Anatomic Pathology Track and Trace Solutions Market Growing at a CAGR of 10.4% – Global Forecast

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%.

Research Methodology Adopted:

Top-down and bottom-up approaches were used to validate the size of the anatomic pathology track and trace solutions market and to estimate the size of other dependent submarkets. Various secondary sources, such as the Association of Anatomical Pathology Technology (AAPT), Anatomical Pathology Patient Interest Association, College of American Pathologists, Healthcare Information and Management Systems Society (HIMSS), American Health Information Management Association (AHIMA), American Cancer Society (ACS), GLOBOCAN, Centers for Disease Control and Prevention (CDC), National Institutes of Health (NIH), Cancer Research UK, World Bank, US Food and Drug Administration, American Society for Clinical Pathology, annual reports/SEC filings, investor presentations, press releases, white papers, journals/magazines, and news articles have been used to identify and collect information useful for the study of this market.

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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).

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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 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.

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