Track And Trace Solutions Market Analysis: Enhancing Product Security and Compliance

The global track and trace solutions market size was valued at USD 3.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 19.3% from 2023 to 2030. The market growth is majorly accredited to the growing rate of counterfeiting and theft of healthcare products worldwide. Biopharmaceutical, pharmaceutical, cosmetic products, and medical device manufacturers are adopting track and trace solutions and protecting their products and brand equity. Furthermore, favorable regulations for serialization implementation are anticipated to drive the application of track and trace solutions in the healthcare industry.

 

The market is anticipated to witness significant growth owing to the rising deployment of track and trace solutions by pharmaceutical and medical device companies. Drug counterfeiting is a major problem faced by pharmaceutical and biopharmaceutical companies. Thus, companies are adopting track and trace solutions for supply chain monitoring. It has been found that the influx of substandard/counterfeit medications is more prevalent in low to middle-income countries, such as India and Africa. According to the United States Trade Representative (USTR) report in 2019, around 20% of all sold drugs in India were counterfeit.

 

Gather more insights about the market drivers, restrains and growth of the Global Track And Trace Solutions Market

 

Product counterfeiting and theft are key problems faced by pharmaceutical, biopharmaceutical, and cosmetic companies. According to the WHO, it is estimated that around 10% of all medicines are counterfeit worldwide, and this percentage is much higher in some of the African, Asian, and Latin American countries (10% to 30%). Annually, thousands of people die due to the consumption of fake medicines. Thus, the governments of many countries have set standards and regulations for mandatory implementation of track and trace solutions in the healthcare industry to protect people from fake medicines and other products. In addition, the advancement in products and technology such as RFID drives the adoption of track and trace in the supply chain. It is estimated that over 40 countries and more than 75% of the worldwide medicine supply will be covered by track and trace regulations by 2018. However, the high cost associated with the implementation of track and trace in the supply chain could hinder the growth of this market.

 

Detailed Segmentation:

 

Product Insights

Software solutions held the largest revenue share in 2022 due to the growing adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical devices. These software solutions are used for continuous management of manufacturing facilities, product lines, case and bundle tracking, and warehousing and shipping. Companies developing such software are investing in R&D for better product development, which is expected to propel growth. The software solutions segment is expected to be the most lucrative segment of this market. Increasing investment in R&D and focus on customer service by software companies are contributing to the growth of this segment.

 

Application Insights

Serialization solutions held the largest revenue share in 2022 due to the increasing focus of regulatory bodies on the implementation of the same. The federal agencies, country governments, and healthcare industry are taking measures to decrease product diversion and drug counterfeiting. Serialization is a major step to comply with new ePedigree regulations that are required for product traceability during the supply chain. In addition, the increased focus on patient safety and brand protection by manufacturers is expected to propel the segment growth during the forecast period.

 

Technology Insights

Barcode technology held the largest revenue share in 2022. The 2D barcode is the dominant segment of barcode technology and is expected to maintain its position throughout the forecast period. The increased application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging is a major factor that contributed to the higher revenue share. In addition, ample data storage capacity of 2D barcodes than linear barcodes and its higher popularity in the industry boost the demand for 2D barcode-based solutions.

 

End-use Insights

Pharmaceutical companies dominated the market with a revenue share of over 25.0% in 2022. Ensuring safe product track and trace abilities across various entities throughout the supply chain by implementing serialization is a crucial step to address the challenges faced by pharmaceutical companies. Currently, pharmaceutical manufacturers must comply with federal and state regulations for track and trace solutions, which is fueling the demand. In September 2013, the Drug Quality and Security Act H.R. 3204 was approved by the Senate as the U.S. federal law. According to this bill, manufacturers are required to incorporate a product identifier number on each package and case of prescription drugs. The demand for track and trace solutions for the pharmaceutical and biopharmaceutical supply chain was high in 2020 and is expected to increase further during the forecast period.

 

Browse through Grand View Research’s Healthcare Industry Research Reports.

 

• Bioremediation Market: The global bioremediation market size was estimated at USD 16.34 billion in 2024 and is expected to grow at a CAGR of 10.52% from 2025 to 2030.

 

• Hunter Syndrome Treatment Market: The global hunter syndrome treatment market size was estimated at USD 1.31 billion in 2024 and is projected to grow at a CAGR of 5.3% from 2025 to 2030.

 

Regional Insights

North America accounted for the largest revenue share of over 35.0% in 2022, primarily due to the presence of highly regulated serialization and aggregation standards and advanced healthcare infrastructure. Automatic identification technologies including barcoding and RFID are recommended to pharmaceuticals and other healthcare companies by the FDA. Furthermore, the presence of highly developed healthcare infrastructure and the adoption of this technology in the U.S. is expected to drive the market.

 

Key Companies & Market Share Insights

There are multiple small and large manufacturers offering products for tracking and tracing applications, resulting in intense competition among vendors. The vendors are increasing their focus on strategic partnerships with their consumers and are collaborating with other players in the sector. For instance, in January 2022, Optel Group acquired the track and trace unit of Korber Business Area Pharma, also known as Taxeed. The company is based in Germany and has helped Optel to leverage Taxeed’s expertise in agrochemical and pharmaceutical track and trace technologies. Furthermore, in September 2021, Rfxcel, a subsidiary of Antares Vision Group, signed a five-year cooperative agreement with the Lebanese Republic’s Ministry of Public Health for providing a GS1-compliant traceability hub for securing Lebanon’s entire pharmaceutical supply chain. Some prominent players in the global track and trace solutions market include:

 

• Axway
• Mettler-Toledo International, Inc.
• Optel Vision
• TraceLink, Inc.
• Adents
• Antares Vision S.r.l
• Siemens AG
• Korber AG
• ACG Worldwide
• Markem Imaje, a Dover Company

 

Order a free sample PDF of the Track And Trace Solutions Market Intelligence Study, published by Grand View Research.