by Track and trace solutions facilitate automatic identification and data capture technologies such as barcodes, RFID, and sensors for effective traceability of products across the supply chain. These solutions provide visibility into item movements and enable organizations to effectively monitor product quality, freshness, and eliminate counterfeiting. The solutions allow tracking drug movements from manufacturing to end user helping to build trust in the pharmaceutical supply chain. Track and trace solutions are customized for tracking temperature-sensitive healthcare products, blood, medical devices and ensuring last-mile product delivery and returns.
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.
Market key trends:
Serialization, aggregation, and track-and-trace technologies are increasingly being adopted by pharmaceutical companies and manufacturers to address critical supply chain needs such as inventory management, product authentication, visibility & traceability in the distribution channel. Adoption of advanced technologies such as machine learning and artificial intelligence is enabling track and trace solution providers to offer predictive analytics capabilities for demand forecasting, inventory optimization and identifying theft & counterfeiting. Cloud-based track and trace solutions are gaining popularity as these solutions provide cost-effective scalable infrastructure hosting track and trace applications and provide real-time data access. Stringent regulations mandating serialization & tracking at the package level is a major growth driver for track and trace solutions market in developed countries.
Porter’s Analysis
Threat of new entrants: The track and trace solutions market require strong technical capabilities and high R&D investments to develop innovative solutions. This poses high entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power. A presence of large pool of vendors provides options but compliance regulations ensure demand for track and trace solutions.
Bargaining power of suppliers: Technology providers and software developers are the major suppliers. Low differentiation between suppliers limits their bargaining power.
Threat of new substitutes: No close substitutes exist for track and trace solutions which provide serialization and aggregation at supply chain levels.
Competitive rivalry: The market has few strong global players. Intense competition on pricing and capabilities leads to continuous innovations.
Key Takeaways
Global Track And Trace Solutions Market Size is expected to witness high growth. Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rising pharmaceutical industry and stringent regulations in countries like China, India.
Regional analysis: North America dominated the market in 2023 primarily due to stringent regulations like DSA and PDSA. Europe track and trace solutions market is also well developed owing to regulatory compliance in countries like Germany, UK, France etc.
Key players: 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. and Axway Software Sa capture major market share due to their extensive product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
