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Medical Specimen Tracking Systems Market Analysis: $1.53 Billion by 2029 With a CAGR of 7.4%
Medical Specimen Tracking Systems
Medical Specimen Tracking Systems Market Value Projection: How Much Will the Market Size by 2025?
The market size of medical specimen tracking systems has seen substantial growth in the past few years. It is projected to expand from $1.06 billion in 2024 to $1.15 billion in 2025, with an impressive compound annual growth rate (CAGR) of 7.7%. The significant growth in the historical period is due to the rising need for precise diagnostic testing, expansion in laboratory automation, development of hospital infrastructure, growing instances of medical errors, and an upsurge in clinical trial volumes.
What Will Be the Market Growth Forecat for Medical Specimen Tracking Systems in 2029?
In the upcoming years, a robust growth is anticipated in the medical specimen tracking systems market. Predictions indicate an expansion to $1.53 billion by 2029, heralding a compound annual growth rate (CAGR) of 7.4%. This projected growth during the forecast period can be traced back to various factors, such as increasing rates of admission in hospitals, a surge in the number of surgical operations, a rising focus on precision medicine, a growing dependence on manual specimen tracking methods, and a surge in pathology labs. Forecast period trends include technological innovation, enhancements in mobile-enabled specimen tracking, superior integration with electronic health records, the advent of temperature-sensitive tracking systems, progress in real-time location monitoring, and improvements in automation of chain-of-custody processes.
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What Are the Core Competitive Drivers in the Medical Specimen Tracking Systems Industry?
The rise in focus towards precision medicine is anticipated to boost the medical specimen tracking systems market growth in the future. Precision medicine caters to disease prevention and treatment tailored to an individual's genetic information, environment, and lifestyle. The surge in precision medicine is a result of the increase in accessibility to genomic data, allowing healthcare providers to create targeted treatments based on a person's unique genetic constitution, leading to better care. Medical specimen tracking systems aid precision medicine by ensuring accurate and prompt management of biological samples, facilitating trustworthy diagnostic data for custom treatment strategies. For example, in February 2024, as per the Personalized Medicine Coalition, an American hospital and healthcare organization, in 2023, the FDA approved 16 newly personalized treatments for patients with rare diseases, an increment from six in 2022. Hence, the increased concentration on precision medicine is fuelling the expansion of the medical specimen tracking systems market.
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Which Medical Specimen Tracking Systems Market Segment Is Projected to See the Fastest Growth?
The medical specimen tracking systems market covered in this report is segmented -
1) By Product: Software, Hardware, Consumables
2) By Type: Patient Testing, Clinical Trial, Tissue Specimen
3) By Technology: Radio Frequency Identification, Barcode
4) By Application: Diagnostics, Biobanking, Research And Clinical Trials
5) By End User: Hospitals And Clinics, Pathology Laboratories, Other End Users
Subsegments:
1) By Software: Laboratory Information Management Systems, Specimen Tracking Applications, Barcode and Radio Frequency Identification Integration Software, Data Analytics and Reporting Tools, Cloud-based Tracking Platforms
2) By Hardware: Barcode Printers, Barcode Scanners, Radio Frequency Identification Readers, Labeling Systems, Mobile Tracking Devices, Workstations and Monitors
3) By Consumables: Radio Frequency Identification Tags, Barcode Labels, Sample Containers and Vials, Labeling Ribbons and Inks, Temperature-Control Packaging Supplies
Which Trends Are Opening New Opportunities in the Medical Specimen Tracking Systems Market?
Major corporations functioning in the domain of medical specimen tracking systems are zeroing in on introducing technological improvements like cloud-based digital solutions. Their primary aim is to bolster specimen traceability, curtail mistakes, and upgrade the overall efficiency of laboratory processes across various healthcare settings. A cloud-based digital solution represents a tech tool that facilitates remote data access and management, and operational handling via internet-based platforms. For instance, F. Hoffmann-La Roche AG, a major pharmaceutical firm based out of Switzerland, unveiled Navify Sample Tracking in May 2023. It is a digital tool specifically designed to assist laboratories comprehensively track patient samples during the diagnostic procedure. The system augments transparency and traceability, aids in error reduction, enhances turnaround times, and makes communication more efficient between healthcare providers and labs. Navify Sample Tracking also synchronizes impeccably with existing lab setups, hence offering real-time status updates and adjustable warnings, thereby amping up operational efficiency and ensuring patient safety.
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Who Are the Leaders in the Medical Specimen Tracking Systems Market?
Major companies operating in the medical specimen tracking systems market are Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, Zebra Technologies Corporation, Brooks Automation Inc., Cryoport Systems LLC, Peak Technologies Inc., LabWare Inc., LabConnect LLC, Orchard Software Corporation, STARLIMS Corporation, LabLynx Inc., RMS Omega Technologies Group Inc., CrelioHealth, BSI Life Sciences, OpenSpecimen, GAO Group Inc., Taylor Data Systems Inc., NovoPath LLC, Comp Pro Med Inc., Specimen Track LLC
Which Regional Medical Specimen Tracking Systems Markets Offer the Greatest Growth Potential?
North America was the largest region in the medical specimen tracking systems market in 2024. The regions covered in the medical specimen tracking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Americas +1 310-496-7795,
Asia +44 7882 955267 & +91 8897263534,
Europe +44 7882 955267
Email: saumyas@tbrc.info
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