The global track and trace solutions market size was estimated at USD 3.5 billion in 2022 and is projected to reach USD 14.3 billion by 2030, expanding at an impressive CAGR of 19.3% from 2023 to 2030. This rapid growth is primarily attributed to the increasing incidence of counterfeiting and theft of healthcare products across the world, which has become a critical concern for the pharmaceutical, biopharmaceutical, cosmetic, and medical device industries. As counterfeit products pose major risks to patient safety and brand reputation, manufacturers are increasingly integrating track and trace technologies to monitor product movement, authenticate genuine products, and safeguard brand equity. Moreover, global regulatory bodies are introducing and enforcing favorable guidelines for serialization and traceability implementation, further accelerating the adoption of track and trace solutions across the healthcare industry.

The market is expected to grow considerably as pharmaceutical and medical device companies continue to deploy track and trace systems to enhance supply chain visibility. Drug counterfeiting remains a major challenge for pharmaceutical and biopharmaceutical manufacturers, as substandard or fake medications can severely impact public health and company credibility. Track and trace systems allow these companies to monitor product distribution in real time, ensuring product authenticity and compliance with safety standards. Counterfeit drug penetration is especially high in low- and middle-income regions, including India and Africa, where regulatory oversight is often limited. As reported by the United States Trade Representative (USTR) in 2019, approximately 20% of all drugs sold in India were counterfeit, highlighting the growing need for advanced supply chain security solutions.

Product counterfeiting and theft are also prominent issues affecting pharmaceutical, biopharmaceutical, and cosmetic companies. According to the World Health Organization (WHO), around 10% of all medicines globally are estimated to be counterfeit, with the percentage rising dramatically to 10%–30% in parts of Africa, Asia, and Latin America. Each year, thousands of individuals lose their lives due to consumption of fake or substandard medicines, underscoring the urgent requirement for stringent safety measures. As a result, governments across numerous countries have introduced mandatory regulations for track and trace implementation to protect consumers from fraudulent healthcare products. In addition, advancements in tracking technologies—especially the growing use of RFID are further boosting the integration of track and trace solutions throughout the supply chain. It is estimated that over 40 countries and more than 75% of the worldwide medicine supply would be covered by track and trace regulations by 2018, demonstrating the increasing global emphasis on product security. Despite strong growth prospects, high implementation costs remain a potential challenge for some companies, particularly smaller manufacturers.

Key Market Trends & Insights:

  • North America accounted for the largest revenue share of over 35.0% in 2022, supported by stringent serialization and aggregation standards, advanced regulatory frameworks, and well-established healthcare infrastructure.
  • Europe emerged as the second-largest regional market and is expected to maintain its position through 2030 due to the presence of developed economies such as Germany, Turkey, the U.K., France, and Italy, which have robust compliance systems and widespread adoption of pharmaceutical traceability solutions.
  • On the basis of application, serialization solutions held the largest revenue share in 2022, driven by the rising emphasis of global regulatory bodies on the mandatory implementation of serialization across pharmaceutical production and distribution. The aggregation solutions segment is predicted to grow at a notably high rate due to increasing adoption by healthcare manufacturers aiming to improve package-level tracking and streamline logistics.
  • In terms of technology, barcode technology held the largest revenue share in 2022, with 2D barcodes dominating this category because of their high data capacity, cost-efficiency, and widespread acceptance. The RFID segment is projected to witness the fastest growth, supported by its ability to enable real-time, automated tracking without requiring direct line-of-sight scanning.
  • Based on end-use, pharmaceutical companies dominated the market with a revenue share of over 25.0% in 2022, driven by stringent regulations and the critical need to secure supply chains against counterfeit drugs. The consumer packaged goods (CPG) segment is also expected to show significant growth as brands increasingly adopt traceability to enhance consumer trust and meet evolving regulatory expectations.

Order a free sample PDF of the Track And Trace Solutions Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

  • 2022 Market Size: USD 3.5 Billion
  • 2030 Projected Market Size: USD 14.3 Billion
  • CAGR (2023-2030): 19.3%
  • North America: Largest market in 2022

Key Companies & Market Share Insights:

The presence of numerous small and large manufacturers offering track and trace solutions creates a highly competitive landscape. Vendors are focusing on strategic partnerships, collaborations, and acquisitions to expand their capabilities and cater to evolving customer needs. For example, in January 2022, Optel Group acquired the track and trace unit of Korber Business Area Pharma, known as Taxeed, enabling Optel to benefit from Taxeed’s expertise in agrochemical and pharmaceutical traceability systems. Additionally, in September 2021, Rfxcel, a subsidiary of Antares Vision Group, entered a five-year cooperative agreement with the Lebanese Ministry of Public Health to deploy a GS1-compliant traceability hub aimed at securing Lebanon’s entire pharmaceutical supply chain.

Key Players

  • Axway
  • Mettler-Toledo International, Inc.
  • Optel Vision
  • TraceLink, Inc.
  • Adents
  • Antares Vision S.r.l
  • Siemens AG
  • Korber AG
  • ACG Worldwide
  • Markem Imaje, a Dover Company

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The global track and trace solutions market is positioned for robust growth as rising counterfeit activities and product theft continue to threaten the safety and integrity of healthcare supply chains. Increasing regulatory pressure for serialization and aggregation, coupled with the widespread adoption of advanced technologies such as RFID and 2D barcodes, is accelerating implementation across pharmaceutical, biopharmaceutical, and medical device companies. Regions such as North America and Europe will remain key contributors due to their strong regulatory frameworks and advanced healthcare infrastructures. Meanwhile, growing awareness in emerging markets and government-led initiatives to combat counterfeit medicines will further drive adoption. Overall, continuous technological innovation and stricter global regulations will solidify track and trace solutions as essential tools for enhancing product authenticity and patient safety.