Serialization Solution Segment, by Application to Account Larger Share in Track and Trace Market during 2022-2030.

According to our latest study on "Track and Trace Market Forecast to 2030 -Global Analysis - Component, Enterprise, Application, and Industry," the market was valued at US$ 6.85 billion in 2022 and is projected to reach US$ 22.7 billion by 2030; the market is expected to register a CAGR of 16.2% from 2022 to 2030. The report highlights the key factors driving the track and trace solutions market growth and prominent players with their developments in the market.

Offshoring contract manufacturing is for large pharma firms looking to increase productivity and efficiency in drug manufacturing. Developing nations are significantly developing their pharmaceutical facilities and services and heading toward technological advancements. India's pharmaceutical market is continuously growing, and the country's generic drug manufacturers hold a strong position in the global supply chain.

These companies are playing a pivotal role in developing the industry in India. Pharmaceutical manufacturing companies in India are one of the world's largest sources of generic drugs, supplying 50% of global demand for a range of vaccines, 40% of the generic market in the US, and 25% of all UK medicine.

According to FDA, through its investment in biomedical research, the US has become a world leader in drug discovery and development, but it is no longer at the forefront of drug manufacturing.Historically, the production of medicines for the US population has been domestically based.However, drug manufacturing has gradually moved out of the country in recent decades.This is particularly true for manufacturers of active pharmaceutical ingredients (APIs)-the actual drugs that are then formulated into tablets, capsules, injections, etc.As of August 2019, only 28% of the manufacturing facilities made APIs to supply the US market.By contrast, 72% of the API manufacturers supplying the US market were overseas, and 13% were in China.China currently accounts for around 40% of APIs produced globally, and external markets such as Europe offer companies from China additional market potential for affordable generics and APIs. The plan here might be to adapt an existing product for sale in the EU, perhaps even relocating manufacturing operations or forming a local sales partnership with a European brand.

For many industries, China's steady rise as a global economic powerhouse has seen it transform into one of the world's foremost drivers of both production and demand. Even small economic fluctuations in China can have ripple effects that are felt across sectors worldwide. The country continues its economic transition from a heavy manufacturing focus toward a more service-based model, and its healthcare provision is being assigned an increasingly high priority.

China's healthcare market is experiencing double-digit growth. However, the relatively low healthcare spending as a portion of China's GDP (around 6% in China compared to a range between 10% and 17% in the US, Europe, and Japan) suggests that the market is still primed for further expansion. The Chinese healthcare is becoming more attractive for companies. The offshoring manufacturing processes is an attractive cost-saving option. Thus, the opportunities for players entering the market with cost-effective products are higher.

The market, by application, is segmented into serialization solutions and aggregation solutions. In 2022, the serialization solutions segment held the largest track and trace solutions market share. Moreover, the same segment is expected to record the highest CAGR during 2022-2030. The assigning of a predetermined type of coding to all product items, tagging it with a unique identity in order to track the product at virtually any moment, and can be traced to its location at any stage of the production, supply chain and/or marketing chain it is presently involved in, or any point during the product life cycle, is called as serialization. The supply chain for all industries is becoming longer and more complex than ever. Owing to which, incidences such as counterfeiting, gray marketing, and product mix-ups are at an all-time high rate. Most of countries with a series of regulatory requirements for global compliance, industries such as pharmaceutical, medical devices, and life science, need a standardized method to ensure and prove end-to-end product integrity. Serialization solutions for track and trace systems has increased accountability in the pharmaceutical and medical devices supply chain by directly addressing these issues. In the global pharmaceutical industry, the ability to track and trace pharmaceutical drugs in the supply chain has been a regulatory vital and evolving to improve drug safety and avoid counterfeits. With the help of a serialization solution, one can encode the products with an expiration date, lot code, serial number, GTIN, and a 2D matrix code and a GSI-DataMatrix symbol in order to track products for anti-counterfeiting efforts. Serialization also allows product tracking and tracing throughout the supply chain, brand and consumer protection and provides regulatory compliance.

ACG, Axway Software SA, Antares Vision SPA, Markem-Imaje AG, Mettler-Toledo International Inc, Optel Group, SEA Vision Grp, Siemens AG, TraceLink Inc, and Zebra Technologies Corp are among the leading companies operating in the global track and trace solutions market.

Companies operating in the track and trace solutions market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the track and trace solutions market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall track and trace solutions market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.






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