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Track and Trace Solutions Market worth $7.3 billion by 2026 – Size, Share, Growth, Emerging Trends, Top 10 Players and Industry Outlook

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Track and Trace Solutions Market worth $7.3 billion by 2026 – Size, Share, Growth, Emerging Trends, Top 10 Players and Industry Outlook

April 23
03:08 2022
Track and Trace Solutions Market worth $7.3 billion by 2026 - Size, Share, Growth, Emerging Trends, Top 10 Players and Industry Outlook
Some of the prominent players in the track and trace solutions market are OPTEL GROUP (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), SEA Vision Srl (Italy), Syntegon (Germany).
Track and Trace Solutions Market Research Report Gives in Detailed Analysis of Industry Segments, Opportunities, Growth and Size.

According to the new market research report Track and Trace Solutions Market by Product (Plant Manager, Checkweigher, Barcode Scanner, Monitoring), Technology (2D Barcode, RFID), Application (Serialization, Aggregation, Reporting), End User (Pharma, Food, Medical Devices) – Global Forecast to 2026″, published by MarketsandMarkets™, the Track and Trace Solutions Market is projected to reach USD 7.3 billion by 2026 from USD 4.1 billion in 2021, at a CAGR of 12.1% during the forecast period. The implementation of track and trace solutions and technologies is an important strategy adopted by many manufacturing companies and regulatory bodies in recent years.

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The Growth in track and trace solutions market is largely driven by stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, growth in the number of packaging-related product recalls, high growth in the generic and OTC markets, and growth in the medical device industry.

On the other hand, the high costs and long implementation timeframe associated with serialization and aggregation and the huge setup costs are expected to limit market growth to a certain extent.

“The Software segment accounted for the largest market share in 2020.”

Based on products, the market is segmented into software, hardware components, and standalone platforms based on product. The software segment accounted for the largest share—60.1%—of the track and trace solutions market in 2020. Market growth is largely driven by the increasing awareness about secure packaging, the rising number of counterfeit drugs and related products, and growing awareness of brand protection. In addition, regulatory compliance is further supporting the growth of this market.

The standalone platforms segment is expected to register the highest CAGR of 15.9% during the forecast period. The growth in this market is mainly attributed to the stringent government regulations for implementing serialization and UDI codes in the pharma and medical device industry, increasing pressure on pharmaceutical companies to adopt serialization, and increasing demand for standalone platforms to reduce the serialization implementation timeframe.

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“The Serialization solutions segment accounted for the largest market share in 2020.”

Based on application, the track and trace solutions market is segmented into serialization solutions; aggregation solutions; and tracking, tracing, and reporting. The serialization solutions segment accounted for the largest share—62.3%—of the applications market. This segment is projected to grow at a CAGR of 12.0% during the forecast period to reach USD 2,560.9 million by 2026. Stringent regulations for the implementation of serialization solutions in packaging and supply chain applications drive this segments growth.

The tracking, tracing and reporting segment is expected to register the highest CAGR of 16.1% during the forecast period owing to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.

“The 2D Barcode segment accounted for the largest market share in 2020.”

Based on technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and radiofrequency identification (RFID). The 2D barcodes segment accounted for the largest share of 76.2% of the technology market in 2020. This segment is projected to grow at a CAGR of 12.4% to reach USD 5,641.3 million by 2026. The large share of the 2D barcodes technology segment can be attributed to the increasing use of 2D barcodes in the packaging industry. They have higher data storage capacities than linear barcodes and contain larger amounts of data with fewer variations in image size.

The RFID segment is expected to register the highest CAGR of 13.7% during the forecast period due to the growing demand for these systems in automated pharmaceutical distribution and medical devices due to low labor costs and improved visibility & planning.

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“The Pharmaceutical and Biopharmaceutical Company segment accounted for the largest market share in 2020.”

Based on technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and radiofrequency identification (RFID). The 2D barcodes segment accounted for the largest share of 76.2% of the technology market in 2020. This segment is projected to grow at a CAGR of 12.4% to reach USD 5,641.3 million by 2026. The large s