Anatomic Pathology Track and Trace Solutions Market worth $695.7 Million – Insights and In Depth Analysis of Industry Segments

PUNE, India, 2021-Aug-18 — /EPR Network/ —

The Key Growth Elements in Detailed?

The Anatomic pathology involves the diagnosis of various types of cancer, infectious diseases, and medical conditions through the examination of cells and tissue samples, which are collected from patients through biopsy. The track and trace solutions are used to keep track of a specimen’s journey throughout the testing process. Barcode and RFID technology is used for labeling and identification of assets in anatomic pathology laboratories. The implementation of track & trace solutions and technologies are increasingly adopted by anatomic pathologists to reduce errors related to the manual labeling process.

Worldwide Growth Opportunities in Terms of Revenue:

The Anatomic Pathology Track and Trace Solutions Market is projected to reach USD 695.7 million by 2023 from USD 424.2 million in 2018, at a CAGR of 10.4%.

The Factors such as increasing volume of diagnostic tests performed in anatomic pathology laboratories, increasing number of legal cases around cancer misdiagnosis, benefits of automated labeling solutions, increasing consolidations among anatomic pathology laboratories, and increasing adoption of automated systems to enhance efficiency at laboratories are driving the growth of the anatomic pathology track and trace solutions market.

On the other hand, the high cost associated with the implementation of track and trace solutions in anatomic pathology laboratories is expected to restrain the growth of this market during the forecast period.

The software segment accounted for the largest share of the anatomic pathology market

On the basis of product, the anatomic pathology track and trace solutions market is segmented into software, hardware, and consumables. In 2017, the software segment accounted for the largest share of the track and trace solutions market. The growth of this segment is mainly driven by the growing need to automate the sample labeling process to reduce manual errors, increasing focus on improving the efficiency of anatomic laboratories, growing adoption of cloud-based LIMS, and rising workload in anatomic pathological laboratories.

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The slides tracking segment accounted for the largest share

Based on application, the anatomic pathology track and trace solutions market is segmented into slides tracking, tissue cassettes and blocks tracking, and specimen tracking. In 2017, the slides tracking segment accounted for the largest share of the market. The large share of this segment is mainly attributed to its ability to help eliminate labeling errors and maintain optimal patient safety.

The bar-code segment accounted for the largest share

On the basis of technology, the anatomic pathology track and trace solutions market is segmented into barcode and radio frequency identification (RFID). The bar-code segment accounted for the largest market share in 2017. The large share of this segment is attributed to the increased adoption of barcode systems in anatomic pathology laboratories for accurate specimen identification. However, the RFID segment is projected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the increasing adoption of this technology by large chain pathological laboratories due to the advantages offered by RFID systems such as increased data storage and higher reader throughput, as compared to barcode systems.

The hospital laboratories segment accounted for the largest share

On the basis of end user, the anatomic pathology track and trace solutions market is segmented into hospital laboratories, independent and reference laboratories, and other end users (contract research organizations, government-funded medical laboratories, and research institutes). In 2017, the hospital laboratories were the largest end users of anatomic pathology track and trace solutions .The growth of this segment can be attributed to the increasing number of cancer diagnostic tests performed in hospital laboratories, growing number of in-house clinical diagnostic procedures in hospitals, increasing number of hospitals across the globe, and the increasing availability of reimbursement coverage for hospital-based diagnostic tests across developed countries.

Regional Growth, Development and Demand Analysis:

Asia Pacific is expected to account for the highest CAGR for players operating in the anatomic pathology market

Geographically; the anatomic pathology track and trace solutions market is broadly segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America accounted for the largest share of the market, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa.The Asia Pacific region is projected to register the highest growth rate in the anatomic pathology market during the forecast period. The presence of emerging economies such as China, India, and Japan; improving standard of living; growing demand for quality medical care; increasing healthcare spending; government initiatives; rising awareness about the use of anatomic pathology tests among physicians; and growth in the demand for cancer diagnostics are driving the growth of the track and trace solutions market in the Asia Pacific.

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