Northrook, IL -- (SBWIRE) -- 01/15/2020 -- Growth of Track and Trace Solutions market include the stringent regulations & standards for the implementation of serialization, increasing focus of manufacturers on brand protection, increasing number of packaging-related product recalls, high growth in the generic and OTC markets, and the growing medical device industry.

What the Market Looks Like?

Predicted to grow at a CAGR of 14.2% during the forecast period, the global Track and Trace Solutions Market is estimated to reach USD 4.21 Billion by the end of 2024. In 2018, North America is the largest regional market for track and trace solutions. The market in APAC is expected to grow at the highest CAGR.

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.

On the basis of technology, the track and trace solutions market is segmented into linear barcodes, 2D barcodes, and Radio Frequency Identification (RFID). The 2D barcodes segment accounted for the largest market share in 2018. 2D barcodes are preferred for packaging over linear barcodes as they have a higher data storage capacity and contain large amounts of data with fewer variations in image size. This is a major factor driving the track and trace solutions market for 2D barcodes.

Based on 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.

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What Drives the Market?

The growth of the global market for Track and Trace Solutions is primarily influenced by the following factors:

- Rising cases of chronic diseases
- Increased number of surgeries performed across the globe
- Increased cases of infections acquired in hospitals
- Growing aging population

Geographical growth scenario of Track and Trace Solutions Market:-

North America accounted for the largest share of the track and trace solutions market in 2018, followed by Europe. The market in APAC is expected to grow at the highest CAGR during the forecast period. 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.

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Leading market players and strategies adopted

The prominent players in the Track and Trace Solutions market include 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).

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