Track and Trace Solutions Market worth $4.21 billion by 2024 – Antares Vision (Italy), OPTEL Vision (Canada) are Leading Key Players

PUNE, India, 2021-May-19 — /EPR Network/ — 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.

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

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.

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), Jekson Vision (India), Videojet Technologies, Inc. (US), Zebra Technologies Corporation (US).

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Antares Vision is a leading player in the track & trace solutions market. The company offers a comprehensive portfolio for track and trace solutions, widely used by pharmaceutical companies for primary and secondary packaging across the globe. Its track and trace solutions include products for serialization, aggregation, and a flexible software suite. Antares has a large installed base for its serialization and aggregation solutions across the world. The company mainly focuses on expansions, product launches, and partnerships to maintain its position in the market. Antares has a strong presence across the globe through eight company sites and 30 local partners. The company’s extensive R&D activities for new product development and its increasing focus on the establishment of new manufacturing sites offer significant growth opportunities in the future.

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. The company mainly focuses on product development to enhance its presence in the track and trace solutions market.