According to the recent research report titled ‘Global Track and trace solution Market Size study, by Product Type (Hardware systems and software solutions), by Technology (barcodes, RFID), by Application (Textile, Home Furnishing, Automotive, Filtration, Construction, Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global track and trace solution market was valued at USD 2.5 billion in 2020 and is expected to exhibit a CAGR of 19% over 2021-2027, subsequently amassing USD 8.45 billion by the end of the forecast period.
 

As per the report findings, favorable regulations for serialization implementation is primarily driving global track and trace solution market growth. Besides, growing adoption of advanced solutions is adding to the industry progression.
 

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In 2018, one or other serialization track and trace solution norms covered over 40 nations and over 75% of global pharmaceutical drugs supply, cites the study.
 

For the unversed, a track and trace solution is a kind of solution that aids in the identification of supply chain weak links and the authentication of individual products.
 

Technological advancements in the field are significantly contributing to the market development. The European Federation of Pharmaceutical Industries and Associations recommended a common coding system 2001/83/EC directive, in 2019, for the growing threat of counterfeit drugs and to specify requirements for drug serialization.  
 

Speaking of challenges, hefty cost associated with implementation of serialization is likely to hamper the remuneration scope of worldwide track and trace solution industry over the study period. 
 

Coming to geographical terrain, Latin America, Asia Pacific, Europe, and North America are the top contributors to the overall market remuneration. Of these, North America currently holds significant market share owing to the strong presence of various pharmaceutical & biotechnology firms, medical device manufacturers, and developed healthcare systems in Canada and the US.
 

Meanwhile, Asia Pacific market is projected to register a robust CAGR over 2021-2027, creditable to rising regulatory requirements in healthcare industry to comply with manufacturing and distribution practices in the region.
 

Key players operating in global track and trace solution market sphere are Mettler-Toledo International Inc., Antares Vision S.R.L., Seidenader Maschinenbau GmbH, Systech Inc., AGC Worldwide, Siemens AG, Adents International, TraceLink Inc., Optel Vision Inc., and Axway.