Press release
Medical Specimen Tracking System Market to Reach $2,471.39 Million by 2034, Growing at a 10.1% CAGR
The medical specimen tracking system market was estimated to be worth USD 948.54 million in 2024, and it is expected to expand at a CAGR of 10.1% during the forecast period, growing from USD 1,039.60 million in 2025 to USD 2,471.39 million by 2034.
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Report Scope
The report focuses on the latest developments, market share, revenue generated, leading companies in the industry, and regional analysis to give a comprehensive picture of the medical specimen tracking system market.
What Are Medical Specimen Tracking Systems?
Accurate and timely tracking of specimens is crucial for ensuring patient safety and the reliability of diagnostic results. A medical specimen tracking system (MSPS) is a system that tracks the movement and status of medical specimens, like blood or tissue samples. SPS aims to streamline the often complex process of handling medical specimens, from collection to analysis and storage. By tracking each sample's journey, SPS minimizes the risk of misidentification, mislabeling, and sample mix-ups, which can lead to inaccurate diagnoses and patient harm.
Market Dynamics
• The increasing need for effective diagnostic methods and strict regulations for specimen management are driving market growth.
• The growing use of sophisticated tracking technologies like RFID and barcode systems is facilitating the process and consequently enhancing the market.
• The rising need for precise diagnostic methods is fueling the expansion of the medical specimen tracking system market.
• Technological advancements and automation are anticipated to drive the adoption of medical specimen tracking systems.
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Competitive Insights
The market for medical specimen tracking systems includes several key companies providing innovative solutions to improve specimen handling in healthcare and research environments. A few of the significant market leaders include:
List of Key Companies in Medical Specimen Tracking System Market
Agilent Technologies
BioIT Solutions
Brooks Automation, Inc.
Cryoport Systems, LLC
GAO RFID Inc.
Kuehne + Nagel (parent company of Quick International Courier)
LabConnect
Labcorp Drug Development
Quick International Courier
RMS Omega Technologies
Taylor Data Systems, Inc.
Thermo Fisher Scientific
TrakCel
Vision ID (now Peak Technologies)
Zebra Technologies Corp.
Medical Specimen Tracking System Industry Developments
• April 2023 - Quick International Courier expanded its operations by opening a new logistics center in Singapore. This facility is designed to support the growing demand for time-critical transportation services in the Asia Pacific region, particularly catering to the pharmaceutical and biotechnology sectors.
• March 2023 - Quick International Courier announced the acquisition of Unitrans International Corporation, a company specializing in temperature-controlled logistics solutions. This acquisition aims to enhance Quick International Courier's capabilities in providing specialized logistics services for the healthcare and life science industries.
Segmental Overview:
Medical Specimen Tracking System Market Segmentation
By Product Outlook
Software
Hardware
Consumables
By Technology Outlook
RFID
Barcode
By Type Outlook
Patient Testing
Clinical Trial
Tissue Specimen
By End Use Outlook
Hospitals & Clinics
Pathology Laboratories
Others
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Regional Analysis
• In 2024, North America held the largest market share. This dominance is mainly attributed to the developed healthcare system, significant uptake of advanced technologies, and rigorous regulatory standards in the region.
• The market for medical specimen tracking systems in Asia Pacific is experiencing rapid expansion, driven by the rising need for diagnostic services and the growth of healthcare infrastructure in the region.
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