Global Track and Trace Solutions (Pharma, Food, Medical Devices) Market Report 2021-2026: Plant Manager, Checkweigher, Barcode Scanner, Monitoring, 2D Barcode, RFID - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Track and Trace Solutions Market by Product (Plant Manager, Checkweigher, Barcode Scanner, Monitoring), Technology (2D Barcode, RFID), Application (Serialization, Aggregation, Reporting), End User (Pharma, Food, Medical Devices) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global track and trace solutions market is projected to reach USD 7.3 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 12.1% during the forecast period.

The implementation of track and trace solutions and technologies is an important strategy adopted by many manufacturing companies and regulatory bodies in recent years.

Growth in the market is largely driven by stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, high growth in the generic and OTC markets, and growth in the medical device industry.

On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation and the huge setup costs are expected to limit market growth to a certain extent.

The Software segment accounted for the largest market share in 2020

Based on products, the track and trace solutions market is segmented into software, hardware components, and standalone platforms based on product. The software segment accounted for the largest share-60.1%-of the track and trace solutions market in 2020. Market growth is largely driven by the increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, and growing awareness of brand protection. In addition, regulatory compliance is further supporting the growth of this market.

The standalone platforms segment is expected to register the highest CAGR of 15.9% during the forecast period. The growth in this market is mainly attributed to the stringent government regulations for implementing serialization and UDI codes in the pharma and medical device industry, increasing pressure on pharmaceutical companies to adopt serialization, and increasing demand for standalone platforms to reduce the serialization implementation timeframe.

The Serialization Solutions segment accounted for the largest market share in 2020

Based on application, the track and trace solutions market is segmented into serialization solutions; aggregation solutions; and tracking, tracing, and reporting. The serialization solutions segment accounted for the largest share-62.3%-of the applications market. This segment is projected to grow at a CAGR of 12.0% during the forecast period to reach USD 2,560.9 million by 2026. Stringent regulations for the implementation of serialization solutions in packaging and supply chain applications drive this segment's growth.

The tracking, tracing and reporting segment is expected to register the highest CAGR of 16.1% during the forecast period owing to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.

The 2D Barcode segment accounted for the largest market share in 2020

Based on technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and radiofrequency identification (RFID). The 2D barcodes segment accounted for the largest share of 76.2% of the technology market in 2020. This segment is projected to grow at a CAGR of 12.4% to reach USD 5.6 billion by 2026.

The large share of the 2D barcodes technology segment can be attributed to the increasing use of 2D barcodes in the packaging industry. They have higher data storage capacities than linear barcodes and contain larger amounts of data with fewer variations in image size.

The Pharmaceutical and Biopharmaceutical Company segment accounted for the largest market share in 2020

Based on technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and radiofrequency identification (RFID). The 2D barcodes segment accounted for the largest share of 76.2% of the technology market in 2020. This segment is projected to grow at a CAGR of 12.4% to reach USD 5.6 billion by 2026.

The large share of the 2D barcodes technology segment can be attributed to the increasing use of 2D barcodes in the packaging industry. They have higher data storage capacities than linear barcodes and contain larger amounts of data with fewer variations in image size.

Asia Pacific recorded the highest CAGR for track and trace solutions market in 2020

The track and trace solutions market studied in this report is divided into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 42.9% of the global track and trace solutions market, followed by Europe (33.5%).

The presence of developed healthcare systems in the US & Canada; the presence of many pharmaceutical & biotechnology companies and medical device manufacturers; stringent regulations regarding serialization; and the growing medical devices market are major factors driving market growth in North America.

Companies Mentioned

• ACG Worldwide
• Antares Vision
• Axway
• Jekson Vision
• Kevision Systems
• Korber AG
• Laetus GmbH
• Mettler-Toledo International Inc.
• Optel Group
• SAP
• Sea Vision S.R.L
• Siemens AG
• Syntegon (Formerly Robert Bosch GmbH)
• Systech International (A Part of Markem-Imaje)
• Tracelink Inc.
• Uhlmann Group
• Videojet Technologies Inc.,
• Wipotec-Ocs GmbH
• Xyntek Inc.
• Zebra Technologies Corporation

For more information about this report visit https://www.researchandmarkets.com/r/az59g5

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