Global Medical Specimen Tracking System Market Report 2022-2030: Key Players are Involved in Increasing their Market Share Through R&D, Product Launches, Geographical Expansions, & Partnerships

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Jan 25, 2022, 14:30 ET

DUBLIN, Jan. 25, 2022 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

The global medical specimen tracking system market size is anticipated to reach USD 1.77 billion by 2030

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.

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 Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Medical Specimen Tracking System Market Variables, Trends & Scope

Chapter 4 COVID-19 Impact Analysis

Chapter 5 Medical Specimen Tracking System Market: Segment Analysis, By Product, 2017-2030 (USD Million)

Chapter 6 Medical Specimen Tracking System Market: Segment Analysis, By Type, 2017-2030 (USD Million)

Chapter 7 Medical Specimen Tracking System Market: Segment Analysis, By Technology, 2017-2030 (USD Million)

Chapter 8 Medical Specimen Tracking System Market: Segment Analysis, By End User, 2017-2030 (USD Million)

Chapter 8 Medical Specimen Tracking System Market: Regional Market Analysis 2017-2030 (USD Million)

Chapter 10 Medical Specimen Tracking System Market-Competitive Analysis

Chapter 11 Medical Specimen Tracking System Market-Company Profiles

RMS Omega Technologies
VisionID
GAO RFID Inc.
TrakCel
Quick International Courier
Cryoport Systems, LLC
Lab Connect
Taylor Data Systems, Inc.
BioIT Solutions, Inc.
Brooks Automation, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/kz1rp3

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SOURCE Research and Markets