Track and Trace Solutions Market | Growing at a CAGR of 14.2% | High Growth in the Generic and Otc Industry

PUNE, India, 2020-Sep-18 — /EPR Network/ —

According to the new market research report “Track and Trace Solutions Market by Product (Plant Manager, Checkweigher, Barcode Scanner, Verification) Technology (2D Barcode, RFID) Application (Serialization, Aggregations, Reporting) End User (Pharmaceutical, Medical Devices) – Global Forecast ” published by MarketsandMarkets™.

The Track and Trace Solutions Market is projected to reach USD 4.21 billion by 2024 from USD 2.16 billion in 2019, at a CAGR of 14.2%.

Major Market Growth Drivers:

• Stringent Regulations & Standards for the Implementation of Serialization
• Increasing Focus of Manufacturers on Brand Protection
• Growth in the Number of Packaging-Related Product Recalls
• High Growth in the Generic and Otc Markets
• Growth in the Medical Device Industry

Growth Opportunities:

• Increase in Offshore Pharmaceutical Manufacturing
• Remote Authentication of Products
• Technological Advancements

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By Software type, the plant manager software segment accounted for the largest share of the track and trace software market

Based on types of software, the track and trace solutions market is segmented into plant manager, line controller, enterprise & network manager, bundle tracking, warehouse & shipment manager, case tracking, and pallet tracking software. The plant manager segment accounted for the largest market share in 2018. The rising need to secure the supply chain of pharmaceutical and medical devices manufacturing industries along with strict government legislation are the key factors driving the growth of the plant manager segment.

by Technology;

• 2D Barcodes
• Radio Frequency Identification (RFID)
• Linear/1D Barcodes

Tracking, tracing, and reporting application segment to witness the highest growth in the track and trace solutions market, by application

Based on application, segmented into serialization, aggregation, and tracking, tracing, and reporting solutions. The tracking, tracing, & reporting solutions segment is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.

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The Track and Trace Solutions Market in APAC is expected to grow at the highest CAGR during the forecast period. The expanding pharmaceutical market and the implementation of stringent regulations to enhance the quality and reliability of pharmaceutical drugs are the key drivers for market growth in this region.

Key Market Players;

Prominent players in the global track and trace solutions industry are OPTEL Group (Canada), Mettler-Toledo International Inc. (US), Systech International Inc. (US), TraceLink Inc. (US), Antares Vision (Italy), SAP (US), Xyntek Inc. (US), Adents International (France), SEA Vision Srl (Italy), Robert Bosch (Germany), Körber Medipak Systems AG (Switzerland), Siemens AG (Germany), Uhlmann Group (Germany), Jekson Vision (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US), Axway Inc. (US), NJM Packaging (US), rfxcel Corporation (US), ACG Worldwide (India), Laetus GmbH (Germany), WIPOTEC-OCS (Germany), Domino Printing Sciences plc (UK), Kevision Systems (India), Grant Soft (Turkey), SL Control Ltd. (US), and Arvato Bertelsmann (Germany).