The global track and trace solutions market size is expected to grow from USD 3.42 billion in 2020 to USD 6.55 billion by 2026 at a CAGR of 11.5%.

The growth of the market is due in large part to the strict principles, and standards for the implementation of serialization, the growing interest of the manufacturers, protecting the brand, and an increase in the number of reviews on products and services provided in connection with the packing, and the growth of the generic and over-the-counter medications on the market, as well as the growth in the medical device industry. On the other hand, the high cost and long implementation time associated with serialization and aggregation, as well as the huge installation costs are expected to limit the market growth to a certain extent.

COVID-19 is an infectious disease caused by the new corona virus has been detected. Largely unknown before the outbreak began in Wuhan, China, in December 2019, COVID-19 went from a regional crisis to a global epidemic in a matter of weeks. The World Health Organization (WHO) has declared COVID-19 a global pandemic on March 11, 2020. Since the beginning of 2020, the majority of countries around the world have put their borders, and are limited transport services in an effort to make the corona virus (COVID-19) outbreak, resulting in barriers to international trade and transport. It disrupted the supply chain to track and trace the market, temporarily, leading to a drop in demand as a result of the uncertainty in the global economy and capital markets.

The shift in the demand for medical devices has led key players operating in the market in order to strategize their products in order to focus on the development of new products, and to ensure an optimal supply chain strategies of the key elements of COVID-19. This, along with the growth of the pharmaceutical development, manufacturing, and packaging, and will be reflected in the monitoring and tracking solution in the same period. In addition, players who are in the medical devices market and the change in their long-term and short-term growth strategies in the intensive care unit of equipment on the market, and the development of innovative products in the fight against the pandemic. On the other hand, even though the impact of COVID-19 on the markets for the track-and-trace solutions is lower than that of medical devices, the timely development and implementation of emergency preparedness and response, it is of utmost importance for the company. Depending on the impact of the economic environment, and the threats to the interests of the business model and the growing capabilities of development, are likely to occur.

According to our data, the consequences of the accident at the pharmaceutical industry, and, consequently, the demand for raw materials caused by the blockade and the restrictions on travel and transport in the different countries will be on a short term basis. However, in the worst-case scenario, an interruption in the power supply due to long-term lockdowns in various countries, have had a significant impact on the production of drugs and medical devices, and, in turn, has a strong influence on the demand for the track and trace solutions by the end users.

Governments in many countries have to adopt specific rules for the implementation of the track and trace solutions and monitoring systems are in place to ensure that the efficiency of the health of the supply chain as a whole. In Europe, the implementation of a track-and-trace solutions, and is required for the entire pharmaceutical industry. The European Federation of Pharmaceutical Industries and Associations, it is recommended to use a single coding system for the pharmaceutical industry and the business community throughout Europe. Directive 2001/83 / EC, as required in response to the growing threat from counterfeit drugs, and the clarification of the requirements for the serialization of products. The European Union has also established Fake Medicine, Safety, Control, foot and mouth DISEASE), which states that, since the beginning of 2019, serialization of the authorized medicinal products, has become a legal requirement for companies operating in the EU or not. Turkey was one of the first countries in the world, in order to decide whether to serialize and keep track of all of the transport packaging products, such as pallets, packages, parcels, or packages. As the European Federation of Pharmaceutical Industries and Associations (EFPIA), the highlights, the costs and timing of the implementation is the biggest challenge in the industry. Individual product serialization and aggregation that requires a significant investment from pharmaceutical companies, medical device manufacturers, contract manufacturers, packaging, and manufacturer. While it's great to drug developers to be able to have the resources in order to meet the financial needs of its serialization, which are small and medium-sized enterprises are faced with great challenges. A lot of pharmaceutical companies are worried about the financial implications of the introduction of new technologies and processes. It also requires well-trained personnel for the efficient encoding of a unique serial number found on the product as well as the execution of the same task. Thus, the high-cost limit for the implementation of serialization and aggregation solutions for pharmaceutical and bio-pharmaceutical companies and medical device manufacturers.

The traditional brand protection technologies, such as anti-theft, authentication, and are designed for the protection of the individual products, rather than the protection of the whole of the supply chain as a whole. There is a high probability of a false-products at each stage of the supply chain. For the purpose of combating fraud, and the identification of the mass product, it is a solution for automatic and non-linear vision of the functions is not required. In the past few years, the demand for modular construction technologies appropriate to the needs of the company has increased. For example, an RFID-based tracking and monitoring technology to support e-tree that records information about the transaction in the supply chain as a whole. This approach has proven to be excellent for the safety and security of the supply chain, from the house of the break-ins, thefts, and frauds, and will have the support of an external identification of the supply chain in order to protect your trademark. Technologies that can scale from a single line into multiple objects and multi-line infrastructure, while minimizing the initial investment, you will have in order to attract the attention in the near future.

The pharmaceutical and medical industries have always faced challenges with counterfeit products. According to the International Trademark Association (UK), globally, fraud was estimated to be a multi-billion dollar industry in 2017, products derived from consumer goods such as food and beverages, pharmaceuticals, and electronics and electrical items in graduation certificates. In addition, the negative effects of fraud and robbery are aimed at extracting USD 4.2 trillion from the global economy and creating 5.4 million legal jobs by 2022. Many of the technologies used to deter counterfeiters can be doubled. Common technologies such as holograms, barcodes, and packaging drawings can be easily redesigned.

By product, the track and trace solutions market is divided into software, hardware components, and standalone platforms. The software component has the largest share of the track and trace solutions market in 2020. Market growth is largely dependent on increased awareness of safe packages, the growing number of counterfeit medicines and related products, and increased awareness of product protection. In addition, compliance continues to support the growth of this market.

By application, the track and trace solutions market is divided into serialization solutions; aggregation solutions; and tracking, tracing, and reporting. The serialization solutions segment accounted for the largest share of the applications market. Strict rules for the implementation of serialization solutions in the installation and application of procurement drive facilitate the growth of this segment.

By technology, track and trace solutions market is divided into linear barcodes, 2D barcodes, and radiofrequency identification (RFID). The 2D barcode segment accounted for the largest share of in the technology market in 2020. This is due to the increasing use of 2D barcodes in the packaging industry. They have higher data storage capabilities than straight barcodes and contain large amounts of data with a few variations in image size.

The track and trace solutions market studied in this report are divided into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. By 2020, North America had the largest share of the global track and trace solutions market, followed by Europe. Presence of improved health care systems in the US and Canada; the presence of many pharmaceutical & biotechnology companies and manufacturers of medical equipment; strict regulations regarding serialization; and the growing market for medical devices are major factors in the growth of the North American market.

Asia Pacific (APAC) is a fast-growing market and is expected to grow at the highest CAGR in the track and trace solutions market. Growing regulatory requirements in the healthcare industry to keep pace with manufacturing and distribution practices, a growing number of pharmacies and biotechnology companies, and the major economic development in emerging countries such as China and India are the key driving factors for the high demand of track and trace solutions in the region.

The prominent players in the track and trace solutions market include OPTEL GROUP (Canada), Mettler-Toledo International Inc. (US), Systech (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), SEA Vision Srl (Italy), Syntegon (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), JEKSON VISION (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US), ACG Worldwide (India), Laetus GmbH(Germany), and WIPOTEC-OCS (Germany).