The global medical specimen tracking system market size was valued at USD 730.07 million in 2020, and is predicted to be worth around USD 1.60 billion by 2030, registering a CAGR of 10.1% during the forecast period 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.
The arrival of specimens on time is very important because delays can lead to a variety of challenges, which jeopardizes customer satisfaction. Not using these systems might result in the delivery of specimens to the wrong lab. Using these systems results in speeding up the productivity of labs. Furthermore, benefits, such as reduction in missing or losing specimens, cost-effectiveness, reduction in turnaround time leading to increased revenue, and improved quality of care, are also some of the factors boosting the market growth.
|Market Size||US$ 1.60 billion by 2030|
|Growth Rate||CAGR of 10.1% From 2022 to 2030|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Technology, Type, End user|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||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|
By Product Analysis
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.
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.
By Type Analysis
On the basis of type, the global market has been bifurcated into patient testing and clinical trial tissue specimen. The patient testing segment accounted for the highest revenue share of more than 62% in 2021.
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.
By Technology Analysis
On the basis of technology, the global market is segmented into barcode and Radio Frequency Identification (RFID) tags. The barcode technology segment accounted for the largest revenue share of more than 75% in 2021.
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.
By End-user Analysis
On the basis of end users, the global market has been segmented into hospitals & clinics, pathology laboratories, and others. The hospitals & clinics end-user segment dominated the global market with a revenue share of more than 41% in 2021.
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.
By Regional Analysis
The market in North America accounted for the maximum revenue share of more than 38% in 2021. The large share of the region can be attributed to the presence of key players, advanced healthcare infrastructure, and an increasing number of pathology laboratories.
The fastest growth of this region can be credited to the rising demand for laboratory automation to tackle the issue of scarcity of laboratory professionals. The market in Europe is anticipated to hold the second-largest position in the global industry by 2030.
RMS Omega Technologies
GAO RFID Inc.
Quick International Courier
Cryoport Systems, LLC
Taylor Data Systems, Inc.
Brooks Automation, Inc.
Clinical Trial Tissue Specimen
Hospitals & Clinics
The medical specimen tracking system market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of medical specimen tracking system market for the base year 2021 and the forecast between 2022 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global medical specimen tracking system market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the medical specimen tracking system market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted medical specimen tracking system market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the medical specimen tracking system capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of medical specimen tracking system by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global medical specimen tracking system market. These figures have been provided in terms of both revenue and volume for the period 2019 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major medical specimen tracking system market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of medical specimen tracking system market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the medical specimen tracking system industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
medical specimen tracking system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to medical specimen tracking system market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of medical specimen tracking system market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new medical specimen tracking system market. These factors have benefited the growth of the global market for medical specimen tracking system. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for medical specimen tracking system. The global market is segmented on the basis of region, application, end-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of medical specimen tracking system are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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