(PharmaNewsWire.Com, January 08, 2021 ) According MarketsandMarkets Research - 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%.
Market Segmentation in Detailed:
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.
Based on application, the track and trace solutions market is 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.
APAC region is expected to grow at the highest CAGR during the forecast period
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.
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).
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)
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.
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.
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