by Track and trace solutions help in monitoring pharmaceutical products from production to the end consumer. They help in identifying genuine products and eliminating counterfeit drugs from the supply chain. Track and trace solutions incorporate serialization, aggregation and tracking technologies to uniquely identify pharmaceutical products and packages. This helps in detecting counterfeits, reducing pills diversion and expired medicines in supply.
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:
Increasing demand for anti-counterfeiting and product safety is driving the growth of track and trace solutions market. Counterfeit pharmaceuticals have severe health implications and pose safety risks to consumers. Falsified medicines may contain incorrect ingredients or wrong dosages that can potentially harm or kill. Track and trace solutions allow real-time monitoring of products and help organizations authenticate genuine products and eliminate fakes from supply. The unique serialization helps in detecting any supply chain pilferage, diversion of products to unregulated markets and theft. This increases product safety and prevents counterfeiting of regulated pharmaceuticals and other goods.
SWOT Analysis
Strength: Track and trace solutions help companies comply with various regulations and improve security of supply chains. These solutions eliminate counterfeiting and enhance protection of brand values.
Weakness: Initial high costs associated with implementation and maintenance of track and trace systems. Lack of global standards for tracking items can reduce interoperability between regions.
Opportunity: Growing focus on serialization and traceability of pharmaceutical products offers scope for track and trace solution providers. Increasing regulations worldwide for safety and authenticity checks on consumer goods present market opportunities.
Threats: Alternative low-cost solutions without full track and trace capabilities can limit adoption rates. Strict compliance requirements and potential changes in regulations pose threats.
Key Takeaways
Global Track And Trace Solutions Market Size is expected to witness high growth driven by stricter regulations. The pharmaceutical industry dominates track and trace solution adoption currently due to stringent requirements. North America is the fastest growing regional market benefiting from well-established healthcare systems and strict mandates in the U.S. and Canada for product verification.
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 are prominent supplier firms based on market shares and product portfolios.
The track and trace solutions market size for 2023 is projected to reach US$ 3508.44 billion indicating strong growth over the forecast period to 2030. Regional analysis indicates North America dominates currently followed by Europe and Asia Pacific. The global market is anticipated to grow at a CAGR of 14% between 2023 and 2030 driven by regional adoption and compliance demands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
