The report “Track and Trace Solutions Market in terms of revenue was estimated to be worth $5.5 billion in 2023 and is poised to reach $9.8 billion by 2028, growing at a CAGR of 12.2% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. 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.

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Browse in-depth TOC on “Track and Trace Solutions Market”

372 – Tables

58 – Figures

346 – Pages

Key Market Players:

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).

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Driver: Growing emphasis by manufacturers on safeguarding their brand.

The rise of counterfeiting poses an increasing threat to companies involved in the production of medicines, medical devices, cosmetics, and pharmaceutical packaging. The surge in international trade, coupled with a lack of stringent regulations, has led to a proliferation of counterfeit drugs and related products worldwide. Counterfeiting affects both branded and generic items, encompassing products with inaccurate or false ingredients, lacking active ingredients, containing incorrect amounts of active ingredients, and featuring fake packaging. Manufacturers allocate substantial resources to establish and promote their brand identities, and counterfeiters exploit these identities to sell fake products. This not only results in significant revenue loss for the original manufacturers but also tarnishes their brand image.

To combat counterfeiting, the adoption of track and trace technologies, such as barcodes and RFID, becomes crucial. Many manufacturers deploy a combination of various track and trace technologies across their supply chains to bolster product traceability and security. Uniquely serialized products enable item-level traceability throughout the supply chain, providing brand owners with more comprehensive insights compared to lot-level or container-level traceability. Consequently, the increasing emphasis of manufacturing companies on brand protection is driving the utilization of serialization, thereby propelling the market for track and trace solutions.

Restraint: Significant initial expenses for technologies.

Implementation of track and trace technologies demands substantial capital and significant upfront investments, serving as a deterrent for potential new entrants. Additionally, considerable financial commitments are essential for organizing efficient transportation systems to ensure the prompt delivery of products. Consequently, new entrants encounter substantial production costs and slim profit margins, as the establishment of new facilities requires a considerable amount of time to achieve economies of scale. Simultaneously, these companies must align their prices with current market trends to thrive in the competitive landscape. Obtaining approval from government regulators poses a significant hurdle for newcomers. These obstacles are anticipated to impede market growth somewhat.

Opportunity: Remote authentication of products

Conventional technologies for brand protection, such as anti-theft and authentication, focus on safeguarding individual items rather than ensuring the security of the entire supply chain. Consequently, there exists the potential for counterfeit products to enter the supply chain at any stage. To address this issue, there is a need for solutions with automatic and non-line-of-sight capabilities. In recent years, there has been a growing demand for technologies featuring modular designs that align with enterprise requirements. For instance, track and trace technologies based on RFID maintain an electronic pedigree, tracking transaction information for products within the supply chain. This approach has proven to be effective in fortifying the supply chain against infiltration, theft, and fraud while also facilitating remote authentication in the brand protection supply chain.

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“2D barcode technology accounts for the largest share in the track and trace solutions market.”

The predominant technology in the track and trace solutions market is 2D barcode technology. In 2022, the 2D barcodes segment claimed the majority share of the technology market. The substantial dominance of the 2D barcode technology segment is attributed to the increasing adoption of 2D barcodes within the packaging industry, primarily due to their superior data storage capacity compared to linear barcodes. Also, the RFID segment is anticipated to exhibit the highest CAGR during the forecast period. This growth is fueled by the escalating demand for RFID systems in automated pharmaceutical distribution and medical devices, driven by the cost-effectiveness of these systems and the enhanced visibility they offer.

“Pharmaceutical and biopharmaceutical companies are expected to witness highest growth rate in track and trace solutions market in 2022.”

In 2022, the pharmaceutical and biopharmaceutical companies segment held the dominant market share. This segment is forecasted to experience the highest CAGR. The significant prevalence of this segment is primarily linked to the pervasive issue of drug counterfeiting on a global scale and the heightened emphasis on preventing the infiltration of counterfeit products into the supply chain of pharmaceutical and biopharmaceutical entities.

“North America accounted for the largest share of the track and trace solutions market in 2022.”

In the year 2022, North America held the majority share of the global track and trace solutions market. This growth was propelled by the well-established healthcare systems in the US and Canada, the concentration f numerous pharmaceutical, biotechnology, and medical device manufacturing companies, rigorous regulations pertaining to serialization, and the expanding market for medical devices.

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Recent Developments:

• In August 2022, Antares Vision S.P.A. (Italy) acquired Packital Srl (Italy) & Ingg. Vescovini Srl (Italy). These two acquisitions will enable the company to further strengthen its presence in the food & beverage sector by extending its portfolio with inspection and quality control solutions that are complementary to current ones.
• In May-2022, OPTEL GROUP introduced OPTCHAIN, a set of modular intelligent supply chain (ISC) solutions designed to facilitate the seamless capture and digitization of Critical Tracking Events (CTEs) and Key Data Elements (KDEs) throughout the entire supply chain in the food and beverage industry.
• In March 2022, Zebra Technologies Corp. (US) has introduced Reflexis solutions in the Asia Pacific region, aiming to achieve comprehensive visibility, connectivity, and optimization of every asset and worker at the edge.
• In January 2022, OPTEL GROUP had acquired Korber’s pharmaceutical track and trace unit to enhance its capabilities in pharmaceutical and agrochemical track and trace technologies, thereby strengthening its presence in the European market.
• In April 2021, Syntegon has formed a strategic partnership with Kezzler (Norway) to provide top-notch solutions for the efficient implementation of product digitization and traceability strategies, minimizing operational complexities.

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