Growth in this Track and Trace Solutions Market is attributed to the growing number of counterfeit drugs entering the supply chain, increasing focus on consumer and patient safety, increasing number of packaging related product recalls, and government legislations for the implementation of serialization in track and trace systems to ensure supply chain efficiency across the globe.
The Track and Trace Solutions Market is projected to reach USD 3.93 Billion by 2023 from USD 1.65 Billion in 2018, at a CAGR of 18.9%.
The plant manager software segment to dominate the track and trace software market during the forecast period
Based on software type, the Track and Trace Solutions Market is segmented into plant manager, line controller, enterprise and network manager, bundle tracking, warehouse and shipment manager, case tracking, and pallet tracking software. The plant manager segment accounted for the major share of the track and trace software market. The large share of this segment can primarily be attributed to the rising need for a secure supply chain of pharmaceutical and medical devices industry along with strict government legislations. The enterprise and network manager segment is expected to register the highest growth during the forecast period. The high growth of this segment is attributed to the increasing awareness of manufacturers regarding secure packaging and strict regulations across the globe for the implementation of track & trace and serialization solutions.
Tracking, tracing, and reporting application segment to witness the highest growth rate during the forecast period
On the basis of application, the Track and Trace Solutions Market is segmented into serialization, aggregation, and tracking, tracing, and reporting solutions. The serialization solutions segment accounted for the major share of the Track and Trace Solutions Market. The large share of this segment is majorly attributed to stringent government regulations for the implementation of serialization across the globe. The tracking, tracing, & reporting solutions are expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.
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2D barcodes dominated the track and trace technology market in 2017
On the basis of technology, the Track and Trace Solutions Market is segmented into linear barcodes, 2D barcodes, and Radio Frequency Identification (RFID). In 2017, the 2D barcodes segment accounted for the major share of the track and trace technology market. The advantages of 2D barcodes, such as they have higher data storage capacities as well as contain large amounts of data with fewer variations in image size. This is a major factor driving the Track and Trace Solutions Market for 2D barcodes.
North America dominated the market in 2017
North America accounted for the largest share of the Track and Trace Solutions Market in 2017, followed by Europe. The large share of this region is attributed to the presence of developed healthcare systems in the US & Canada, the presence of a large number of pharmaceutical and biotechnology companies and medical device manufacturers, stringent regulations regarding serialization, and growing medical devices market.
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