Global Track and Trace Solutions Market Size, Trends & Growth Opportunity, By Product (Hardware Systems (Printing & Marking Solutions, Monitoring & Verification Solutions, Labeling solutions, & Others), Software Solutions (Plant Manager Software, Line Controller Software, Bundle Tracking Software, & Others)), By Technology (Barcode, RFID), By Application, By Region and Forecast from2022- 2027
Global Track and Trace Solutions Market
The global Track and Trace Solutions market was valued at USD 4,810 million in 2021 and is expected to reach USD 8,930 million by 2027, growing at a CAGR of 9.02% from 2022 to 2027.
This expansion is primarily due to the global increase in healthcare product counterfeiting and theft. To protect their product and brand equity, pharmaceutical, biopharmaceutical, medical device, and cosmetic product manufacturers are implementing track and trace systems. Furthermore, favourable serialisation implementation regulations are expected to drive the use of trace and trace solutions in the healthcare industry. Product counterfeiting and theft are significant issues for pharmaceutical, biopharmaceutical, and cosmetic companies.
Market Drivers: 
Escalating focus of Barcode Technologies and medical devices manufactures on brand protection
As counterfeiting and product theft increase, the healthcare industry is struggling to ensure the reliability of its products. Until 2014, approximately 60 different Pfizer products were counterfeited worldwide, according to statistics. Counterfeiting and product theft are becoming increasingly common around the world, particularly in developing countries such as China, South Africa, and India.
According to the International Trade Administration, the global counterfeit drug market is worth between USD 75 million and USD 200 million, accounting for roughly half of all medicines sold in some Asian and African countries. Furthermore, it is estimated that counterfeit products in the Chinese market cost US Barcode Technology companies 10% to 15% of their annual revenue.
Counterfeits and product theft have caused several issues for manufacturers, including decreased brand value, high product prices, packaging-related product recalls, and decreased revenue generation.
Counterfeit and stolen drugs pose a risk of financial harm and unfair competition for both generic and innovative industries. Existing government regulations and law enforcement are frequently insufficient to address counterfeiting issues.

As a result, manufacturers are incorporating track and trace solutions into their business models in order to control and prevent counterfeiting and theft of their products. For example, Eli Lilly spent approximately USD 110 million to serialize each drug package that it markets globally. Preventing counterfeiting and theft in order to preserve brand value in the market has become a major business priority. Thus, increasing focus of Barcode Technologies and medical devices manufactures on brand protection expected to drive the market.
Market Restraints: 
High cost associated with the implementation of serialization
Implementing serialization and aggregation is a time-consuming process. Manufacturers must examine shop floor systems, packaging lines, and related engineering investments, as well as larger supply chain systems such as warehouse edge systems.
Serialization products should be properly integrated with manufacturing lines to facilitate overall production and packaging while keeping an eye on the evolving serialization regulatory requirements. Track and trace hardware systems and software solutions are costly, and other related elements such as system maintenance, software licensing, and support, as well as project implementation, add to the overall project cost.
In serialization projects, engineering and implementation are major cost drivers. As a result, the high costs associated with serialization implementation in the supply chain may impede the adoption of track and trace solutions.
Market Opportunity: 
Untapped opportunities in Asia Pacific region are expected to contribute to the growth of the sector
Track and trace solutions demand is projected to increase considerably in Asia Pacific region as compared to the previous years with increased demand of track and trace solutions with introduction of increased technologically advanced track & trace solutions. 
In addition, demand of track and trace solutions have increased due to the increase in drug counterfeiting across the globe. Therefore, number of key players are actively expanding their footprint in Asia Pacific countries such as India, China and Japan. Thus, investing in this region is considered to be one of the market opportunities get benefited from current market trends.
Track and Trace Solutions market share by types, 2021 & 2027
Software solutions held the largest share in 2021 due to its growing adoption in healthcare industry. Software solutions segment dominated the overall market in terms of revenue in 2019 with 55%. Rising popularity of software solutions for continuous management of manufacturing facilities, product lines, case & bundle tracking, and warehousing & shipping are some factors accounting for its maximum share in the market.
Track and Trace Solutions market share by Technology, 2021 & 2027
Barcodes technology reported largest revenue share of the track and trace solutions sector in 2021. The 2D barcode is the largest segment of barcodes technology & it is anticipated to maintain its position over the forecast period.
The increase in application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging is a prominent factor which contributed to the higher revenue share. Also, higher data storage capacity of 2D barcodes than linear barcodes, as well as its higher popularity in the industry boosts the demand for 2D barcode-based solutions.
Track and Trace Solutions market share by Application, 2021 & 2027
Serialization solutions held the highest revenue share in the track and trace solutions industry due to the increasing focus of regulatory bodies on implementation of serialization. The federal agencies, country governments, and healthcare industry are taking measures to decrease product diversion & drug counterfeiting.
Serialization is an important step to comply with new ePedigree regulations which are required for product traceability. In addition, the increased focus on patient safety and brand protection by manufacturers is expected to propel the segment growth during study period.
Track and Trace Solutions market share by End Use, 2021 & 2027
Pharmaceutical companies are estimated to lead the market in terms of revenue as well as growth rate. In 2019, pharmaceutical companies dominated the end use segment. The rising rate of drug counterfeiting resulted in high adoption of track and trace by pharmaceutical industry. The market is anticipated to witness rapid growth during the forecast period.
Region Analysis: Track and Trace Solutions market share, 2021 & 2027
North America is a dominant region accounting for 40% market share primarily due to its advanced healthcare infrastructure. This region is projected to maintain its dominance over the forecast period. Well-developed healthcare infrastructure and availability of advanced technology and skilled professionals is anticipated to impel the demand for Track and Trace solutions during the forecast period.
The Asia-Pacific and LAMEA are expected to offer lucrative growth opportunities in track and trace solutions market during the forecast period
Recent Developments:
Siemens Mobility and prominent partners were awarded innovative (two) research projects from the DZSF (German Center for Rail Traffic Research) in November 2020 to study the safety of automated rail operations.
Korber AG acquired the businesses of Exputec GmbH (Austria) and ExputecKft. (Hungary) in May 2020, expanding the Körber Group's range of digital solutions for pharma and biotech production. Körber is thus reinforcing its claim to market and technology leadership in pharma software.
Sea Vision acquired ARGO Vision (a Milan-based startup specialising in the development of AI solutions with a particular focus on Computer Vision) in August 2020.
Market Key players
Various key players are discussed in this report such as Siemens AG, Körber AG, Sea Vision S.R.L.,  Adents International, ACG Worldwide, Tracelink Inc., Optel Group, Mettler-Toledo International Inc., Axway, Antares Vision, etc. 
Market Taxonomy
By Product
• Hardware Systems
? Printing & Marking Solutions
? Monitoring & Verification Solutions
? Labeling solutions
?  Others
• Software Solutions
? Plant Manager Software
? Line Controller Software
? Bundle Tracking Software
? Others
By Technology
• Barcode
• RFID
By Application
• Serialization Solutions 
? Bottle Serialization
? Label Serialization
? Carton Serialization
? Data Matrix Serialization
• Aggregation Solutions 
? Bundle aggregation
? Case aggregation
? Pallet aggregation
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Global Track and Trace Solutions Market TOC:
1 Introduction 
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Track and Trace Solutions Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Track and Trace Solutions Market, By Product
5.1 Y-o-Y Growth Comparison, By Product 
5.2 Global Track and Trace Solutions Market Share Analysis, By Product 
5.3 Global Track and Trace Solutions Market Size and Forecast, By Product
5.3.1 Hardware Systems
5.3.1.1 Printing & Marking Solutions
5.3.1.2 Monitoring & Verification Solutions
5.3.1.3 Labeling solutions
 5.3.1.4 Others
5.3.2 Software Solutions
5.3.2.1. Plant Manager Software
5.3.2.2. Line Controller Software
5.3.2.3. Bundle Tracking Software
5.3.2.4. Others
6 Global Track and Trace Solutions Market, By Technology
6.1 Y-o-Y Growth Comparison, By Technology
6.2 Global Track and Trace Solutions Market Share Analysis, By Technology
6.3 Global Track and Trace Solutions Market Size and Forecast, By Technology
6.3.1Barcode
6.3.2 RFID
7 Global Track and Trace Solutions Market, By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Track and Trace Solutions Market Share Analysis, By Application
7.3 Global Track and Trace Solutions Market Size and Forecast, By Application
7.3.1 .Serialization Solutions 
7.3.1.1. Bottle Serialization
7.3.1.2. Label Serialization
7.3.1.3. Carton Serialization
7.3.1.4. Data Matrix Serialization
7.3.2. Aggregation Solutions 
7.3.2.1 Bundle aggregation
7.3.2.2. Case aggregation
7.3.2.3. Pallet aggregation
8Global Track and Trace Solutions Market, By Region
8.1 Global Track and Trace Solutions Market Share Analysis, By Region
8.2 Global Track and Trace Solutions Market Share Analysis, By Region
8.3 Global Track and Trace Solutions Market Size and Forecast, By Region
9 North America Track and Trace Solutions Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 North America Track and Trace Solutions Market Share Analysis, By Product
9.3 North America Track and Trace Solutions Market Size and Forecast, By Technology
9.4 North America Track and Trace Solutions Market Size and Forecast, By Application
9.5 North America Track and Trace Solutions Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10EuropeTrack and Trace Solutions Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Europe Track and Trace Solutions Market Share Analysis, By Product 
10.3 Europe Track and Trace Solutions Market Size and Forecast, By Technology 
10.4 Europe Track and Trace Solutions Market Size and Forecast, By Application
10.5 Europe Track and Trace Solutions Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.54. Rest of Europe
11Asia Pacific Track and Trace Solutions Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Asia Pacific Track and Trace Solutions Market Share Analysis, By Product 
11.3 Asia Pacific Track and Trace Solutions Market Size and Forecast, By Technology 
11.4 Asia Pacific Track and Trace Solutions Market Size and Forecast, By Application
11.5 Asia Pacific Track and Trace Solutions Market Size and Forecast, By Country
11.5.1 China 
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12Latin America Track and Trace Solutions Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Latin America Track and Trace Solutions Market Share Analysis, By Product 
12.3 Latin America Track and Trace Solutions Market Size and Forecast, By Technology 
12.4 Latin America Track and Trace Solutions Market Size and Forecast, By Application
12.5 Latin America Track and Trace Solutions Market Size and Forecast, Country
13Middle East Track and Trace Solutions Market Analysis and Forecast (2022-2027)
13.1 Introduction
 13.2 Middle East Track and Trace Solutions Market Share Analysis, By Product 
13.3 Middle East Track and Trace Solutions Market Size and Forecast, By Technology 
13.4 Middle East Track and Trace Solutions Market Size and Forecast, By Application
13.5 Middle East Track and Trace Solutions Market Size and Forecast, By Country
14Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15Company Profiles
15.1 Siemens AG 
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2. Körber AG 
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3. Sea Vision S.R.L
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Adents International
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 ACG Worldwide
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Tracelink Inc
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Optel Group
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies 
15.8 Mettler-Toledo International Inc
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Axway
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Antares Vision
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies