Latest 2023 Development of the India Track and Trace Solutions Market
India track and trace solutions market is witnessing the implementation of the Unique Identification Code (UIC) system. In August 2021, the Central Board of Indirect Taxes and Customs (CBIC) announced the implementation of the UIC system for pharmaceutical products. This system is aimed at ensuring the authenticity and integrity of medicines, making it easier to track and trace them throughout the supply chain. Additionally, the market has also registered the launch of new track and trace solutions. Several companies in India are launching new track and trace solutions to meet the growing demand and enhance the market share. For example, in June 2021, Bengaluru-based technology company Infosys launched a blockchain-powered track and trace solution to help companies in the pharmaceutical, retail, and logistics sectors track the movement of goods.
India track and trace solutions industry is also experiencing rising adoption of cloud-based solutions: Many companies in India are adopting cloud-based track and trace solutions, which offer greater scalability and flexibility than traditional on-premises solutions. In April 2021, Mumbai-based logistics company Tiger Logistics announced the adoption of a cloud-based track and trace system to improve supply chain visibility and reduce operational costs. Further, the collaboration between government and industry. The Indian government is working closely with the pharmaceutical industry to implement track-and-trace solutions that meet regulatory requirements. In July 2021, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) signed a memorandum of understanding with the Indian Institute of Packaging to develop new packaging solutions that incorporate track and trace technologies.
Topics Covered in The India Track And Trace Solutions Market
India Track And Trace Solutions Market report thoroughly cover the market by products, technology, applications, end users, and regions. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities / high growth areas, market drivers, and market revenue share by companies, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
India Track and Trace Solutions Market Synopsis
India track and trace solutions market grew considerably in 2017-2020 owing to stringent regulations & standards like adhering to GS1 standards mandated by the government of India for the implementation of serialization. Further, in 2019, counterfeiting incidents increased by 24% as compared to 2018. Besides, from Feb- April 2020, after the outbreak of CORONAVIRUS, over 150 incidents of counterfeiting cases were reported, majorly about fake PPE kits, sanitisers, and masks. Also, according to media reports, pharma, FMCG, automotive, tobacco, alcohol, apparel, agriculture, lifestyle, infrastructure, and document are the 10 sectors impacted most by counterfeiting.
A spike in counterfeiting drugs and related products, and growing awareness of brand protection coupled with stringent government regulations for implementing serialization and aggregation solutions augmented the demand for track and trace solutions in the country in the previous period. Additionally, increased sales of medical devices such as clinical thermometers and sanitizers on the back of multiplied demand during the COVID period have positively impacted the market for track and trace solutions in the country in 2020.
According to 6Wresearch, India Track And Trace Solutions Market size is projected to grow at a CAGR of 10.5% during 2021-2027. The rising concerns of the manufacturers for packaging-related product recalls the growing focus of manufacturers on brand protection, high growth in the generic and OTC markets, and growth in the medical device industry are expected to drive the track & trace solutions market in the coming years. Additionally, government regulations like the replacement of the DAVA portal with the iVEDA portal for enhancing the serialization uploading procedures and mandating all medical devices sold in India to include a unique device identification (UDI) from Jan 2022, would provide opportunities for deployment of track and trace solutions in the country in the years to come.
Market by Applications Analysis
In terms of Applications, the Serialization solution captured approximately two-thirds of the market revenues in 2020 and is expected to retain its dominance over the forthcoming years due to the increasing focus of regulatory bodies on the implementation of the serialization solution to decrease product diversion and drug counterfeiting However, the aggregation solution segment is predicted to grow fastest in the forecast period as aggregation solutions allow for faster and easier tracking. This is because each package does not need to be scanned at each stop if the aggregated code is scanned.
Market by Regions Analysis
In India track and trace solutions market, the southern region and northern region cumulatively have captured 68% of the market revenues in 2020, with the southern region leading the market. The southern region captured a key share of the market pie, owing to the prevalence of the manufacturing base in the southern region.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2017 to 2020.
- Base Year: 2020
- Forecast Data until 2027.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- India Track and Trace Solutions Market Overview
- India Track and Trace Solutions Market Outlook
- India Track and Trace Solutions Market Forecast
- Historical Data and Forecast of India Track and Trace Solutions Market Revenues for the Period 2017-2027F
- Historical Data and Forecast of India Track and Trace Solutions Market Revenues, By Products, for the Period 2017-2027F
- Historical Data and Forecast of India Track and Trace Solutions Market Revenues, By Technology, for the Period 2017-2027F
- Historical Data and Forecast of India Track and Trace Solutions Market Revenues, By Applications, for the Period 2017-2027F
- Historical Data and Forecast of India Track and Trace Solutions Market Revenues, By End Users, for the Period 2017-2027F
- Historical Data and Forecast of India Track and Trace Solutions Market Revenues, By Regions, for the Period 2017-2027F
- Market Drivers and Restraints
- India Track and Trace Solutions Market Trends
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- India Track and Trace Solutions Market Share, By Companies
- COVID-19 Impact Analysis
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Products
- Hardware
- Printing & Marking Solutions
- Monitoring & Verification Solutions
- Labelling Solutions
- Other Solutions (check weighers etc.)
- Software
- Plant Manager Software
- Line Controller Software
- Bundle Tracking Software
- Others (Enterprise and network manager, Warehouse & shipment manager)
- Hardware
- By Technology
- Barcode
- RFID
- By Applications
- Serialization Solution
- Bottle Serialization
- Label Serialization
- Carton Serialization
- Data Matrix Serialization
- Aggregation Solution
- Bundle Aggregation
- Case Aggregation
- Pallet Aggregation
- Serialization Solution
By End Users
- Pharmaceutical & Biopharmaceutical
- Medical Devices
- Food & Beverages
- Automobiles
- Cosmetics
- Agro-Chemicals
- Others (Tobacco, Electronic Devices, Stationary, Toys, Luxury Items, etc.)
By Regions
- Northern (This includes Jammu & Kashmir, Haryana, Himachal Pradesh, Punjab, Uttar Pradesh, Uttarakhand, Delhi, Rajasthan, and Ladakh)
- Southern (This includes Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil-Nadu, and Puducherry)
- Eastern (This includes Jharkhand, Bihar, Odisha, West Bengal, Arunachal-Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura)
- Western (This includes Gujarat, Madhya Pradesh, Maharashtra, Chhattisgarh, and Goa)
