(PharmaNewsWire.Com, April 25, 2020 ) 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.
1[300 Pages Report] 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%.
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, growth in the number of packaging-related product recalls, and growth in the medical device industry.
The pharmaceutical & biopharmaceutical companies segment is expected to account for the largest share of the track and trace end user market in 2019
On the basis of end user, pharmaceutical & biopharmaceutical companies segment is expected to account for the largest share of the market in 2019. The large share of the market is mainly due to factors such as the growing number of counterfeit drugs, specifically in developing countries, and stringent regulations for the Pharmaceutical Packaging industry.
The serialization segment accounted for the largest share of the track and trace solutions market in 2019
Based on applications, the market is segmented into serialization; aggregation; and tracking, tracing, & reporting. The serialization segment accounted for the largest share of the applications market. The increasing number of counterfeit drugs and stringent government regulations for the implementation of serialization is driving the track and trace serialization solutions market.
Recent Developments
- 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).
- A further breakdown of the Rest of Asia Pacific track and trace solutions market into Australia, New Zealand, and others
- A further breakdown of the Rest of Latin American market into Argentina, Chile, Peru, and Colombia and others.
The 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).
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