According to the new market research report “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” published by MarketsandMarkets™.
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%.
Based on types of software, the track and trace solutions market is segmented into plant manager, line controller, enterprise & network manager, bundle tracking, warehouse & shipment manager, case tracking, and pallet tracking software. The plant manager segment accounted for the largest market share in 2018. The rising need to secure the supply chain of pharmaceutical and medical devices manufacturing industries along with strict government legislation are the key factors driving the growth of the plant manager segment.
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 during the forecast period. The high growth of this segment is attributed to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.
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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.
- 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).
Major Market Growth 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
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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), 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).
According MarketsandMarkets Research – 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%.Market Segmentation in Detailed:Based on types of software, the track and trace solutions market is segmented into plant manager, line controller, enterprise & network manager, bundle tracking, warehouse & shipment manager, case tracking, and pallet tracking software.
The rising need to secure the supply chain of pharmaceutical and medical devices manufacturing industries along with strict government legislation are the key factors driving the growth of the plant manager segment.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 during the forecast period.
The high growth of this segment is attributed to the increasing number of regulations such as DSCSA, UDI, and Medical Device Reporting (MDR) for medical devices and pharmaceutical products.Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=158898570APAC region is expected to grow at the highest CAGR during the forecast periodThe track and trace solutions 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.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).
Custom Software Development is a thing of the present and the future, companies are beginning to realize what they've missed out on and why the word Custom has a price tag attached to it.
The word 'Custom' had been thrown around many times in the past but it's only recently attached to many different words, but it's latched on to one in particular that is Software Development.Let's take a look at Custom Softwares, and why is turning it into a norm.What is Custom Software?
to satisfy a whole process of work (employees, end clients, intermediaries) as well as to target a certain group of people, for example, workers in a company, to satisfy their business requirements, many companies are turning over towards boutique software development companies as there's a more closer bond between the developers and the clients in such environments.A company choosing custom software development over a non-customized software is the one that knows of it's business goals, knows the benefits that it provides over pre-configured products and knows the advantages it can give over its competitors.There are some advantages and disadvantages that it provides, but all in all, the advantages outweigh the disadvantages if done right.Advantages: It contains only the required functions as the client needs.
Competitive advantage over its competitors.
It's easier to implement since it's built around the companies business process.
Keeping long run goals in mind, Custom Software is more favorable for the company's business environment.Disadvantages: High development costs.
It provides valuable information on the type, procedure, application, and region in the market.
This can be attributed to the benefits of internal neuromodulation technologies, such as reductions in post-surgical complications and length of hospital stay, as well as long-term cost savings associated with the use of internal neuromodulation devices.
Based on type, the External Neuromodulation is segmented into transcutaneous electrical nerve stimulation (TENS), transcranial magnetic stimulation (TMS), and respiratory electrical stimulation (RES).
This is mainly due to the higher incidence of chronic disorders, the wide range of applications of these devices, their cost-effectiveness, and the rising demand for non-invasive therapy.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=921 The prominent players in this market include Medtronic (Ireland), Boston Scientific Corporation (US), Abbott (US), and LivaNova (UK), Synapse Biomedical, Inc. (US), Nevro Corporation (US), NeuroSigma (US), NeuroPace (US), Neuronetics (US), and BioControl Medical (Israel).
Medtronic (Ireland) dominated the global neuromodulation market.
