Currently I am using UR10. My process is as below:
Product cylinder with "unique code" on it > Pick it up > Tilt and drop the product on testing apparatus tray > Place it back  > perform the testing.

This "unique code" is basically ID of that product. Picture attached,

Hi @Sarbdeep, 

Unfortunately, the camera won't be able to recognize the unique code in a reliable way. Character recognition isn't supported.  
You would need a bigger unique feature to get a good detection with the camera. 

Hi @Sarbdeep,

I can add that, even with 1D bar code reading technology, you will only get limited positionning accuracy. Indeed, the barcode "y" coordinate would vary between its top and bottom while the x-coordinate would be located more precisely near its center.

@David_Gariepy Thanks for adding. Need your help little bit. Can you make me understand what can I do for bigger unique feature in order to get good detection. I am Ok to do changes on my end. I Just need camera to detct the object and pick the same.

@Sarbdeep
How many different parts do you need to detect? 
If you don't have many I would probably use circle/rectangle/square of different size as it would be easy to teach using parametric method
Regards. 

@David_Gariepy, I want to detect a circular part made up of Clear Polycarbonate material (as marked below). There are atleast 5-6 such similar parts on table. Positions of these circular parts would be little scattered (uniformly) on a table from where it need to be picked-up and placed one above the other.

Thanks.

@Sarbdeep
Did you try using the parametric method to teach the circle? Transparent objects are difficult to teach but depending on lighting condition and background you might be able to correctly locate these parts. 
Otherwise, as I said a square or round sticker would be easy to detect.