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The Track And Trace Solutions Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Track And Trace Solutions Global Market Report 2024, The track and trace solutions market size has grown rapidly in recent years. It will grow from $4.06 billion in 2023 to $4.6 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to regulatory compliance, counterfeit prevention, supply chain visibility, customer demand for transparency, product recalls.
The track and trace solutions market size is expected to see rapid growth in the next few years. It will grow to $8 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to industry-specific requirements, environmental and sustainability concerns, market globalization, data analytics and business intelligence. Major trends in the forecast period include integration of advanced technologies, supply chain digitization, emphasis on sustainability and environmental impact.
Stringent regulations and standards for the implementation of serialization are expected to propel the growth of the track and trace solutions market going forward. Regulatory standards refer to rules, laws, regulations, and regulatory authority advisory opinions applicable to the manufacturing, marketing, and reimbursement of any product. Stringent regulations and standards passed by the government help to improve capacities and improve surveillance and investigation of foodborne infections through the pulse net, the integrated food safety centers of excellence, and other programs. For instance, in 2021, according to the European Commission, a UK-based executive of the European Union, the major development related to serialization and traceability in the medical device sector is the EU-MDR regulation. The EU MDR is a new set of laws that took effect on May 26, 2021. Its goal is to improve the safety and performance of medical devices throughout their lifecycle by strengthening regulations and emphasizing market vigilance, which was lacking when the previous MDD (Medical Devices Directive) law was passed in 1992. Therefore, stringent regulations and standards for the implementation of serialization are driving the track and trace solutions market growth.
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The track and trace solutions market covered in this report is segmented –
1) By Product Type: Hardware Systems, Software Solutions
2) By Technology: 2D Barcodes, Radiofrequency Identification (RFID), Linear Barcodes
3) By Application: Serialization, Aggregation, Tracking, Tracing, and Reporting
4) By End-Use: Pharmaceutical, Biopharmaceutical, Medical Devices, Food and Beverages
Major companies operating in the track and trace solutions market are focused on partnerships to increase their profitability in the market. Partnerships in track and trace solutions refer to collaborative relationships between various entities involved in the development, implementation, and utilization of systems designed to track and trace products, assets, or information throughout their lifecycle. For instance, in June 2022, The SEA Vision Group, an Italy-based Pharmaceutical software solutions provider collaborated with Marchesini Group, an Italy-based pharmaceutical packaging solutions provider and launched an innovative blister serialization and aggregation technology. This cutting-edge technology revolutionizes healthcare product identification, and tackles counterfeiting challenges. Its features include rapid blister foil printing, both online and offline printing choices, and a sophisticated track-and-trace system crafted by SEA Vision.
The track and trace solutions market report table of contents includes:
1. Executive Summary
2.Track And Trace Solutions Market Characteristics
3.Track And Trace Solutions Market Trends And Strategies
4. Track And Trace Solutions Market analysis
5. Track And Trace Solutions Market Size And Growth
6. Track And Trace Solutions Segmentation
7.Track And Trace Solutions Regional And Country Analysis
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27.Track And Trace Solutions Competitive Landscape And Company Profiles
28.Track And Trace Solutions Key Mergers And Acquisitions
29.Track And Trace Solutions Future Outlook and Potential Analysis
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