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 Overview

The medical specimen tracking system market size was valued at USD 739.07 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 10.3% from 2022 to 2030. Favorable government regulations coupled with the rising adoption of specimen tracking systems for reducing errors in patient diagnosis are some of the key drivers of this market. According to Leica BioSystems, around 98,000 people die every year in U.S. hospitals & clinics owing to misdiagnosis. Furthermore, untapped opportunities in various emerging countries are anticipated to provide opportunities for market players to invest in the market. During the COVID-19 pandemic, the adoption of these systems increased owing to quicker as well as correct diagnosis of the samples.

Furthermore, their use was also increased to reduce the misdiagnosis of the disease and to avoid the false positive COVID-19 results. Also, globally, laboratories were challenged by the sudden surge in the sample test numbers, as they had to reliably track the suspected COVID-19 patient swabs to 2D-coded tubes and then to racks of 96 tubes. This also increased the product demand, thereby positively influencing the market growth during the pandemic. Various medical errors are caused due to sampling mislabeling, which leads to patient misdiagnosis. According to Leica Biosystems Nussloch GmbH, about 4 out of every 1,000 surgical specimens lead to patient identification errors.

Also, 2 out of every 1,000 medical reports do not reach the correct patient and 1 out of every 1,000 such cases are affected due to mislabeling. Such medical errors result in the growing demand for medical specimen tracking systems, thereby fueling the market growth. 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.

Product Insights

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. A growing focus on enhancing the efficiency of anatomic laboratories and increasing workload on the pathology laboratories for specimen testing is expected to boost the software segment growth in the years to come. The consumables segment is anticipated to witness the fastest CAGR over the projected period.

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. The hardware segment is also estimated to have significant growth over the forecast period owing to the rising demand for products, such as printers, labeling systems, RFID readers, barcode scanners, and mobile computing systems.

Type Insights

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. This growth was credited to the increased product usage for patient testing purposes to avoid misdiagnosis of the specimen. In addition, during the pandemic, the tracking systems were increasingly being used for tracking patient samples, which also augmented the segment growth.

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. The increasing awareness levels regarding the importance of bringing perfectly tested products to the market are also anticipated to help augment the segment growth over the forecast period.

Technology Insights

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. This growth was credited to the technological advancements in barcodes and their increased adoption in the labeling of the specimen. In addition, barcodes are less expensive than RFID tags, which further increases their demand; hence leading to positive growth in the market.

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. In addition, the rising concerns regarding patient safety coupled with the growing research activities for the development of advanced RFID tags for specimen tracking are expected to boost the growth of this segment.

End-user Insights

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 key factor contributing to the large share of this segment includes a higher volume of patients in hospitals and clinics. In addition, the growing adoption of technologically advanced products in hospitals and clinics is expected to boost the segment growth.

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. The others end-user segment, which includes research centers and academic institutes, is also estimated to have significant growth in the years to come.

Regional Insights

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 growing prevalence of chronic diseases is anticipated to boost the regional market growth over the forecast period. Asia Pacific is estimated to be the fastest-growing regional market over the forecast period.

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 on account of the growing initiatives by healthcare facilities in the region for implementing specimen tracking systems. Latin America is estimated to register the second-fastest CAGR from 2022 to 2030.

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, LLC

• LabConnect

• Taylor Data Systems, Inc.

• BioIT Solutions

• Brooks Automation, Inc.

Medical Specimen Tracking System Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global medical specimen tracking system market report on the basis of product, technology, type, end user, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Software

  • Hardware

  • Consumables

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • RFID

  • Barcode

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Patient Testing

  • Clinical Trial Tissue Specimen

• End-user Outlook (Revenue, USD Million, 2017 - 2030)

  • Hospitals & Clinics

  • Pathology Laboratories

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE