The global Product Traceability Software Market size is forecasted to reach $28.2 billion by 2026, growing at CAGR 8.8% during the forecast period 2021-2026. The increasing adoption of traceability solutions such as product serialization or aggregation in industries such as pharmaceutical, healthcare and others is set to drive the market. The government regulations to stop illegal distribution of medical product, is set to be one of the major drivers for the growth of the Product Traceability Software market during the forecast period 2021-2026. Additionally, paradigm shift towards automated Serialization management solutions is set to be one of the factors contributing to the market growth. Moreover, the growing popularity of Radio Frequency Identification (RFID), Asset Tracking, Enterprise Resource Planning, Inventory Optimization in healthcare industry for identifying counterfeit drugs is another factor that will further fuel the Product Traceability Software Market in the long run. Such factors are analyzed to drive the market during the forecast period 2021-2026.
Product Traceability Software Market Segment Analysis - By Technology
Based on technology segmentation, RFID segment is anticipated to grow with highest CAGR of 9.9% during the forecast period 2021-2026, owing to adoption of these technologies in automated pharmaceutical distribution and medical devices. The factors such as strict regulations for the implementation of serialization and aggregation standards; cost-efficient and growing emphasis of Government agencies and retailer towards RFID technology to track product movement throughout the supply chain will further fuel the RFID segment in Global Product Traceability Software Market in long run. Radio Frequency Identification (RFID) uses radio waves to recognize the object by identifying the tags attached to an object. RFID Technology plays a crucial role in healthcare industry by identifying counterfeit drugs, resulting in decreasing of mix-ups in hospitals and pharmacies. In Pharmaceutical industry, RFID Technology are used for wide range of applications such as drug tracing, distribution of drugs, suppress manufacturing of counterfeiting drugs and so on. In August 2021, Tageos, a global provider of RFID technology based inlays and tags, launched world’s smallest RFID inlay i.e. EOS-202 U9 RAIN RFID inlay for healthcare and pharmaceutical applications to track and trace pharmaceutical items on a unit-of-use basis. Such developments can further influence the market growth of Product Traceability Software Market in the long run.
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Product Traceability Software Market Segment Analysis - By End-User
Based on end-users segmentation, Pharmaceutical & Bio-pharmaceutical companies is analyzed to grow with the highest CAGR of around 10.2% in the global Product Traceability Software Market during the forecast period 2021-2026. The implementation of the traceability solutions such as RFID technology has been strongly recommended by the Regulatory Authority as an efficient tool to fight against falsification and illegal distribution of medical products which compels the pharmaceutical companies to adopt traceability solutions, thus influencing the growth of the Product Traceability Software Market. The quality of medical products is a crucial parameter of medical product safety in the pharmaceutical & Bio-pharmaceutical companies. The pharmaceutical company’s leaning towards technology based solutions to upgrade the security in pharmaceutical warehousing, thus accelerates the demand for Product Traceability Software among pharmaceutical companies. Presently, the outbreak of Covid19 pandemic has positively impacted the pharmaceutical industry in terms of rise in manufacturing of vaccine as well as nasal drug delivery technologies which further fuel the Product Traceability Software Market. Product Traceability software’s helps in managing supply of drugs and vaccine thereby reduces the cases of counterfeiting, black-marketeering, and stockpiling of drugs and vaccines. In January 2021, Bureau Veritas, a global leader in testing, inspection and certification, and OPTEL Group, a global provider of pharmaceutical supply chain traceability platforms, partnered to launch V-TRACE. V-TRACE provides solution to address the critical issue of reliability and traceability in COVID-19 vaccine logistics chains. Such developments can further influence the market growth of Product Traceability Software Market in the long run.
Product Traceability Software Market Segment Analysis - By Geography
North America held the highest Product Traceability Software Market share of around 34.9% in the global Product Traceability Software market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026, owing to significant adoption of traceability software in various industries such as healthcare and pharmaceutical. The factors such as stringent government regulations for the implementation of serialization and aggregation standards, and growing emphasis of manufacturers towards brand protection will further fuel the Product Traceability Software Market across the North America region in long run. Moreover, development of automatic identification technologies like RFID and bar-coding are strongly recommended by US Food and Drug Administration Authority primarily for medical device manufacturing companies and pharmaceutical companies. Additionally, government spending on healthcare infrastructure will create opportunities for the growth of the market. As per IndustryARC recent study, USA has the highest budget for healthcare infrastructure, thus will creates opportunities for the growth of the Product Traceability Software market. Technological advancement in pharmaceutical sector along with investment in R&D activities for developing more advanced traceability solutions is set to create opportunities for the growth of the Market. In May 2021, Mettler-Toledo PLC, a USA based trace and track solution company, launched T60 Integrated 360 Series of solutions for serialization and aggregation of bottles and vials in the pharmaceutical sector. The T60 Integrated 360 Series offers a wide range of traceability applications (serialization or aggregation) across a range of bottle sizes, from 10mm to 110mm in diameter. Such developments can further influence the market growth of Product Traceability Software Market in the long run.
Product Traceability Software Market Drivers
Increase in demand for Product Traceability Software in Food Industry
Growing demand for Product Traceability Software in Food Industry is set to be one of the factors that can drive the market forward, owing to ensure food safety and quality. The implementation of the traceability solutions has been strongly recommended by the Government Regulatory Authority as an efficient tool to fight against outbreak of viruses and falsification of food products which compels the food industry to adopt traceability solutions, thus influencing the growth of the Product Traceability Software Market. In Food Industry, traceability software helps in preventing fraud and counterfeiting of food products, thus helping manufacturers to preserve their market share and band image. Furthermore, adoption of traceability solution helps in verification of food safety and tracking and tracing of food materials within few minutes. In May 2019, JBT Corporation, a technology solutions provider to the global food and beverage industry and SafeTraces, a leading food safety and traceability solutions provider, announced of their alliance to integrate SafeTraces’ DNA-based food safety and traceability technologies into JBT’s Food-Tech businesses to promote food safety as well as track food material. Such alliances can influence the growth of Product Traceability Software Market in the long run.
Increase in adoption of 2D barcode technology is set to be one of the factors that can drive the market forward
The rise in adoption of 2D barcode technology based scanner is set to be one of the factors that can drive the market forward, owing to its use in packaging industry. 2D Barcode Reader has the capability to store large amount of information such as quantity, price, image or web addresses. It has ability to scan or read both 1D as well as 2D barcodes. 2D barcode reader has the ability to read barcodes in any direction and in any form such as on screen or printed. Moreover benefits such as greater accuracy, faster scans while billing and robust control on tracking assets and quality information acts as another factor for the increasing demand for 2D barcode readers. Furthermore, outbreak of COVID-19 pandemic, leads to increase in preference for contactless payment as well as delivery solutions is another driving factor which accelerates the adoption of barcode readers. In April 2021, Code Corporation, a global leader in barcode scanning and data capture technologies, launched Code Reader 5200, a high-speed, omni-directional reader for 1D and 2D barcode symbologies. The CR5200 is the perfect barcode reader for hands-free retail point of sale, admission and access control purposes. Such developments can influence the growth of Product Traceability Software Market in the long run.
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Product Traceability Software Market Challenges
High Cost associated with serialization and aggregation
High Cost associated with serialization and aggregation process act as a major challenge restraining the growth of Product Traceability Software Market. Many small and medium sized pharmaceutical companies are worried about the cost of introducing advanced technology based serialization and aggregation processes. Serialization of carton line comes around between USD 47,000 and USD 268,000 and Bottle-line serialization can cost between USD 268,000 and USD 468,000. Moreover, skilled workforce is needed to encode distinctive serial number on each item is the other factor that can impedes the growth of the market. Owing to the above mentioned factors, adoption of Product Traceability Software will be significantly impacted, thus hampering its market growth.
Product Traceability Software Market Landscape
Partnership, Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Product Traceability Software Market. The Product Traceability Software Market top 10 companies include OPTEL GROUP, Mettler-Toledo, Systech International Inc, TraceLink Inc, Antares Vision Technology, Zebra Technologies Corporation, Axway Inc, ACG Worldwide, Laetus GmbH and WIPOTEC-OCS.
Acquisitions/Technology Launches
In February 2021, Antares Vision Technology announced that it had completed the acquisition of Adents High Tech International. The acquisition will allow Antares Vision to expand its portfolio of product traceability software solutions to the entire supply chain end-to-end.
In October 2020, TraceLink Inc., a leading digital platform company for the life science supply chain, launched Serialized Product Intelligence. Serialized Product Intelligence is a new cloud application that proactively monitors and analyzes serialized data to increase the resolution supply chain disruptions and ensure timely product availability.
Key Takeaways
RFID segment is estimated to grow with highest CAGR of 9.9% during the forecast period 2021-2026, owing to its adoption in pharmaceutical industry.
Pharmaceuticals and Bio-pharmaceutical companies is the fastest growing segment in Product Traceability Software Market, owing to its adoption for managing supply of drugs and vaccine.
North America led the Product Traceability Software Market in terms of value in 2020, owing to stringent government regulations for the implementation of serialization and aggregation standards.
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