The growth is attributed majorly due to increasing focus of pharmaceutical and biopharmaceutical companies on ensuring brand protection from counterfeit products and theft. The deployment of track and trace solutions helps manufacturers enhance distribution channel efficiency and reduces the frequency of counterfeit products.

Rising adoption of track and trace solutions by healthcare device and product manufacturers will fuel market growth in the long run. Introduction of advanced technologies, such as RFID, provides fast reading and delivers high levels of security. However, deployment cost of serialisation and aggregation systems, as well as lack of common regulations and standards, may hamper market growth in some developing regions.

Some of the key findings from the study suggest that by product, software formed the largest revenue-generating segment in the market in 2019. This is mainly because of regulatory mandates for the execution of serialisation and aggregation in the healthcare sector

The serialisation application was the largest grossing segment in 2019. Increasing application of serialisation in pharmaceuticals and medical devices packaging will be a vital factor contributing to segment growth.

Based on technology, the RFID segment is expected to exhibit the fastest growth rate during the study period. Key factors contributing to segment growth are technological advantages such as high durability and reusability, more data storage capacity, and no requirement of line of sight.

According to the study, North America dominated the global market in 2019. Rising implementation of regulatory standards and regulations, along with high adoption rate of track and trace solutions by consumers is anticipated to contribute to market growth.

Some of the key players cited by the analysts as active in the track and trace solutions market include Axway; Mettler-Toledo; Optel Vision; Adents; Antares Vision; Tracelink; Siemens; ACG, Seidenader Maschinenbau; and Systech, Inc.