATORY VIGILANCE 145
8 TRACK AND TRACE SOLUTIONS MARKET, BY TECHNOLOGY 147
8.1 INTRODUCTION 148
8.2 2D BARCODES 148
8.2.1 HIGHER DATA DENSITY AND SPACE EFFICIENCY OF 2D BARCODES 148
8.3 RADIOFREQUENCY IDENTIFICATION 150
8.3.1 INCREASE IN ADOPTION OF MEDICAL DEVICES AND COSMETIC PRODUCT DISTRIBUTION 150
8.4 LINEAR BARCODES 151
8.4.1 HIGH ADOPTION IN ASIA PACIFIC COUNTRIES 151
9 TRACK AND TRACE SOLUTIONS MARKET, BY END USER 153
9.1 INTRODUCTION 154
9.2 PHARMACEUTICAL & BIOPHARMACEUTICAL COMPANIES 154
9.2.1 REGULATORY MANDATES FOR SERIALIZATION IN PHARMACEUTICAL SUPPLY CHAINS 154
9.3 FOOD INDUSTRY 156
9.3.1 INCREASE IN FOODBORNE DISEASE OUTBREAKS AND HIGHER HEALTH CONSCIOUSNESS 156
9.4 MEDICAL DEVICE COMPANIES 158
9.4.1 MANDATES FOR SERIALIZATION AND UDI COMPLIANCE 158
9.5 COSMETIC INDUSTRY 160
9.5.1 IMPLEMENTATION OF MEASURES AGAINST COUNTERFEITING 160
9.6 OTHER END USERS 161
10 TRACK AND TRACE SOLUTIONS MARKET, BY REGION 162
10.1 INTRODUCTION 163
10.2 NORTH AMERICA 163
10.2.1 US 168
- 10.2.1.1 Stringent mandates regarding identifiers in place for significantly large medical devices market 168
10.2.2 CANADA 172
- 10.2.2.1 Growth in government focus on serialization in pharmaceutical industry 172
10.3 EUROPE 175
10.3.1 GERMANY 179
- 10.3.1.1 Presence of prominent pharmaceutical manufacturers, favorable regulatory policies, and well-developed healthcare system 179
10.3.2 FRANCE 183
- 10.3.2.1 Presence of leading pharmaceutical companies 183
10.3.3 ITALY 186
- 10.3.3.1 Growth in counterfeit and OTC drugs 186
10.3.4 SWITZERLAND 190
- 10.3.4.1 Implementation of serialization solutions with large-scale exports 190
10.3.5 UK 194
- 10.3.5.1 Large pharmaceutical market and growth of geriatric population 194
10.3.6 SPAIN 198
- 10.3.6.1 Increase in generic drugs and development of medical device sectors 198
10.3.7 REST OF EUROPE 202
10.4 ASIA PACIFIC 205
10.4.1 CHINA 210
- 10.4.1.1 Rapidly growing pharmaceutical industry and favorable government mandates 210
10.4.2 JAPAN 215
- 10.4.2.1 Greater use of serialization with track and trace solutions in pharmaceutical supply chain 215
10.4.3 INDIA 219
- 10.4.3.1 Low manufacturing cost and skilled workforce to attract outsourcing and investments 219
10.4.4 SOUTH KOREA 223
- 10.4.4.1 Increased spending on geriatric health and coverage for major chronic diseases 223
10.4.5 AUSTRALIA 227
- 10.4.5.1 Favorable R&D tax benefits for pharmaceutical industry 227
10.4.6 REST OF ASIA PACIFIC 231
10.5 LATIN AMERICA 234
10.5.1 BRAZIL 237
- 10.5.1.1 Large pharmaceutical industry and increased investments in healthcare 237
10.5.2 MEXICO 241
- 10.5.2.1 Increase in government support for biotechnology and pharmaceutical industries 241
10.5.3 REST OF LATIN AMERICA 245
10.6 MIDDLE EAST & AFRICA 249
10.6.1 GCC 253
- 10.6.1.1 Greater focus on enhancing patient safety 253
10.6.2 REST OF MIDDLE EAST & AFRICA 256
11 COMPETITIVE LANDSCAPE 259
11.1 INTRODUCTION 259
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 259
11.3 REVENUE SHARE ANALYSIS OF TOP MARKET PLAYERS 260
11.4 MARKET RANKING ANALYSIS 261
11.5 BRAND/PRODUCT COMPARATIVE ANALYSIS 263
11.5.1 BRAND/PRODUCT COMPARATIVE ANALYSIS, BY PHARMACEUTICAL AND BIOPHARMACEUTICAL COMPANIES 264
- 11.5.1.1 TRACELINK INC 264
- 11.5.1.2 ACG 264
- 11.5.1.3 MARCHESINI GROUP S.P.A 264
11.5.2 BRAND/PRODUCT COMPARATIVE ANALYSIS, BY MEDICAL DEVICE COMPANIES 265
- 11.5.2.1 AXWAY 265
- 11.5.2.2 OPTEL GROUP 265
- 11.5.2.3 UHLMANN 265
11.5.3 BRAND/PRODUCT COMPARATIVE ANALYSIS, BY FOOD INDUSTRY 266
- 11.5.3.1 METTLER TOLEDO 266
- 11.5.3.2 ZEBRA TECHNOLOGIES CORP 266
- 11.5.3.3 IBM 266
11.5.4 BRAND/PRODUCT COMPARATIVE ANALYSIS, BY COSMETIC INDUSTRY 267
- 11.5.4.1 ANTARES VISION S.P.A 267
- 11.5.4.2 WIPOTECH GMBH 267
- 11.5.4.3 VISIOTT TECHNOLOGIE GMBH 267
11.6 KEY COMPANY EVALUATION QUADRANT 268
11.6.1 STARS 268
11.6.2 PERVASIVE PLAYERS 268
11.6.3 EMERGING LEADERS 268
11.6.4 PARTICIPANTS 268
11.6.5 KEY COMPANY FOOTPRINT 270
11.7 STARTUP/SME EVALUATION QUADRANT 274
11.7.1 PROGRESSIVE COMPANIES 274
11.7.2 DYNAMIC COMPANIES 274
11.7.3 STARTING BLOCKS 274
11.7.4 RESPONSIVE COMPANIES 274
11.7.5 COMPETITIVE BENCHMARKING 275
11.8 COMPETITIVE SCENARIO AND TRENDS 277
11.8.1 PRODUCT LAUNCHES & ENHANCEMENTS 277
11.8.2 DEALS 278
11.8.3 OTHER DEVELOPMENTS 279
12 COMPANY PROFILES 280
12.1 ANTARES VISION S.P.A 280
12.2 AXWAY 286
12.3 OPTEL GROUP 289
12.4 TRACELINK INC 292
12.5 SYNTEGON TECHNOLOGY GMBH 295
12.6 ACG 298
12.7 MARCHESINI GROUP S.P.A 300
12.8 MARKEM-IMAJE, A DOVER COMPANY 302
12.9 UHLMANN 305
12.10 SIEMENS 307
12.11 SAP SE 310
12.12 ZEBRA TECHNOLOGIES CORP 313
12.13 METTLER TOLEDO 318
12.14 IBM 323
12.15 WIPOTEC GMBH 326
12.16 VISIOTT TECHNOLOGIE GMBH 327
12.17 JEKSON VISION 330
12.18 KEVISION 331
12.19 TRACKTRACERX INC 332
12.20 ARVATO - BERTELSMANN SE & CO. KGAA 332
12.21 3KEYS GMBH 333
12.22 RN MARK INC 334
12.23 KEZZLER 335
12.24 SHUBHAM AUTOMATION PVT. LTD 335
12.25 BAR CODE INDIA LIMITED 336
13 APPENDIX 337
13.1 DISCUSSION GUIDE 337
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 343
13.3 CUSTOMIZATION OPTIONS 345
13.4 RELATED REPORTS 345
13.5 AUTHOR DETAILS 346