Europe Track and Trace Solutions Market – Industry Trends and Forecast to 2030

Europe Track and Trace Solutions Market Analysis and Size

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 Data Bridge Market Research analyses a growth rate in the track and trace solutions market in the forecast period 2023-2030. The expected CAGR of track and trace solutions market is tend to be around 9.20% in the mentioned forecast period. The market is valued at USD 685.86 million in 2022, and it would grow upto USD 1386.81 million by 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Europe Track and Trace Solutions Market Scope and Segmentation

Market Definition

Tracking or tracing is the method of identifying the present and historical position of a particular object or property which involves the storage and transportation of numerous items. Several organizations can use track and trace technologies to manage their supply chains and decrease the danger of associated items. T&T solutions are widely used for personal and business purposes as they save money on gas and insurance, offer customer support, and deliver up-to-date information through SMS alerts or emails. Currently, they are gaining much popularity as a means of monitoring supply chains in a number of end-use sectors.

Europe Track and Trace Solutions Market Dynamics

Drivers

• Strict Regulations and Standards

Track and trace solutions are essential throughout the pharmaceutical supply chain in Europe. As per the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical industry in Europe uses a common coding scheme. The 2001/83/EC directive was updated in response to the growing problem of counterfeit drugs and the necessity to set drug serialization requirements. Furthermore, in early 2019, the European Union released the Falsified Medicines Directive (FMD) Safety Features Delegated Regulation, which states that the serialization of certified drug goods will be a legal requirement for businesses in the EU beginning. Thus, this factor increases the growth of the market.  

• Increasing Awareness of Fake Products in the Market

Traditional trademark protection solutions namely anti-theft and authentication are meant to protect individual goods instead of the entire supply chain. Fake items are likely to be introduced into the supply chain at any point. An autonomous and non-line-of-sight system is required to protect counterfeiting and detect huge product items. There has been a rise in demand for technologies with modular designs that fulfil the needs of enterprises in recent years. For instance, RFID-based track and trace devices keep a record of product transactions across the supply chain. This strategy has been proved to be very effective in preventing penetration, theft, and fraud in the supply chain.

Opportunities

• Rising Prevalence of Drug Counterfeiting

Drug counterfeiting is a huge problem faced by pharmaceutical and biopharmaceutical companies. Therefore, companies are indulging in track and trace solutions for supply chain monitoring. It has been found that the influx of substandard or counterfeit medications is more widespread in low to middle-income countries, such as India and Africa. Thus, this factor boost the growth of the market.  

• Growing Demand of Serialization

The federal agencies, governments of different countries, and healthcare industry are taking appropriate measures to reduce product diversion and drug counterfeiting. Also, serialization is a primary step to comply with new ePedigree regulations that are essential for product traceability during the supply chain. In addition to this, the rising focus on patient safety and brand protection by several manufacturers is expected to boost the segment growth during the forecast period 2023-2030. Thus, this factor increases the market growth.

Restraints/Challenges

• Existence of Technologies That Detects Fraud Transactions

Counterfeit items have been a huge issue for most of the pharmaceutical and medical device industries. As per the International Trademark Association (UK), counterfeiting was a USD 600 billion market in 2017, with products varying from consumer goods such as food and beverages, pharmaceuticals, and electrical and electronic gadgets to graduation diplomas. Many of the current anti-counterfeiting technologies are used and reused to stop counterfeiting. Holograms, barcodes, and container designs are some of the traditional technologies that can be simply recreated. Thus, this factor hinders the market growth.

This track and trace solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the track and trace solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2021, Adents International was acquired by Anatres Vision (Italy) (France). With this acquisition, the company has expanded its offering of software solutions and cloud services for end-to-end traceability. This huge development also contributed to the Group's international expansion, mainly in France.

Europe Track and Trace Solutions Market Scope

The track and trace solutions market is segmented on the basis of product, solution, technology, application, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Software Components
• Hardware Components
• Standalone Platform

Solution

• Line and Site-Level Serialization
• Cloud Enterprise-Level Traceability
• Distribution and Warehouse Solution
• Supply Chain Data-Sharing Network and Others

Application

• Serialization
• Printing
• Labeling and Packaging Inspection
• Aggregation
• Tracking
• Tracing, and Reporting

Technology

• 2D Barcodes
• Radiofrequency Identification (RFID)
• Linear/1D barcodes

End User

• Pharmaceutical and Biopharmaceutical Companies
• Consumer Packaged Goods
• Luxury Goods
• Food and Beverage
• Medical Device Companies
• Contract Manufacturing Organizations
• Repackages
• Cosmetics Companies
• Others

 Distribution Channel

• Direct Sales
• Third Party Distributors

Track and Trace Solutions Market Regional Analysis/Insights

The track and trace solutions market is analyzed and market size insights and trends are provided by product, solution, technology, application, end user and distribution channel as referenced above.

The major countries covered in the track and trace solutions market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.

Germany is anticipated to grow with the highest CAGR in the forecast period due to increasing awareness of track and trace solutions in the region. Also, the rising occurrence of drug counterfeiting and growing government initiatives to decrease it through imposing stringent laws is also boosting the growth of the market.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Europe Track and Trace Solutions Market Share Analysis

The track and trace solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to track and trace solutions market

Key players operating in the track and trace solutions market include:

• OPTEL GROUP (Canada)
• Mettler-Toledo (U.S.)
• Systech International (U.S.)
• TraceLink Inc. (U.S.)
• ANTARES VISION S.p.A (Italy)
• SAP (Germany)
• SEA Vision (Italy)
• Syntegon Technology GmbH (Germany)
• Körber AG (Germany)
• Siemens (Germany)
• Uhlmann Group Holding GmbH & Co. KG (Germany)
• Jekson Vision (India)
• Zebra Technologies Corp (U.S.)
• ACG (India)
• Axway (France)
• Laetus GmbH (Germany)

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