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
“The Track and Trace Solutions Market is Projected to Grow at a CAGR of 14.2%.”
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%. Factors such as 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, high growth in the generic and OTC markets, and growth in the medical device industry are driving the track and trace solutions market.
However, the high costs and long implementation timeframe associated with serialization and aggregation and the huge setup costs are expected to restrain market growth to a certain extent during the forecast period.
“The Standalone Platforms Segment to Witness the Highest Growth During the Forecast Period.”
On the basis of product, the track and trace solutions market is segmented into software, hardware components, and standalone platforms. The standalone platforms segment is expected to register the highest CAGR during the forecast period. The stringent government regulations for the implementation of serialization and UDI codes in the pharma and medical device industry, increasing pressure on pharmaceutical companies to adopt serialization, and increasing demand for standalone platforms to reduce the serialization implementation timeframe are some of the major factors driving the growth of this market segment.
“The Tracking, Tracing, and Reporting Segment to Register the Highest CAGR During the Forecast Period.”
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 owing to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.
“APAC Region is Projected to Witness the Highest Growth During the Forecast Period.”
The APAC region is expected to witness the highest CAGR during the forecast period, owing to the expanding pharmaceutical market and the implementation of stringent regulations to enhance the quality and reliability of pharmaceutical drugs as they move from manufacturing to the consumer are the key drivers for market growth in this region.
A breakdown of the primary participants referred to for this report is provided below:
By Company Type: Tier 1-46%, Tier 2-33%, and Tier 3-21%
By Designation: C-level-43%, Director Level-35%, and Others-22%
By Region: North America-34%, Europe-26%, Asia Pacific-19%, Latin America-11%, and the Middle East & Africa-10%
Prominent players in the global 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), 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).
The report analyzes the market for various track and trace solutions and their adoption pattern. It aims at estimating the market size and future growth potential of the market and different segments such as product, technology, application, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global track and trace solutions market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the global track and trace solutions market
Market Development: Comprehensive information on the lucrative emerging regions by product, technology, application, end user, and region
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global track and trace solutions market
Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products of leading players in the global track and trace solutions market
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