[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%.
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.
Secondary Research:
Secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the track and trace solutions market.
Primary Research:
In the primary research process, industry experts from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Industry experts from the supply side include suppliers, distributors, CEOs, vice presidents, marketing and sales directors, business development managers, and technology and innovation directors of track and trace solutions providers, whereas, industry experts from the demand side include industry experts such as vice presidents & directors of pharmaceutical, biopharmaceutical, and medical device companies, contract manufacturing organizations, directors of cosmetic companies, directors of clinical laboratories, software application experts, and other related key opinion leaders.
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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 thePharmaceutical 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 Industry:
- 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.
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Geographic Analysis in Depth:
- 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)
