Medical Specimen Tracking System Market Size Worth $1.77 Billion By 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 1, 2022 /PRNewswire/ -- The global medical specimen tracking system market size is anticipated to reach USD 1.77 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of 10.3% from 2022 to 2030. The key factors driving the market growth include the technological advancements by market players and increasing product adoption for reducing errors in patient diagnosis. Before the COVID-19 pandemic, the adoption of specimen tracking solutions was less. However, due to the pandemic, the demand for these systems skyrocketed, which positively influenced the market growth. Most market players, such as Labcorp Drug Development, Agilent Technologies, and Thermo Fisher Scientific, experienced positive growth from 2019 to 2020 in their segment-specific revenues as well as annual revenues.
Key Insights & Findings from the report:
- On the basis of product, the software segment dominated the market in 2021 due to the increased number of market players dealing in a specimen tracking software
- The patient testing type segment accounted for the maximum revenue share of the global market in 2021
- This growth was attributed to the increased product adoption for patient testing purposes
- Rising technological advancements contributed to the dominant share of the barcode segment in 2021, within the technology segment
- The pathology laboratories end-user segment is estimated to record the fastest growth rate from 2022 to 2030
- This growth can be credited to the growing automation of pathology laboratories and rising product adoption in these labs
Read 150 page market research report, "Medical Specimen Tracking System Market Size, Share & Trends Analysis Report By Product (Software, Consumables), By Technology (Barcode, RFID), By Type, By End User, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
For instance, Labcorp Drug Development experienced 21% growth and Thermo Fisher Scientific experienced 26.1% growth from 2019 to 2020. On the other hand, Zebra Technologies Corp. experienced a decline of 3.6% in its Asset, Intelligence, & Tracking segment's revenue and a 0.8% decline in its annual revenue from 2019 to 2020. Therefore, the overall market was not negatively impacted due to the pandemic. Using barcoding and tracking systems for specimen testing decreases the incidence of errors. According to GA International, the adoption of a medical specimen tracking system reduced the number of errors from 11 to 14 slides out of 10,000 to 0-1 out of 10,000 in the Department of Pathology, University Hospitals Case Medical Center, Cleveland, Ohio.
The study also demonstrated that a 62% reduction in case misidentification was reported in Henry Ford Hospital, Detroit, Michigan, U.S. These factors are anticipated to increase the product adoption, thereby boosting the market growth. Many companies specializing in medical specimen tracking systems hold a significant share of the market. Key players are involved in increasing their market share through R&D, product launches, geographical expansions, partnerships, and other strategies. For example, in November 2020, TrakCel completed the proof-of-concept phase for its technology integration with U.K. NHS partners. The project is part of the development of the MW-ATTC initiative and is funded by the U.K.'s public innovation agency to facilitate the integration of orchestration software into pan-national healthcare IT systems.
Grand View Research has segmented the global medical specimen tracking system market on the basis of product, technology, type, end user, and region:
- Medical Specimen Tracking System Product Outlook (Revenue, USD Million, 2017 - 2030)
- Medical Specimen Tracking System Technology Outlook (Revenue, USD Million, 2017 - 2030)
- Medical Specimen Tracking System Type Outlook (Revenue, USD Million, 2017 - 2030)
- Patient Testing
- Clinical Trial Tissue Specimen
- Medical Specimen Tracking System End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Hospitals & Clinics
- Pathology Laboratories
- Medical Specimen Tracking System Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of the Medical Specimen Tracking System Market
- RMS Omega Technologies
- Vision ID
- GAO RFID Inc.
- Quick International Courier
- Cryoport Systems, LLC
- Taylor Data Systems, Inc.
- BioIT Solutions
- Brooks Automation, Inc.
Check out more studies from Grand View Research's report portfolio related to the Global Healthcare IT Industry:
- Laboratory Information Management System Market – The global laboratory information management system market size was valued at USD 1.85 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2022 to 2030. Technological advancements pertinent to pharmaceutical laboratories and the rising demand for lab automation are expected to fuel the demand.
- Digital Pathology Market – The global digital pathology market size was valued at USD 926.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030. Increased focus on improving workflow efficiency and demand for faster diagnostic tools for chronic diseases, such as cancer, have been key factors driving the market.
- Laboratory Informatics Market – The global laboratory informatics market size was valued at USD 3.21 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. An increase in demand for laboratory automation is expected to fuel the adoption in the coming years.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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