The North America track and trace solutions market size is predicted to grow at a CAGR of 18.2% and to be valued at USD 5110 million in 2030.
A track & trace system is a software-based solution that allows for the tracking of vehicles, loading units, shipments, or products all the way through the supply chain, from the supplier to the end consumer. When it comes to tracking vehicles, a system that can track and trace is also referred to as a vehicle tracking system. In this scenario, it refers to a system that uses GPS to maintain communication with all of the trucks and other vehicles owned by a single company. Because of this, a business is able to keep track of the current locations of all of its trucks in real time and determine approximately when a load will arrive at its final destination.
In recent years, a significant number of manufacturing companies as well as regulatory bodies have recognised the importance of adopting a strategy that involves the implementation of track and trace solutions and technologies. It provides assistance to healthcare companies or organisations so that they can effectively manage their supply chain and reduce the risks that are associated with counterfeit drugs. It is the method by which both the current and previous locations of a drug are determined.
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The pharmaceutical business is home to some of the most perilous examples of fake goods in the world. Consumers are very literally taking false pills, tablets, and other pharmaceuticals, which are ineffectual at best and potentially lethal at worst. This is in contrast to the situation with counterfeit luxury items such as purses or watches.
In the United States, the percentage of the medication market that is comprised of counterfeit products is growing, while in less developed countries, that number is considerably higher. Both lifesaving and lifestyle medications can be included in the category of counterfeit pharmaceuticals.
Existing tracking methods and tools share a number of characteristics, one of which is the requirement for human processes. In the absence of someone to carry out these procedures in the correct manner, there will be no data. This is hardly the best situation. Not only do the manual stages take more time, but they also bring with them the risk of making mistakes due to human error.
Within the context of the supply chain, time is frequently of the importance. Having access to real-time information is essential for a number of reasons, including the prevention of spoilage or damage to goods, the forecasting and management of delays, and the ability to negotiate unexpected situations. It is impossible to avoid creating a delay when using technologies such as RFID and barcodes, in addition to data loggers. These technologies convert information stored in analogue formats into digital ones.
The North America track and trace solutions market is divided into U.S., Canada & Mexico on the basis of countries. North America dominated the global track and trace solutions market. It accounted for 38.0% of the market share, owing to this region's highly regulated serialization and aggregation standards. Advanced healthcare infrastructure present in the U.S. is driving market growth in the region. Also, the presence of big pharmaceuticals companies such as Abbott, Pfizer, Johnson & Johnson, and Roche, which have implemented track and trace solutions in their business model, is responsible for market growth.
The North America track and trace solutions market is segmented on the basis of Product, Application, Technology & End User. On the basis of product, it is divided into 3 parts Software & Hardware components and standalone platforms. On the basis of Application, it is divided into serialization, aggregation and Tracking, Tracing, & Reporting. Further on the basis of Technology, the market is segmented into 2D Barcodes, Radiofrequency Identification (RFID), Linear Barcodes. And lastly on the basis of End users, it is divided into Pharmaceutical & Biopharmaceutical Companies, Food Industry, Medical Device Companies, Cosmetic Industry & Other End Users.
In 2020, the Software segment held the largest market share. It is largely driven by rising awareness of secure packaging, an increase in the number of counterfeit drugs and related products, and rising brand protection awareness. Furthermore, regulatory compliance is assisting in the growth of this market.
In 2020, the Serialization solutions segment held the largest market share. This segment's growth is being driven by stringent regulations for the implementation of serialisation solutions in packaging and supply chain applications.
The growing use of 2D barcodes in the packaging industry is responsible for the large share of the 2D barcodes technology segment. They have greater data storage capacities than linear barcodes and can hold more data with fewer image size variations.
In 2020, the Pharmaceutical and Biopharmaceutical Company segment held the largest market share.