Dublin, May 07, 2019 (GLOBE NEWSWIRE) -- The "Track and Trace Solutions Market by Product, Technology (2D Barcode, RFID) Application, End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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 are 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 are 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.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Track and Trace Solutions Market Overview
4.2 Asia Pacific: Track and Trace Solutions Market, By Application and Country, 2018
4.3 Geographical Snapshot of the Track and Trace Solutions Market
4.4 Track and Trace Solutions Market: Regional Mix
4.5 Track and Trace Solutions Market: Developing vs Developed Countries

5 Market Overview
5.1 Introduction
5.2 Market Dynamics: Impact Analysis
5.2.1 Drivers 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 Growth in the Medical Device Industry
5.2.2 Restraints Huge Setup Costs High Costs and Long Implementation Timeframe Associated With Serialization and Aggregation
5.2.3 Opportunities Increase in Offshore Pharmaceutical Manufacturing Remote Authentication of Products Technological Advancements
5.2.4 Challenges Lack of Common Standards for Serialization and Aggregation Existence of Technologies That Deter Counterfeiters

6 Industry Insights
6.1 Introduction
6.2 Industry Trends
6.2.1 Rising Demand for Integrated Fully Automated Serialization and Aggregation Systems
6.2.2 Increasing Consolidation Among Market Players
6.2.3 Growing Demand for L4 and L5 Track and Trace Solutions in the Pharmaceutical Industry for Compliance Management
6.3 Global Pharmaceutical Track and Trace Solutions Market: Penetration and Opportunity
6.4 Regulatory Analysis
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 Latin America and the Middle East & Africa
6.5 Strategic Benchmarking

7 Track and Trace Solutions Market, By Product
7.1 Introduction
7.2 Software
7.2.1 Plant Manager Plant Manager Solutions Accounted for the Largest Market Share in 2018
7.2.2 Line Controller Increasing Need to Improve Supply Chain Efficiency in Various Industries is Driving Market Growth
7.2.3 Enterprise & Network Manager Mandates for the Reporting of Product Information to Regulatory Authorities is Expected to Enhance Market Growth
7.2.4 Bundle Tracking This Software Offers Accuracy in Serialization and Identification to Meet Product Authentication and Traceability Requirements
7.2.5 Case Tracking Case Trackers Offer Accurate Serialization of the Case to Ensure Its Traceability Throughout the Supply Chain
7.2.6 Warehouse & Shipment Manager This Software Solution Manages Order Receipts From the ERP and Shipment Operations
7.2.7 Pallet Tracking This Software is Used for the Identification and Verification of Pallets Throughout the Supply Chain
7.3 Hardware Components
7.3.1 Printing & Marking This Segment Held the Largest Share of the Market and is Also Estimated to Grow at the Highest CAGR
7.3.2 Barcode Scanners Rising Need of Anti-Counterfeiting Technology and Increasing Awareness of Patient Safety are the Key Driving Factors for This Segment
7.3.3 Monitoring & Verification Optical Character Recognition and Optical Character Verification Camera Systems are Used to Verify Serial Numbers and Code Sets
7.3.4 Labelers The Pharmaceutical Industry is Focusing on Implementing Anti-Counterfeiting Measures and Making Labels Tamper-Evident
7.3.5 Checkweighers Checkweighers Offer A Means of Automatically Tracking Products From the Point-Of-Code Verification to A Reject Mechanism
7.3.6 RFID Readers RFID Readers Offer Benefits Such as Reduced Data Entry Errors and Easier Tracking of Pharmaceutical Drugs and Medical Devices
7.4 Standalone Platforms
7.4.1 Increasing Adoption of Fully Integrated Platforms With Automated Format Adjustment is Driving Growth of This Segment

8 Track and Trace Solutions Market, By Application
8.1 Introduction
8.2 Serialization
8.2.1 Carton Serialization Mandates for the Implementation of Serialization Solutions to Secure the Supply Chain are Driving Market Growth
8.2.2 Bottle Serialization Implementation of Serialization Solutions in India and the US Will Boost the Growth of Market
8.2.3 Medical Device Serialization Increasing Number of Product Recalls are Driving the Growth of the Medical Device Serialization Market
8.2.4 Blister Serialization Advantages of Blister Packaging are Driving the Growth of Blister Serialization Across the Globe
8.2.5 Vial & Ampoule Serialization Increasing Demand for Serialization at the Primary Packaging Level is Driving the Growth of This Segment
8.3 Aggregation
8.3.1 Case Aggregation Rising Need for Track and Trace Capabilities Throughout the Supply Chain Driving the Growth of Case Aggregation Market
8.3.2 Pallet Aggregation Rising Demand for Pallet Aggregation for Brand Protection is Driving the Growth of Market
8.3.3 Bundle Aggregation Rising Awareness on Secure Packaging and Regulatory Mandates Have Contributed to Market Growth
8.4 Tracking, Tracing, & Reporting
8.4.1 Regulatory Vigilance has Driven the Demand for Tracking, Tracing, and Reporting Solutions

9 Track and Trace Solutions Market, By Technology
9.1 Introduction
9.2 2D Barcodes
9.2.1 Advantages Associated With 2D Barcodes to Drive Growth in This Market Segment
9.3 Radiofrequency Identification (RFID)
9.3.1 Increasing Adoption of This Technology in Medical Devices and Cosmetic Products Distribution-A Key Market Driver
9.4 Linear Barcodes
9.4.1 High Adoption in China and Other Asia Pacific Countries Driving Market Growth

10 Track and Trace Solutions Market, By End User
10.1 Introduction
10.2 Pharmaceutical & Biopharmaceutical Companies
10.2.1 Regulatory Mandate for the Implementation of Serialization in Pharmaceutical Drug Supply Chain is Driving Market Growth
10.3 Medical Device Companies
10.3.1 Mandates for Serialization and UDI Compliance is Driving Market Growth in This Segment
10.4 Cosmetic Industry
10.4.1 Need to Check Counterfeiting is Driving the Use of Track & Trace Solutions
10.5 Other End Users

11 Track and Trace Solutions Market, By Region
11.1 Introduction
11.2 North America
11.2.1 US US Dominates the North American Track and Trace Solutions Market
11.2.2 Canada Growing Focus of the Government on the Implementation of Serialization in the Pharmaceutical Industry to Drive the Growth of the Canadian Track & Trace Solutions Market
11.3 Europe
11.3.1 Germany Germany Accounted for the Largest Share of the European Track & Trace Solutions Market in 2018
11.3.2 France Presence of Leading Pharmaceutical Companies in the Country to Drive Market Growth in France
11.3.3 Italy Growing Number of Counterfeit Drugs and Awareness on Brand Protection to Drive the Track and Trace Solutions Market in Italy
11.3.4 Switzerland Implementation of Serialization Solutions By Leading Pharmaceutical Companies in the Country to Support Market Growth
11.3.5 UK Growth in the Pharmaceuticals Market and Increase in Ongoing Research Activities for the Development of Advanced Medical Devices to Drive Market Growth in the UK
11.3.6 Spain Growing Generic Drugs and Medical Devices Markets-A Key Factor Driving Market Growth in Spain
11.3.7 Rest of Europe
11.4 Asia Pacific
11.4.1 China China to Dominate the APAC Track and Trace Solutions Market
11.4.2 Japan Rising Use of Serialization and Track & Trace Solutions Throughout the Pharmaceutical Supply Chain to Drive Market Growth in Japan
11.4.3 India Low Manufacturing Cost and Skilled Workforce are Attracting Outsourcing and Investments to India
11.4.4 South Korea Increased Spending on Geriatric Health and Coverage for Major Chronic Diseases to Support Market Growth in South Korea
11.4.5 Rest of Asia Pacific
11.5 Latin America
11.5.1 Brazil Large Pharmaceutical Industry and Growing Investments in the Healthcare Industry Boosting Market Growth in Brazil
11.5.2 Mexico Increasing Government Support for the Growth of the Biotechnology and Pharmaceutical Industries to Drive Market Growth in Mexico
11.5.3 Rest of Latin America
11.6 Middle East & Africa

12 Competitive Landscape
12.1 Overview
12.2 Market Share Analysis
12.2.1 Track and Trace Hardware Components & Standalone Platforms Market
12.2.2 Track & Trace Software Market Leadership Analysis
12.3 Competitive Leadership Mapping, 2018
12.4 Vendor Inclusion Criteria
12.5 Vendor Dive
12.5.1 Visionary Leaders
12.5.2 Innovators
12.5.3 Emerging Companies
12.5.4 Dynamic Differentiators
12.6 Competitive Leadership Mapping - Start-Up/SME
12.6.1 Progressive Companies
12.6.2 Starting Blocks
12.6.3 Responsive Companies
12.6.4 Dynamic Companies
12.7 Competitive Situations and Trends
12.7.1 Product Launches
12.7.2 Agreements, Partnerships, and Collaborations
12.7.3 Acquisitions
12.7.4 Expansions

13 Company Profiles
13.1 Antares Vision
13.2 Axway
13.3 Mettler-Toledo International Inc.
13.4 OPTEL Group
13.5 TraceLink Inc.
13.6 ACG Worldwide
13.7 Adents International
13.8 SEA Vision S.R.L.
13.9 Krber AG
13.10 Siemens AG
13.11 Systech International
13.12 Xyntek
13.13 Zebra Technologies Corporation
13.14 Robert Bosch GmbH
13.15 Uhlmann Group

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Related Topics: RFID, Pharmaceutical Packaging