Anatomic Pathology Track and Trace Solutions Market worth $695.7 Million – Global Forecast

Anatomic Pathology Track and Trace Solutions Market

PUNE, India, 2021-Sep-15 — /EPR Network/ — According to the new market research report “Anatomic Pathology Track and Trace Solutions Market by Product (Software, Hardware (Printer & Labeling Systems), Consumables), Technology (Barcode, RFID), Application (Tissue Cassette, Slide Tracking), End User (Hospital Labs) – Global Forecast″, published by MarketsandMarkets™, is projected to reach USD 695.7 million by 2023 from USD 424.2 million in 2018, at a CAGR of 10.4%.

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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.

The software segment accounted for the largest share of the anatomic pathology track and trace solutions market

On the basis of product, segmented into software, hardware, and consumables. In 2017, the software segment accounted for the largest share of the anatomic pathology 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.

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 themarket. The large share of this segment is mainly attributed to its ability to help eliminate labeling errors and maintain optimal patient safety.

The barcode segment accounted for the largest share

On the basis of technology, the anatomic pathology track and trace solutions market is segmented into barcode and radiofrequency identification (RFID). The barcode 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.

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

Geographically, 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 anatomic pathology 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 track and trace solutions 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 market in Asia Pacific.

The key players operating in the global anatomic pathology track and trace solutions market are Thermo Fisher Scientific (US), Leica Biosystems (Germany), General Data Healthcare (US), Ventana Medical Systems (US), Agilent Technologies (US), Sunquest Information Systems (US), Zebra Technologies Corporation (US), Primera Technology (US), Cerebrum Corporation (US), AP Easy Software Solutions (US), and LigoLab (US).