Medical Specimen Tracking System Market Size And Landscape Outlook To 2030

Medical Specimen Tracking System Market Growth & Trends

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.

U.S. medical specimen tracking system market size, by product, 2020 - 2030 (USD Million)

Medical Specimen Tracking System Market Segmentation

Grand View Research has segmented the global medical specimen tracking system market on the basis of product, technology, type, end user, and region:

Based on the Product Insights, the market is segmented into Software, Hardware, and Consumables.

  • The software segment is accounted for the largest revenue share of 50.7% in 2021 owing to the increased need for automating the specimen tracking solutions process. On the basis of software, the market has been divided into software, hardware, and consumables. A growing focus on enhancing the efficiency of anatomic laboratories and increasing workload on the pathology laboratories for specimen testing is expected to boost the software segment growth in the years to come. The consumables segment is anticipated to witness the fastest CAGR over the projected period.
  • Consumables include products, such as RFID tags, barcode labs, specimen containers, slides, blocks, transport bags, and tissue cassettes. The growing technological advancements related to RFID as well as barcodes are expected to fuel the segment growth. The hardware segment is also estimated to have significant growth over the forecast period owing to the rising demand for products, such as printers, labeling systems, RFID readers, barcode scanners, and mobile computing systems.

Based on the Technology Insights, the market is segmented into RFID and Barcode.

  • The barcode technology segment accounted for the largest revenue share of more than 75% in 2021. This growth was credited to the technological advancements in barcodes and their increased adoption in the labeling of the specimen. In addition, barcodes are less expensive than RFID tags, which further increases their demand; hence leading to positive growth in the market.
  • The RFID technology segment is anticipated to register the fastest growth rate of more than 9.0% from 2022 to 2030. Radio-frequency identification tags allow real-time data management, which leads to the prevention of theft and loss. In addition, the rising concerns regarding patient safety coupled with the growing research activities for the development of advanced RFID tags for specimen tracking are expected to boost the growth of this segment.

Based on the Type Insights, the market is segmented into Patient Testing and Clinical Trial Tissue Specimen.

  • The patient testing segment accounted for the highest revenue share of more than 62% in 2021. This growth was credited to the increased product usage for patient testing purposes to avoid misdiagnosis of the specimen. In addition, during the pandemic, the tracking systems were increasingly being used for tracking patient samples, which also augmented the segment growth.
  • The clinical trial tissue specimen segment is estimated to witness the fastest growth rate of more than 10.0% over the forecast period. This growth can be attributed to a rise in the number of clinical trials and stringent product approval processes. The increasing awareness levels regarding the importance of bringing perfectly tested products to the market are also anticipated to help augment the segment growth over the forecast period.

Based on the End-user Insights, the market is segmented into Hospitals & Clinics, Pathology Laboratories, Others.

  • The hospitals & clinics end-user segment dominated the global market with a revenue share of more than 41% in 2021. The key factor contributing to the large share of this segment includes a higher volume of patients in hospitals and clinics. In addition, the growing adoption of technologically advanced products in hospitals and clinics is expected to boost the segment growth.
  • The pathology laboratories' end-user segment is anticipated to register the fastest growth rate during the projected period on account of the increasing usage of specimen tracking systems in pathology laboratories. In addition, the rising automation activities in pathology laboratories are expected to boost the segment growth. The others end-user segment, which includes research centers and academic institutes, is also estimated to have significant growth in the years to come.

Medical Specimen Tracking System Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

  • May 2021: TrakCel partnered with BarTender. The company will integrate the BarTender barcode and labeling solution within OCELLOS by TrakCel. OCELLOS has been developed for cell and gene therapy manufacturers.

Key Companies Profile & Market Share Insights

The global market is highly competitive. Key companies deploy strategic initiatives, such as product development and launches, sales & marketing strategies to increase product awareness, regional expansion, and partnerships to gain a higher market share.

Some of the prominent players operating in the global medical specimen tracking system market include,

  • RMS Omega Technologies
  • Vision ID
  • GAO RFID Inc.
  • TrakCel
  • Quick International Courier
  • Cryoport Systems, LLC
  • LabConnect
  • Taylor Data Systems, Inc.
  • BioIT Solutions
  • Brooks Automation, Inc.

Order a free sample PDF of the Medical Specimen Tracking System Market Intelligence Study, published by Grand View Research.

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