Medical Specimen Tracking System Market Size Worth $1.77 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, February 1, 2022 /PRNewswire/ — The World Medical Specimen Tracking Systems Market size is provided to reach $1.77 billion by 2030, according to a new report from Grand View Research, Inc.. The market is expected grow at a lucrative CAGR of 10.3% from 2022 to 2030. Major market growth drivers include technological advancements by market players and increasing adoption of products to reduce patient misdiagnosis. Prior to the COVID-19 pandemic, the adoption of sample tracking solutions was lower. However, due to the pandemic, the demand for these systems has skyrocketed, which has positively influenced the growth of the market. Most of the market players such as Labcorp Drug Development, Agilent Technologies, and Thermo Fisher Scientific experienced positive growth from 2019 to 2020 in their segment-specific revenue as well as their annual revenue.
Main information and conclusions of the report:
- On the basis of product, software segment dominated the market in 2021 due to increase in the number of market players dealing with sample tracking software
- Patient test type segment accounted for the maximum revenue share of the global market in 2021
- This growth has been attributed to the increased adoption of products for patient testing purposes.
- Growing advancements in technology contributed to the dominant share of the barcode segment in 2021, within the technology segment
- Pathology lab end-user segment estimated to register fastest growth rate from 2022 to 2030
- This growth can be attributed to the increasing automation of pathology laboratories and the increasing adoption of products in these laboratories.
Read the 150-page market research report, “Medical Specimen Tracking System Market Size, Share, and Trend Analysis Report by Product (Software, Consumables), by Technology (Barcode, RFID), by Type, by End-User, by Region and segment forecast, 2022-2030“, published by Grand View Research.
For example, Labcorp Drug Development grew by 21% and Thermo Fisher Scientific grew by 26.1% from 2019 to 2020. On the other hand, Zebra Technologies Corp. experienced a 3.6% decline in revenue from its Asset, Intelligence, & Tracking segment and a 0.8% decline in annual revenue from 2019 to 2020. As a result, the overall market has not been negatively affected due to the pandemic. Using barcode and tracking systems for sample testing reduces the incidence of errors. According to GA International, the adoption of a medical specimen tracking system reduced the number of errors from 11-14 slides in 10,000 to 0-1 in 10,000 in the Department of Pathology, University Hospitals Case Medical Center, Cleveland, Ohio.
The study also demonstrated that a 62% reduction in misidentification of cases was reported at Henry Ford Hospital, Detroit, Michigan, US These factors are expected to increase the adoption of the product, thereby driving the growth of the market. Many companies specializing in medical sample tracking systems hold a significant share of the market. Key players are involved in increasing their market share through R&D, product launches, geographic expansions, partnerships, and other strategies. For example, in November 2020, TrakCel has completed the proof-of-concept phase for its technology integration with UK NHS partners. The project is part of the development of the MW-ATTC initiative and is funded by the UK’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 systems 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 Prospect (Revenue, USD Million, 2017 – 2030)
- Medical Specimen Tracking System Type Outlook (Revenue, USD Million, 2017 – 2030)
- Patient testing
- Clinical Trial Tissue Sample
- 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
- United Arab Emirates
List of Key Players of Medical Specimen Tracking System Market
- RMS Omega Technologies
- Visual identifier
- GAO RFID Inc.
- Fast international courier
- Cryoport Systems, LLC
- Lab Connect
- Taylor Data Systems, Inc.
- Bioinformatics solutions
- Brooks Automation, Inc.
Discover more studies from Grand View Research’s portfolio of reports related to Global health informatics industry:
- Laboratory Information Management System Market – Global Laboratory Information Management System market size was valued at $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 relevant to pharmaceutical laboratories and growing demand for laboratory automation are expected to fuel demand.
- Digital pathology market – The global digital pathology market size was valued at $926.9 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030. Increased focus on improving workflow efficiency and demand for diagnostic tools faster for chronic diseases, such as cancer, were key factors driving the market.
- Laboratory Computing Market – The global laboratory informatics market size has been valued at $3.21 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. An increase in demand for lab automation is expected to fuel adoption in the coming years.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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