Track and trace solutions are used to track, trace, and monitor products throughout the supply chain. Track and trace solutions help in authentication, identification, and monitoring of products. Key track and trace technologies include barcode, RFID, and electronic serialization. These technologies are increasingly being adopted across pharmaceutical, medical device, food, and beverage industries for supply chain management, anti-counterfeiting, and inventory visibility.
The global Track and Trace Solutions Market is estimated to be valued at US$ 3508.44 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Exponential Growth in Pharmaceutical Industry and Risk of Counterfeiting
The pharmaceutical industry is expected to exhibit exponential growth over the forecast period due to increasing healthcare spending and demand for high quality medicines globally. Pharmaceutical companies are increasingly adopting track and trace solutions to combat counterfeiting of medicines. According to the World Health Organization, counterfeit medicines account for 10% of the global medicine supply. Track and trace solutions enable pharmaceutical companies to authenticate genuine medicines and curb counterfeiting. Additionally, stringent regulations regarding serialization and aggregation being introduced by FDA and EU are expected to drive the adoption of track and trace solutions by pharmaceutical companies over the forecast period.
The global track and trace solutions market is segmented on the basis of product type, technology, application and end user. By product type, the market is dominated by barcode segment due to its widespread usage for authentication and identification across industries. This is followed by RFID segment which is expected to witness high growth on account of growing applications in pharmaceuticals and healthcare sectors.
Political: Governments across countries are implementing stringent regulations for labelling and serialization of drugs to curb counterfeiting. This is boosting demand for effective track and trace solutions.
Economic: Rising pharmaceutical industry coupled with increasing healthcare spending globally is a key growth driver. The COVID-19 pandemic has further accelerated demand from biopharma companies for supply chain visibility and monitoring.
Social: Growing consumer awareness about drug authenticity and safety is compelling manufacturers to integrate advanced traceability systems. This ensures quality and prevents medical errors.
Technological: Adoption of IoT, AI and blockchain is allowing real-time product monitoring across the supply chain. Cloud-based track and trace platforms are also gaining traction.
Global Track And Trace Solutions Market Size is expected to witness high growth at a CAGR of 14% during the forecast period of 2023 to 2030. Regional analysis comprises North America dominates currently due to stringent regulations and presence of key players. Europe is another major market driven by regulations regarding serialization.
Key players analysis comprises Key players operating in the track and trace solutions market are Tracelink Inc., Adents International, Seidenader Maschinenbau Gmbh., Axway Software Sa, Siemens Ag, Mettler Toledo International Inc., Robert Bosch Gmbh, and Optel Group. Tracelink Inc. offers industry leading track and trace solutions to pharmaceutical and medical device manufacturers.
The global track and trace solutions market size for 2023 is US$ 3508.44 Bn. Growing pharmaceutical industry, implementation of regulations, and incorporation of advanced technologies are fueling market growth. Real-time monitoring solutions ensure drug authenticity and safety across supply chain.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it