North America Track and Trace Solutions Market
No. of Pages: 105 | Report Code: BMIRE00030527 | Category: Technology, Media and Telecommunications
No. of Pages: 105 | Report Code: BMIRE00030527 | Category: Technology, Media and Telecommunications
The North America track and trace solutions market was valued at US$ 2,607.35 million in 2022 and is expected to reach US$ 8,621.45 million by 2030; it is estimated to register a CAGR of 16.1% from 2022 to 2030. Implementation of Serialization to Combat Counterfeit Drugs Fuels North America Track and Trace Solutions Market
Globally, pharmaceutical companies are adhering to the regulatory compliance for serialization to ensure anti-counterfeiting and traceability of drugs. Most developed and developing economies have either already laid out the regulatory roadmap for serialization or are in the process of doing so. The regulatory push to secure the pharmaceutical supply chain is due to the rising drug-related illegal activities and supply chain inefficiencies. Efforts are aimed at addressing drug counterfeits and unauthorized parallel supply chains, improving supply chain visibility, tracking returns or recalls, and the scarcity of data-driven tools for predicting patient behavior. A few examples of government regulations mandating the serialization of medical products include:
In the US, the Drug Supply Chain Security Act (DSCSA) started in 2013. The DSCSA defines the requirements for an interoperable electronic system to identify and trace pharmaceutical products throughout their distribution in the country. As part of the requirements, pharmaceutical products must be marked with a National Drug Code (NDC), serial number, lot number, and expiration date. The entire supply chain is expected to be electronically integrated, and all nodes of traceability are to be established by November 2023.
The Food and Drug Administration (FDA) mandates manufacturers to track specific devices through the entire distribution chain when and if they receive an order from the FDA to implement a tracking system. These devices could belong to Class I, II, or III.
Governments worldwide believe that counterfeiting is an organized crime that can be tackled significantly by implementing product serialization, and many countries are taking steps in this regard. So, serialization enables running advanced analytics programs to gather deep insights into consumption patterns, geographical penetration, sales, marketing spend effectiveness, etc. According to the 2013 Drug Supply Chain Security Act, starting from November 2017, all pharmaceutical companies selling prescription drug products in the US must serialize each salable drug unit to aid tracking from manufacturer to pharmacy or doctor's office.
If companies don't serialize, no wholesalers in the US will purchase their products. Apart from furnishing quality, visibility, and complete traceability within the supply chain, successful serialization programs will be a key differentiator and a clear competitive reward for the companies. Thus, the track and trace solutions market will continue to propel significantly during the forecast period.North America Track and Trace Solutions Market Overview
The North America track & trace solution market is segmented into the US, Canada, and Mexico. The market growth in this region is attributed due to the presence of large players launching innovative product launches particularly track and trace, growing product introduction in the region, and technological advancements in track & trace solution.
In the US, batch-level tracking has been mandatory since 2015, with package-level serialization obligatory since 2017. According to the Drug Supply Chain Security Act (DSCSA) report, the unit-level traceability of the supply chain is expected to be done in the US by 2023.
Similarly, the Food and Drug Administration (FDA) mandates reveal that all medical devices sold in the US have to be labelled with a unique device identifier (UDI) and production identifier (involving lot or serial number and expiration date), and information has to be stored in the Global UDI Database (GUDID). Also, medical devices intended to be reprocessed must have a permanent marking on devices, ensuring UDI compliance. Through such mandates, can improve the detection and monitor notification of fake products in the supply chain in the US.
Strategic insights for the North America Track and Trace Solutions provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the North America Track and Trace Solutions refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.North America Track and Trace Solutions Market Revenue and Forecast to 2030 (US$ Million)
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Report Attribute
Details
Market size in 2022
US$ 2,607.35 Million
Market Size by 2030
US$ 8,621.45 Million
Global CAGR (2022 - 2030)
16.1%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Component
By Enterprise Size
By End User
Regions and Countries Covered
North America
Market leaders and key company profiles
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North America Track and Trace Solutions Market Segmentation
The North America track and trace solutions market is categorized into component, enterprise size, application, end user, and country.
Based on component, the North America track and trace solutions market is bifurcated into hardware and software. The software segment held a larger North America track and trace solutions market share in 2022. Furthermore, the software segment is subcategorized into plant manager, line controller, and others. Additionally, the hardware segment is subsegmented into barcode scanner, radiofrequency identification (RFID) reader, and others.
In terms of enterprise size, the North America track and trace solutions market is bifurcated into SMEs and large enterprise. The large enterprise segment held a larger North America track and trace solutions market share in 2022.
By application, the North America track and trace solutions market is divided into serialization solutions and aggregation solutions. The serialization solutions segment held a larger North America track and trace solutions market share in 2022.
In terms of end user, the North America track and trace solutions market is categorized into pharmaceutical, medical devices, consumer goods, food & beverages, and others. The consumer goods segment held the largest North America track and trace solutions market share in 2022.
Based on country, the North America track and trace solutions market is categorized into the US, Canada, and Mexico. The US dominated the North America track and trace solutions market share in 2022.
Sys-Tech Solutions Inc, SAP SE, Uhlmann Pac-Systeme GmbH & Co KG, WIPOTEC GmbH, Korber AG, Videojet Technologies Inc, Domino Printing Sciences plc, Kezzler AS, rfxcel Corp, NeuroTags Inc, Catalyx, and Jekson Vison Pvt Ltd. are some of the leading companies operating in the North America track and trace solutions market.
1. Sys-Tech Solutions Inc
2. SAP SE
3. Uhlmann Pac-Systeme GmbH & Co KG
4. WIPOTEC GmbH
5. Korber AG
6. Videojet Technologies Inc
7. Domino Printing Sciences plc
8. Kezzler AS
9. rfxcel Corp
10. NeuroTags Inc
11. Catalyx
12. Jekson Vison Pvt Ltd
The North America Track and Trace Solutions Market is valued at US$ 2,607.35 Million in 2022, it is projected to reach US$ 8,621.45 Million by 2030.
As per our report North America Track and Trace Solutions Market, the market size is valued at US$ 2,607.35 Million in 2022, projecting it to reach US$ 8,621.45 Million by 2030. This translates to a CAGR of approximately 16.1% during the forecast period.
The North America Track and Trace Solutions Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Track and Trace Solutions Market report:
The North America Track and Trace Solutions Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Track and Trace Solutions Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Track and Trace Solutions Market value chain can benefit from the information contained in a comprehensive market report.
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