Track and Trace Solutions Market to reach US$ 6,049.0 Mn by 2027 with a CAGR of 15.3%
The Track and Trace Solutions market was valued at US$ 1,728.3 million in 2018 and it is projected to reach US$ 6,049.0 million by 2027; it is expected to grow at a CAGR of 15.3% from 2018 to 2027.
The implementation of track and trace system to enhance visibility across supply chains global engagement among regulators, standards body, industry and other supply chain stake-holders to ensure safe trade across borders. Track and trace systems depends on serialization, the assigning of unique identification numbers to products. The growth of the Track and Trace Solutions in healthcare market is attributed to the stringent regulations & criteria for the implementation of serialization, increase in the number of packaging-related product recalls, and rising focus of manufacturers on brand protection. However, the factors such as high cost of products & implementation and shortage of skilled operators are likely to act as restraining factors for the track and trace solutions market.
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Key Findings from The Track and Trace Solutions Market
In terms of component, the Track and Trace Solutions in healthcare market is segmented into software, and hardware. In 2018, the software segment held a largest market share of 57.2% of the track and trace solutions market, by component.
In terms of technology, the Track and Trace Solutions in healthcare market is segmented into barcodes and rfid (radio-frequency identification). In 2018, the barcodes held a largest market share of 67.5% of the track and trace solutions market, by technology.
Based on application, the Track and Trace Solutions in healthcare market is segmented into serialization solutions and aggregation solutions. In 2018, the serialization solutions held a largest market share of 60.0% of the track and trace solutions market, by application.
Some of the players operating in track and trace solutions market are, OPTEL GROUP, Axway, Körber Medipak Systems AG, ZIH Corp., Siemens AG, TraceLink, Antares Vision, RFXCEL CORP., SEA VISION S.r.l., and Adents among others.
The market players have been establishing acquisitions and collaborations in the market, which enables them to hold a strong position in the market. For instance, in May 2019, OPTEL GROUP entered into an agreement with Nelipak Healthcare Packaging, a full-service global provider of custom thermoformed packaging in the field of medical devices and pharmaceuticals. The strategy would be used to explore commercial opportunities to bring a new seal inspection technology to the medical device market. The developments performed by the companies are helping the market to grow in the coming years.
Growing Applications of Track and Trace Solutions in Healthcare to Drive Track and Trace Solutions in Healthcare Market Growth
Globally, pharmaceutical companies are considering existing and expected legislation on anti-counterfeiting and traceability of the drugs. Many governments opt for the implementation of serialization regulations. Regulatory compliance for serialization is growing rapidly becoming a focus area for pharmaceutical manufacturers and supply chain partners across the world. Most developed and developing economies have either already laid out the regulatory road map for serialization or are in the process of doing so. The regulatory push to secure the pharmaceutical supply chain comes as a result of rising drug-related criminal activities and supply chain inefficiencies. Efforts are aimed at addressing drug counterfeits and unauthorized parallel supply chains, improving supply chain visibility, difficulty in tracking returns or recalls and the paucity of data-driven tools for predicting patient behavior. According to a data published by Makro Care, in 2018, more than 40 countries and above 75% of global medicine supply will be covered by one or the other serialization track and trace regulations.
In US, the Drug Supply Chain Security Act (DSCSA) started in 2013, the DSCSA defines the requirements for an interoperable, electronic system to identify and trace pharmaceutical products throughout their distribution in the country. As part of the requirements, pharmaceutical products must be marked with a National Drug Code (NDC), serial number, lot number, and expiration date. The entire supply chain is expected to be electronically integrated and all nodes of traceability are to be established by November 2023.
According to the FDA, at least 65% of packaging and labeling-related recalls are related to artwork and content management errors, per year. The cost of artwork-related recalls for an average multinational pharma company can amount to several million dollars a year.
The pharmaceutical companies are focused on spending important marketing dollars in creating their brands in a shrinking new drug supply market, but forgot to give attention for the protection of these same brands. Brand protection solutions are viewed as a cost of goods sold (COGS) rather than a value by which they provide both the brand and the brand owner a significant image advantage and thereby increased the market. This COGS thought process forces the decisions to adopt anti-counterfeiting measures or to secure supply chains only when a particular brand is directly affected.
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