Medical Specimen Tracking System Market To Reach $1,771.24 Million By 2030

Medical Specimen Tracking System Market Growth & Trends

The global medical specimen tracking system market size is expected to reach USD 1,771.24 million by 2030, registering a CAGR of 10.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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.

 Request a free sample copy or view report summary: Medical Specimen Tracking System Market Report

Medical Specimen Tracking System Market Report Highlights

• On the basis of product, the software segment accounted for the largest revenue share of 50.6% in 2023, owing to the increased need for automating the specimen tracking solutions process.

• Based on type, the patient testing segment held the largest revenue share of the global industry in 2023. This growth is attributed to the increased product usage for patient testing purposes to avoid misdiagnosis of the specimen.

• Based on technology, The barcode technology segment dominated the global market in 2023. This growth is attributed to the technological advancements in the use of barcodes and increased adoption in specimen labeling.

• Based on the end-use, the hospitals & clinics segment held the largest revenue share of the global industry in 2023.

• North America medical specimen tracking system market dominated and accounted for a revenue share of 39.4% in 2023. The key factors contributing to this dominance are well-established healthcare providers in the region, the increasing prevalence of chronic diseases leading to a greater need for diagnosis services, and the availability of associated technologies in the industry.

Medical Specimen Tracking System Market Segmentation

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

Medical Specimen Tracking System Product Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Hardware

• Consumables

Medical Specimen Tracking System Technology Outlook (Revenue, USD Million, 2018 - 2030)

• RFID

• Barcode

Medical Specimen Tracking System Type Outlook (Revenue, USD Million, 2018 - 2030)

• Patient Testing

• Clinical Trial Tissue Specimen

Medical Specimen Tracking System End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals & Clinics

• Pathology Laboratories

• Others

Medical Specimen Tracking System Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Medical Specimen Tracking System Market

• RMS Omega

• Peak Technologies (Vision ID)

• GAO Group

• TrakCel

• Kuehne + Nagel (Quick International Courier)

• Cryoport Systems, LLC

• LabConnect

• Taylor Data Systems

• BioIT Solutions

• BROOKS AUTOMATION