Top Emerging Trends Of Medical Specimen Tracking System Market Progress Forecast 2030 |Grand View Research, Inc.
Posted by Mrudula Anil Karmarkar on July 19th, 2022
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 2022 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 2022 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 2022 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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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.
Medical Specimen Tracking System Market Report Highlights
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.
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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:
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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