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.
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.
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Medical Specimen Tracking System Market Report Highlights
- 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
Key Companies & 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. For instance, in 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. Some of the key players in the global medical specimen tracking system market include: RMS Omega Technologies, Vision ID, GAO RFID Inc., TrakCel, Quick International Courier, Cryoport Systems, LabConnect, Taylor Data Systems, BioIT Solutions, Brooks Automation
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