Track and Trace Solutions Market Worth $4.21 billion – Increase in Offshore Pharmaceutical Manufacturing

PUNE, India, 2021-Mar-15 — /EPR Network/ —

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, competitive leadership mapping, key market dynamics, and key player strategies.

According MarketsandMarkets™ Research – The 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 to 2024″, is projected to reach USD 4.21 billion by 2024 from USD 2.16 billion in 2019, at a CAGR of 14.2%.

The major factors driving the growth of this market include the stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, increasing number of packaging-related product recalls, high growth in the generic and OTC markets, and the growing medical device industry.

Recent Developments in Track and Trace Solutions Industry:

# In 2018, Antares Vision launched its product, ATSFOUR, an enterprise-level serialization software solution. The new ATSFOUR integrates the Antares Tracking System architecture and offers a comprehensive solution which allows the widest connection capability for any traceability network.

# In 2018, Ropack Pharma Solutions (Canada) signed an agreement with TraceLink (US) in order to achieve DSCSA compliance for its pharmaceutical customers.

# In 2017, OPTEL Group (Canada) acquired Verify Brand LLC (US). The addition of Verify Brand’s L4/5 serialization capabilities to the OPTEL solution set enables the connectivity required for pharma companies to implement Track & Trace across the entire supply chain (L1 to L5).

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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.

2D barcodes segment accounted for the largest share of the track and trace solutions market

On the basis of technology, is segmented into linear barcodes, 2D barcodes, and Radio Frequency Identification (RFID). The 2D barcodes segment accounted for the largest market share in 2018. 2D barcodes are preferred for packaging over linear barcodes as they have a higher data storage capacity and contain large amounts of data with fewer variations in image size. This is a major factor driving the market for 2D barcodes.

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Geographical View in-detailed:

North America accounted for the largest share of the track and trace solutions market in 2018, followed by Europe. Factors such as the presence of a large number of pharmaceutical & biotechnology companies and medical device manufacturers, stringent regulations regarding serialization, and the growing medical devices market, are driving the growth of the market in North America.

Global Key Leaders:

Prominent players in the track and trace solutions market 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).

OPTEL Vision is a leading provider in the track and trace hardware market. This can be attributed to its highly diversified track and trace product portfolio, which includes track & trace and serialization solutions for pharmaceutical and medical device companies. The company focuses on increasing its presence in this market through continuous R&D to provide technologically advanced products to its customers. OPTEL has a well-established presence across the globe including North America, Europe, Asia, and Latin America with additional manufacturing facilities in Ireland, India, and Brazil.