Number of pages: 100 | Report Format: PDF | Published date: 15 September, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global RFID blood monitoring systems market was pegged at ~US$ 1.06 billion in 2021 and is expected to witness a CAGR of ~6.9% during the forecast period.
Wireless identification technology called Radio Frequency Identification (RFID) employs radiofrequency electromagnetic waves to transmit data for automatically tracking and identifying tags attached to various items. Tags are most effective for identifying and stealing products. RFID is mostly used in the pharmaceutical and healthcare industries today. As a result, the global healthcare industry has been significantly impacted by RFID technology. RFID technology is expected to dominate the market since it ensures that every patient is treated fairly and receives the benefits they have paid for, which is a concern when it comes to patient safety. The use of RFID blood monitoring systems in the healthcare sector has enormous potential to improve patient security and safety.
The growing use of RFID technologies relevant to patient safety in numerous clinical applications and for systematic management of voluminous clinical data are key industry factors that contribute to its substantial share. Additionally, during the course of the projection period, the use of RFID systems in healthcare is anticipated to increase due to the growing number of security and privacy concerns related to clinical applications. Additionally, the development of sophisticated RFID systems that give users real-time location information in addition to identity details is anticipated to promote market growth over the projection period.
The global RFID blood monitoring systems market has been analyzed form three perspectives by product, end user, and region.
RFID Blood Monitoring System Market by Product
Based on product, the global RFID blood monitoring systems has been segmented into systems & software and tags. The system and software segment dominated the global RFID blood monitoring systems during the forecast period. Systems are used to describe the full RFID Blood Monitoring System, which includes all blood monitoring system components. Each unit of blood is equipped with an electronic tag that records details about the donor and the facility where the blood was tested or stored. Both blood banks and hospitals utilize systems & software to keep track of the flow of donated blood.
RFID Blood Monitoring System Market by End User
Based on end user, the global RFID blood monitoring systems has been segmented into asset tracking, patient tracking, pharmaceutical tracking, blood tracking, and others. The blood tracking segment dominated the market during forecast period. The donated blood that blood banks receive from donors are kept there for later use in hospitals. An electronic tag that is applied to each unit of blood as part of the RFID Blood Monitoring System utilised in this application comprises data on the donor and the facility where the blood was analysed or stored.
RFID Blood Monitoring System Market by Region
Based on region, the global RFID blood monitoring systems has been segmented into North America, Europe, Asia Pacific, Rest of the World. The North America anticipated to dominate the market during forecast period owing to the region's established blood bank infrastructure and growing need for hospital inventory management systems. One of the main causes of the large share of the regional market is the increase in funding for new projects. Moreover, the usage of active RFID tags and the availability of a strong healthcare infrastructure will promise well for the regional expansion. RFID technology will gain more momentum in the US as they enhance hospital care services. However, Europe is anticipated to experience substantial growth, followed by Asia Pacific. One of the main reasons for the region's rapid growth is the rising penetration rates of RFID blood monitoring systems and the ever-improving healthcare infrastructure.
Some of the prominent market players in the global RFID blood monitoring systems include,
To expand their product offerings and grow their business, major corporations are focusing on techniques like new-fangled product promotions and expansions, advances, contracts, and collaborations. They have also added cutting-edge technology to tags and gateways, which are currently promoting the expansion of the RFID market.