Track And Trace Solutions Market Growth & Trends
The global track and trace solutions market size is expected to reach USD 9.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.0% from 2021 to 2028. The growth is attributed majorly due to the increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of a track and trace system helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.
Furthermore, the rising adoption of track and trace systems by healthcare manufacturers would fuel the market growth in the long run. The introduction of advanced technology, such as RFID, provides fast reading and delivers high levels of security. However, the deployment cost of serialization and aggregation methods, as well as the lack of common regulations and standards, may hamper the market growth in few developing geographies.
US CBP and customs of other member countries as well as by the World Customs Organization reported the seizures of false coronavirus tests and personal protective equipment for example facemasks and hand sanitizers. For instance, in May 2020, Smartrac teamed up with SUKU to validate COVID-19 testing kits and personal protective equipment to permit prompt verification and deliver end-to-end supply chain transparency. Hence, it is estimated that the market will witness lucrative growth opportunities due to the COVID-19 outbreak.
Track And Trace Solutions Market Report Highlights
- The software solution was the largest revenue-generating segment of the market in 2020. This contribution is mainly because of the regulatory mandates for the execution of serialization and aggregation in the healthcare sector
- The serialization solution was the largest grossing segment in 2020. Increasing application of serialization in pharmaceuticals and medical devices packaging will be a vital factor contributing to the growth of the segment
- The RFID segment is expected to exhibit the fastest growth rate during the study period. The key factors attributing to the growth of the segment are technological advantages, such as high durability and reusability, more data storage capacity, and no requirement of the line of sight
- North America dominated the market in 2020. The rising implementation of regulatory standards and regulations along with the high adoption rate of track and trace systems by consumers is anticipated to contribute to the growth of the market in the region