Track and Trace Solutions Market Size, Share, Trends and Future Opportunities

2. Global XXX Market – 2016-2022 The Track and Trace Solutions Market is expected to grow at a CAGR of 8.3% during the forecast period 2022 to 2029 to reach $27.27 billion by 2029. Track and trace solutions enable capturing the product status throughout the supply chain. Track and trace solutions provide safe drug use, prevent reimbursement frauds, and avert parallel trade of counterfeit medicines or drug diversions. The growth of this market is driven by mandatory serialization regulations across different countries, a high risk of product recalls and rise in the initiatives for anticounterfeiting, and developments in track and trace solutions. Growing production volumes of pharma & biopharma products and the medical technology and device sectors are projected to further offer opportunities for market growth. Mandatory serialization regulations across different countries, high risk of product recalls, rise in the initiatives for anticounterfeiting, and developments in track and trace solutions drive the growth in this market, COVID-19 Impact Assessment The COVID-19 pandemic has both positively and negatively impacted healthcare markets. Growing adoption of track and trace solutions to curb the counterfeit trade of essential medical products positively impacts the market growth. There have been several essential medical device counterfeiting cases amid the COVID-19 pandemic. For instance, by June 2020, fake COVID-19 testing kits worth USD 40 million were seized across 77 countries. Furthermore, in October 2020, fake N95 masks worth USD 387,000 were seized by customs officials in Hong Kong. In September 2020, over 400,000 fake COVID-19 test kits were seized in Noida, India. In September 2020, nearly 500,000 counterfeit N95 respirator masks were seized in Chicago (Illinois, U.S.) by the U.S. Customs and Border Protection department. Thus, the entry of counterfeit medical products is expected to positively impact the adoption of track and trace solutions. However, policymakers and regulators across some countries, including The U.S., announced temporary relaxations and exclusions from the national serialization policies to avoid supply chain interruptions and drug shortages. This hampered the market growth in the short term. New Product Developments Support the Market Growth The growing focus of the regulators and policymakers on ensuring the integrity of the supply chain is driving the innovations in the track and trace solutions. In the light of the growing demand for innovative serialization and aggregation solutions, key players are investing in operations scale-up and R&D to develop innovative solutions. For instance, in April 2022, Trace Technologies (India) raised a pre-series A funding of $1 million, scaling up operations across India and international markets, enhancing the technology platform, and foraying into other value chains. Some of the recent launches of track and trace solutions are as follows: In January 2022, METTLER TOLEDO (Switzerland) launched a new Integrated Mark & Verify Systems to aid pharmaceutical companies to fulfill their compliance requirements and improve product safety. In December 2021, Monotech Systems (India) launched Tracesci, a supply chain authentication and tracking solution. In April 2020, TraceLink Inc. (U.S.) announced the launch of a new platform, TraceLink Opus, for accelerating digital supply chain transformation. The newly launched supply chain solution is aimed at providing critical transparency to the life science supply chain. In February 2020, rfxcel (U.S.) released the latest version of the rfxcel Traceability System, rTS 7.0, for facilitating end-to-end traceability and environmental monitoring. In February 2020, ACG (India) introduced an advanced blockchain solution that meets and exceeds anticounterfeiting and traceability requirements in the pharmaceutical supply chain. • • • • • The adoption of these recent track and trace solutions is expected to rise exponentially over the forecast period. Page 1 of 4 © Meticulous Research| sales@meticulousresearch.com

3. Global XXX Market – 2016-2022 Download report/cp_id=5295 Sample Report @ https://www.meticulousresearch.com/download-sample- Key Findings in the Global Track and Trace Solutions Market Study: Software Segment Generated Large Proportion of Revenue in Terms of The Type of the Product In 2022, the software segment is estimated to account for the largest share of the global track and trace solutions market. Evolving regulatory scenarios concerning serialization compliance, high risks for product recalls in the pharma industry, and challenges of drug counterfeiting are driving the innovations in the track and trace software platforms. Real-time track and trace software help maintain the product pedigree and supply chain integrity of the genuine products against the counterfeit products. Their demand is increasing as a measure against counterfeit medicine. Serialization Segment to Dominate Global Track and Trace Solutions Market In 2022, the serialization segment is estimated to account for the largest share of the global track and trace solutions market. Serialization is a process through which medicinal products are marked with a unique identifier, typically an alphanumeric code, that acts as an enabling technology for processes and systems to enhance supply chain security. Serialization solutions encode packages with lot code, serial number, expiration date, and Global Trade Item Number (GTIN). It is used for tracking products against counterfeiting. The demand for serialization solutions is accelerated due to the rising adoption of inventory control, implementation of serialization regulations globally, and managing product recalls. RFID to Grow Lucratively Over The Forecast Period Based on technology, the RFID segment is projected to grow at the fastest CAGR during the forecast period. The high growth of this segment is attributed to several developments in RFID technology, the growing adoption of RFID in managing product recalls, and the anticounterfeiting solution. The efforts of regulatory authorities such as the U.S. FDA in collaboration with pharmaceutical suppliers to maintain secure drug supply, have encouraged the pharmaceutical industry to use electronic product code (EPC) with RFID for real-time tracking, tracing & maintaining the authenticity of drugs. Such measures are projected to drive RFID adoption in the pharma supply chain. Pharmaceutical and Biopharmaceuticals to Register Fastest Growth in Global Track and Trace Solutions Market by 2029 The pharmaceuticals & biopharmaceuticals segment is slated to grow at the fastest CAGR during the forecast period. As track and trace solutions provide improved visibility in the pharmaceutical supply chain, issues pertaining to drug shortages, drug counterfeiting, and regulatory compliance are avoided, due to which pharma and biopharma manufacturers are heavily adopting the track and trace solutions. Asia-Pacific: Fastest Growing Regional Market In 2022, North America is estimated to account for the largest share of the global track and trace solutions market. However, Asia-Pacific is slated to grow at the fastest CAGR during the forecast period. The high growth of this market is attributed to growing pharma production volumes, rising issues concerning the trade of counterfeit medicines, and the gradual adoption of serialization regulations by various governments. Improving logistics hubs in countries such as Japan and Korea also propels the demand for track and trace solutions in this region. Various initiatives to promote foreign direct investment in Indonesia and tax concessions to new manufacturers in Malaysia are attracting the pharma investments in these Page 2 of 4 © Meticulous Research| sales@meticulousresearch.com

4. Global XXX Market – 2016-2022 countries, creating opportunities for track and trace solutions. The growing focus of the developers of track and trace solutions to untap the opportunities in this region is driving the growth of this market. Key Players The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past three years . The key players studied in the global track and trace solutions market report are Axway (U.S.), METTLER TOLEDO (Switzerland), OPTEL GROUP (Canada), ANTARES VISION S.p.A (Italy), ACG (India), Siemens (Germany), TraceLink Inc. (U.S.), SEA Vision S.r.l. (U.S.), Zebra Technologies Corporation (U.S.), and Systech (U.S.). Scope of the Report: Track and Trace Solutions Market, by Product Software oPlant Manager oLine Controller oEnterprise & Network Manager oWarehouse & Shipment Manager oBundle/Case/Pallet tracking oOther (Other software include reporting and visibility and serial number generation and linking) Hardware oPrinting, Marking, and Labelling oBarcode Scanners oRFID Readers oOther (Other hardware include checkweigher, monitoring, and verification solutions) Services • software • Hardware • Track and Trace Solutions Market, by Application Serialization Aggregation oBundle Aggregation oCase oPallet Other (Other applications decommissioning) • • Applications verification • include tracking, tracing, reporting and and Track and Trace Solutions Market, by Technology Barcode RFID • • Page 3 of 4 © Meticulous Research| sales@meticulousresearch.com

5. Global XXX Market – 2016-2022 Track and Trace Solutions Market, by Industry Food & Beverages Chemicals Pharmaceutical & Biopharmaceuticals Medical Devices Industrial Components Transport & Logistics Cosmetics Other (Other industries include agriculture, retail, consumer electronics, raw materials, and jewelry) • • • • • • • • Industries Track and Trace Solutions Market, by Geography North America oU.S. oCanada Europe oGermany oFrance oU.K. oItaly oSpain oRest of Europe (RoE) Asia-Pacific (APAC) oJapan oChina oIndia oRest of APAC (RoAPAC) Latin America Middle East & Africa • • • • • Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 4 of 4 © Meticulous Research| sales@meticulousresearch.com