Track and Trace Solutions Growing at a CAGR of 14.2% with High Growth in Generic and OTC Markets

(IT-NEWSWIRE.COM, September 19, 2020 ) Houston, TX -- 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%.

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, Antares Vision extended its partnership with Xyntek, wherein Xyntek will continue to sell and service solutions of the Antares Tracking System platform throughout the US.

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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, 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.

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.

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Geographic Analysis:

- 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).

MarketsandMarkets™

Mr. Aashish Mehra

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raviraj.tak@marketsandmarkets.com

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Track and Trace Solutions Growing at a CAGR of 14.2% with High Growth in Generic and OTC Markets