The global track and trace solutions market was valued at USD 1,717.13 million in 2018 and is expected to reach USD 3,509.06 million by 2024, with an anticipated CAGR of 12.65%, during the forecast period. The major factors propelling the growth of the market include growth in the medical devices and pharmaceutical industries, increase in implementation of serialization, a rise in the number of packaging-related product recalls, and an increasing number of counterfeit drugs.
One of the major problems faced by large-scale pharmaceutical as well as biopharmaceutical companies is drug counterfeiting. In order to ensure that brands get a share of brand recognition, these companies are adopting the use of track and trace solutions in supply-chain monitoring. Counterfeiting happens in a variety of ways. It can range from mislabeling medication with the intent to replicate an authentic approved product to the far more dangerous practices of selling medication without the active ingredient or adding an insufficient or excessive amount of the active ingredient. Counterfeit medicines also sometimes contain extraneous or harmful chemicals. With the advent of track and trace solutions, this problem is expected to be eradicated to a very large extent. This factor, consequently, is propelling its increasing adoption among drug manufacturers, further driving the growth of the market over the forecast period. However, factors, such as high costs associated with serialization and aggregation and lack of common standards for serialization and aggregation may hinder the market growth.
Scope of the Report
Tracking and tracing is a process of determining the current and past locations (and other information) of a unique item or property.
Key Market Trends
Bar Code Technology is expected to hold the Major Revenue Share in the Technology-wise Segmentation
A barcode is a number represented in vertical lines of varying thicknesses, printed on a label to exclusively identify any item.
In the healthcare industry, the barcode system offers wide applications, from hospitals and diagnostic laboratories to medical devices or pharmaceutical manufacturing companies. A barcode helps in tracking patient data in medical facilities, precisely managing medical supplies inventory, tracking expiration dates and origin of drugs, and adding barcode labels to blood supplies, which helps to distinguish among different samples. This barcode technology is being adopted for many years and is still being used all time for tracking. Other major benefits of using barcodes are the improvement of stock visibility and cutting waste, reduction in disparities in cost and quality of care, better safety and compliance, and automation of the manual supply-chain tasks, which are the key driving factors fueling the market growth.
North America dominates the Market and expected to do Same in the Forecast Period
North America currently dominates the market for track and trace solutions and is expected to continue its stronghold for a few more years. In the North America region, the United States holds the largest market share. This can be majorly attributed to the increasing number of counterfeit drugs; due to the increasing number of counterfeit medicines available in the market, the FDA had to issue product identifier requirements under the Drug Supply Chain Security Act (DSCSA) Compliance Policy in June 2017. The policy states that the drugs sold in the United States must have item-level serialization affixed and printed on unit-of-sale prescription drugs. The DSCSA will require a "standardized numerical identifier” to uniquely identify packages or homogenous cases that are composed by the National Drug Code (NDC). The DSCSA will require a "standardized numerical identifier” to uniquely identify packages or homogenous cases that are composed by the National Drug Code (NDC).
The track and trace solutions market is competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising awareness about track and trace solutions and improving healthcare infrastructure, few other smaller players are expected to enter into the market. Some of the major players of the market are Axway, Mettler-Toledo International Inc., Rfxcel Corporation, Sea vision SRL and TraceLink Inc. among others.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growth in the Medical Devices and Pharmaceutical Industries and Increase in Implementation of Serialization
4.2.2 Rise in the Number of Packaging-related Product Recalls
4.2.3 Increasing Number of Counterfeit Drugs
4.3 Market Restraints
4.3.1 High Costs Associated with Serialization and Aggregation
4.3.2 Lack of Common Standards for Serialization and Aggregation
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Hardware Systems
184.108.40.206 Printing and Marking Solutions
220.127.116.11 Monitoring and Verification Solutions
18.104.22.168 Labeling Solutions
22.214.171.124 Other Hardware Systems
5.1.2 Software Solutions
126.96.36.199 Plant Manager Software
188.8.131.52 Line Controller Software
184.108.40.206 Bundle Tracking Software
220.127.116.11 Other Software Solutions
5.2 By Technology
5.3 By Application
5.3.1 Serialization Solutions
18.104.22.168 Bottle Serialization
22.214.171.124 Label Serialization
126.96.36.199 Carton Serialization
188.8.131.52 Data Matrix Serialization
5.3.2 Aggregation Solutions
184.108.40.206 Bundle Aggregation
220.127.116.11 Case Aggregation
18.104.22.168 Pallet Aggregation
5.4 By End User
5.4.1 Pharmaceutical Companies
5.4.2 Medical Device Companies
5.4.3 Other End Users
5.5.1 North America
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.5.4 Middle East & Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
5.5.5 South America
18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.3 ANTARES VISION SpA
6.1.5 Mettler-Toledo International Inc.
6.1.6 Rfxcel Corporation
6.1.7 Optel Group
6.1.8 SEIDENADER MASCHINENBAU GMBH (MEDIPAK SYSTEMS)
6.1.9 Sea Vision SRL
6.1.10 TraceLink Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.