Track and Trace Solutions Market

Antares Vision (Italy), Optel Vision (Canada), and TraceLink (US) are Prominent Players in the Track and Trace Solutions Market

The track and trace solutions market is expected to reach USD 3.93 Billion by 2023 from USD 1.65 Billion in 2018, at a CAGR of 18.9%. Rapid growth in the geriatric population and related increase in the number of lifestyle diseases, growing medical devices and pharmaceutical market across the globe, and stringent government regulations for the implementation of serialization are the factors contributing to the growth of this market.

The track and trace solutions market is fragmented with presence of several small to medium sized companies in the market. Antares Vision (Italy), Optel Vision (Canada), and TraceLink (US) are the major players in this market. In the past three years, a majority of the top players adopted product launches, agreements, partnerships, collaborations, geographic expansions, and acquisitions as their key growth strategies. In the last three years, Agreements, partnerships, and collaborations were the most adopted strategy by key market players to combine their proprietary technologies in order to create strong platforms for future growth, develop new applications, increase the number of shareholders, and to seek opportunities in untapped markets.

Antares Vision is a leading player in the track & trace solutions market. The company offers a comprehensive portfolio for track and trace solutions, widely used by pharmaceutical companies for primary and secondary packaging across the globe. Its track and trace solutions include products for serialization, aggregation, and a flexible software suite. The company has a large installed base for its serialization and aggregation solutions across the world which enabled the company to garner a significant share in the global track and trace solutions market. The company mainly focuses on expansions, product launches, and partnerships to maintain its position in the market. The company has a strong presence across the globe through 8 company sites and 30 local partners. The company’s extensive R&D activities for new product development and its increasing focus on the establishment of new manufacturing sites offer significant growth opportunities in the future. In addition, continuous product innovation and technological advancement allows the company to offer cutting-edge solutions aligned with manufacturing and regulatory requirements. The company also delivers after-sales systems designed to provide customers with full long-term support.

Optel Vision is one of the leading players in the track and trace hardware market. This can be attributed to its highly diversified track and trace product portfolio, which includes track & trace and serialization solutions for pharmaceutical and medical device companies. Under its Fast Series brand, the company offers advanced solutions in compliance with country wise regulations. The company focuses on increasing its presence in this market through continuous R&D to provide technologically advanced products to its customers. The company has a well-established presence across the globe including North America, Europe, Asia, and Latin America with additional manufacturing facilities in Ireland, India, and Brazil. The company mainly focuses on product development to enhance its presence in the track and trace solutions market. For instance, in March 2017, the company launched Fast Series, a line of preconfigured track & trace products. Optel Vision also focuses on expansion as their business strategy. The company expanded its production facility in Quebec City and in India during 2016 as well as opened a new manufacturing facility in Brazil in May 2017.

Related Reports:

Track and Trace Solutions Market by Type (Plant Manager, Checkweigher, Barcode Scanner, Monitoring), Technology (2d Barcode, RFID), Application (Serialization, Aggregations, Reporting), End User (Pharmaceutical, Medical Devices) - Global Forecast to 2023

Mr. Rohan
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Report Code
HIT 4597
Published ON
Jan, 2018
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