According to forecasts, the track and trace packaging market is expected to be US$ 2,415.35 million in 2023 and US$ 4,204.65 million by 2033.
The use of track and trace in the supply chain is driven by advancements in goods and technology like RFID. In 2018, more than 40 nations and more than 75% of the global supply of medicines were subject to track and trace legislation. Moreover, radio-frequency identification (RFID) technology enhances security and product handling throughout supply-chain operations and inventory management.
Also, it cuts down on the personnel and time needed to handle products in the supply chain. Additionally, it plays a significant part in tracking and tracing prescription pharmaceuticals and cutting the medical and healthcare sector’s expenditures by billions of dollars.
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Blockchain technology is gaining considerable popularity as it finds more uses in more sectors. The supply chain is one of the main areas where blockchain technology enables visibility and traceability of the items across networks. Blockchain implementation reveals enormous prospects for the food industry regarding monitoring and tracing.
Key Takeaways
- Europe is the second leading market after North America, with a share of 31.3% in 2022. This growth is attributed to the emerging technologies in the region.
- The track and trace packaging market was significantly expanding, with a size of US$ 2,285.1 million in 2022.
- Due to advancements in pharmaceutical packaging, the United States is predicted to lead the North American track and trace packaging market throughout the forecast period.
- In 2022, the United States developed in the track and trace packaging business with a share of 22%.
- Several innovative startup teams and ambitious entrepreneurs seek fresh strategies to solve global problems and establish excellent product-market fit.
- Due to the industry’s quick adoption of track and trace solutions, the pharmaceuticals sector had a 27% revenue share in 2022, dominating the market based on end use.
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Competitors Winning Strategies
Due to the increasing deployment of track and trace systems by pharmaceutical and medical device businesses, the industry is predicted to experience considerable growth. Companies in the pharmaceutical and biopharmaceutical industries need help with drug counterfeiting. Thus, companies focus on track and trace solutions for supply chain monitoring.
Recent Developments:
- Rfxcel, an Antares Vision Group company, and the Ministry of Public Health of the Lebanese Republic signed a five-year collaboration agreement to establish a GS1-compliant traceability center for the whole pharmaceutical supply chain in Lebanon.
- The debut of V-TRACE, a comprehensive and guaranteed traceability solution for managing COVID-19 vaccine supply chain logistics, was announced by OPTEL and Bureau Veritas in January 2021.
- In collaboration with Gallarus and SeaVision, Domino developed “K600G” in December 2020, a blister foil and web digital printing system for pharmaceutical solutions. It incorporates a wide range of solutions that allow different installation types and an additional feature that allows direct printing on the blister foil packs.
Key segments
By Printing Type:
- Inkjet
- Laser Marking
- Thermal Transfer
By Product Type:
- Radio-Frequency Identification (RFID)
- Barcode Reader and Real-Time Locating System
By End Use:
- Food & Beverages
- Pharmaceutical
- Automotive
- Electrical and Electronics
- Consumer Goods
- Cosmetic & Personal Care
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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