Global medical specimen tracking system market size 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.
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