In significant increase in production outputs of manufacturing and distribution units across various industrial sectors, there has been a rising need to manage the flow of inventory throughout the distribution channel in order to streamline the distribution process and avoid the cost incurred due to mismanagement of the inventory. With significant advancements in information technology, more sophisticated and comprehensive track and trace solutions are making their way to the market offering unprecedented control to the manufacturers.
Some of the key advantages derived from track and trace solutions include, more efficient processes across the delivery chain, fewer missing package requests and better troubleshooting as a result of delivery logs and manifests offered by such advanced solutions. The demand for advanced track and trace solutions has increased significantly in order to enhance efficiency in the channel, reduce the frequency of counterfeit products and thefts and to ensure compliance. Pharmaceutical companies are facing challenges such as changing regulatory environments, severe competition and prevalence of counterfeit drugs in the market. Using RFID trackers to track and trace their inventory, companies can monitor the flow of their products throughout the channel.
The global track and trace solutions market is majorly driven by factors such as increasing focus on supply chain monitoring due to increased production volumes across different sectors and increasing adoption of track and trace solutions by medical devices and pharmaceutical companies to counter the problem of drug counterfeiting for brand protection. The advantages of product ID verification, continuous transparency and packaging & logistics management in distribution channels are also expected to majorly contribute to the market growth during the forecast period. However, high cost related to serialization and aggregation can hinder the growth of the global market during the forecast period.
The key players operating in the global track and trace solutions market focus on product development and regional expansion strategies to gain a competitive advantage over other players. Many of these layers enter into collaborations to jointly develop advanced solutions to offer tracking and traceability capabilities to the industries operating in different sectors. For instance, in March 2017, Adents International, one of the leading providers of track and trace software solutions along with easily deployable serialization solutions, collaborated with Microsoft to introduce Level 4 traceability solution, Adents Prodigi, to the U.S. market. The solution entered the market as the only Level 4 traceability solution in line with the pharmaceutical industry’s mandated regulatory requirements. Also, the solution offers features such as machine learning tools and data analysis.
Some of the major players in this market are, Axway Inc., OPTEL GROUP, Adents International, Systec & Services GmbH, METTLER TOLEDO, ANTARES VISION S.r.l., TraceLink, Inc., Sea Vision S.r.l., Körber Medipak Systems GmbH, Siemens AG, Cognizant Technology Solutions and ACG Worldwide.
Track and Trace Solutions Market Segmentation:
- Line Controllers
- Warehouse and Shipment Managers
- Plant Managers
- Bundle Tracking Solutions
- Case Tracking Solutions
- Labeling Solutions
- Printing and Marking Solutions
- Monitoring and Verification Solutions
- Barcode Scanners
- RFID Readers
- 2D Barcodes
- Linear barcodes
- Case Aggregation
- Bundle Aggregation
- Pallet Aggregation
- Label Serialization
- Bottle Serialization
- DataMatrix Serialization
- Carton Serialization
By End User:
- Cosmetic Industry
- Medical Device Companies
- Pharmaceutical & Biopharmaceutical Companies
- Other End Users
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- United Arab Emirates
We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.
Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.
Data Collection Matrix
Data Collection Matrix
Primary Data Sources
- Distributors & Wholesalers
- Healthcare Providers
Secondary Data Sources
- Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
- Government/Associations Publications
- Case Studies
- Reference Customers
Market Modeling and Forecasting
We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.
- Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
- Number of patients for particular device or medical procedure and
- Repeated use of particular device depending on health and condition of patient
- Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.
We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.
We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.
Quantitative Data (2017-2025)
- Market Dynamics (Drivers, Restraints, and Challenges)
- Industry Trend Analysis
- Market Opportunities
- Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
- Porter’s Five Forces and PESTLE Analysis
- Key Developments and Competitive Landscape
- Market Assessment and Forecast
- Market Assessment and Forecast, By Product
- Market Assessment and Forecast, By Technology
- Market Assessment and Forecast, By Application
- Market Assessment and Forecast, By End User
- Market Assessment and Forecast, By Region/Country