(EMAILWIRE.COM, August 14, 2020 ) The 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.

How the Market Growth looks like and Industry Segmentation?

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%.

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.

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.

Track and Trace Solutions Market, by Technology
- 2D Barcodes
- Radio Frequency Identification (RFID)
- Linear/1D Barcodes

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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).

- 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.

Critical questions the report answers:

- Where will all these developments take the industry in the medium to long-term?
- Who are the major applications of track and trace solutions?
- Which are the major track and trace solutions segments?
- Which technologies are mainly used for track and trace?

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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 track and trace solutions market in North America.

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)