Track and trace solutions Market Future Challenges and Industry Growth Outlook 2030
Track and trace solutions for pharmaceuticals allow the individual to identify any item’s present and past locations in the supply chain. It is an influential tool that no pharma company can ignore, particularly as directives sanction track and trace capacities and determine the need to share and record supply chain data. Tracking allows the person to monitor every item in the supply chain. It has several advantages, including enhancing the speed and operational efficiency, safeguarding against diversion and theft, making specific the safety and environment stability of the products, and prohibiting faked, adulterated, and expired medications from stepping into the supply chain.
Pharmaceuticals’ track and trace solutions depend on the intentional union of processes and technologies. Its foundation is serialization, which furnishes a unique product identity and permits it to be tracked and traced 24/7, validated at any time, and converted into what is known as a digital asset with several benefits and applications. Serialized products must be braced by alternative data points and processes acquired through track and trace solutions.
To counter the drug counterfeiting issue, pharmaceuticals are turning to track and trace solutions
The market is expected to grow due to the growing deployment of track and trace solutions by medical device companies and pharmaceuticals. Drug counterfeiting is a prominent issue encountered by pharmaceuticals and biopharmaceutical companies. Thus, companies are embracing track and trace solutions for supply chain monitoring. It has been discovered that the incursion of counterfeit or substandard drugs is more widespread in low to middle-income countries like Africa and India.
One of the critical elements strengthening the market growth involves the obtainability of the latest technologies for track and trace activities. For instance, barcode technology is extensively being embraced as a track and trace solution due to its several advantages, including enhanced stock clarity, lessened discrepancies in cost, and ensured safety and compliance.
North America to rise as a prominent region with profitable growth for the market
North America is the most significant share predominantly because of the proximity of highly synchronized serialization and aggregation levels and progressive healthcare infrastructure. Automated recognition technologies, including RFID and barcoding, are suggested to pharmaceuticals and other healthcare companies by the FDA. Additionally, the exceedingly developed healthcare infrastructure and the acquisition of this technology in the US are anticipated to push the market.
By product analysis
Software solutions as a catalyst for track and trace solutions market
Dependent on the product, software solutions held the most significant revenue because of the evolving acquisition in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical devices. These software solutions are utilized for uninterrupted handling of manufacturing provision, product lines, case, bundle tracking, and shipping and warehousing.
By technology analysis
Barcode is an emerging technology in the track and trace solutions market
Dependent on technology, barcode technology held the largest revenue share. The 2D barcode is the governing segment of barcode technology and is anticipated to sustain its position throughout the forecast period. The growing implementation of 2D barcodes in biopharmaceutical and pharmaceutical product packaging is a dominant factor that contributes to higher revenue share.
By application analysis
Serialization is an upcoming trend in the supply chain of the market
Dependent on application, serialization solutions held the largest share due to the growing concentration of regulatory bodies on the execution of the same. The federal agencies, healthcare industries, and country governments are taking steps to reduce the diversion of the product and counterfeiting of drugs. Serialization is the primary step to adhere to new ePedigree regulations needed for the traceability of the product during the supply chain.
The covid-19 influence divulged the significance of standardization and traceability to successfully monitor people, supply chain, and strong points in the healthcare industry. The covid-19 outbreak has escalated the probabilities created by the global trade in counterfeit pharmaceutical products.
Some of the major players operating in the market for track and trace solutions include OPTEL GROUP, Mettler-Toledo International Inc., Systech International Inc., TraceLink Inc., Antares Vision, SAP, Xyntek Inc., SEA Vision Srl, Syntegon, Körber Medipak Systems AG, Siemens AG, Uhlmann Group, JEKSON VISION, Videojet Technologies, Inc., Zebra Technologies Corporation, Axway Inc., ACG Worldwide, Laetus GmbH, and WIPOTEC-OCS.
In January 2022, Optel Group gained the track and trace unit of Korber Business Area Pharma, also known as Taxeed. The company is established in Germany and has assisted Optel in capitalizing on Taxeed’s proficiencies in agrochemical and pharmaceutical track and trace technologies.
In September 2021, Rfxcel, an ancillary of Antares Vision Group, forges a five-year cooperative agreement with the Lebanese Republic’s Ministry of public health to offer a GS1 compliant detectable hub for connecting Lebanon’s entire pharmaceutical supply chain.
Track and trace solutions market: By product
- Printing & Marking
- Monitoring & Verification
- Plant manager
- Line controller
- Bundle tracking
Track and trace solutions market: By technology
Track and trace solutions market: By application
- Data matrix
Track and trace solutions market: By end-use
- Pharmaceutical & biopharmaceutical Companies
- Medical device companies
- Food & Beverage
- Consumer goods
- Luxury goods
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