Latest Research Report on RFID
blood monitoring systems Market begins with a
deep introduction and then delves broad into specific segments such as raw
material, application, end user, and region, policy study, value chain
structure, and upcoming trends in particular segments or regions. The report on
RFID blood monitoring systems prepare a case for investments in different
regions based on a practical view of their regulatory outline, manufacturing
dynamics, and availability of skills and resources in that region.
RFID blood monitoring
systems Market Report by Material, Application, and Geography – Global Forecast
to 2022 is a professional and in-depth research report on the world’s major
regional RFID blood monitoring systems Market conditions, focusing on the main
regions (North America, Europe and Asia-Pacific) and the main countries (United
States, Germany, united Kingdom, Japan, South Korea and China).
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Industry Insights
The global RFID blood
monitoring systems market size was estimated at USD 104 million in 2014. Rising
demand for efficient management system regarding blood & related products
and growing awareness pertaining to minimize transfusion errors in medical
process are some of the key factors driving RFID blood monitoring systems
market. Rapidly consolidating healthcare sector and increase in volume of blood
& related products inventory is further boosting up the demand for this
technology in healthcare industry.
Technological advancements
in RFID systems will not only provide identification details but also provide
location information on a real time basis, which will further boost demand
among end-users for these devices. Increase in R&D activities for the
development of new management solutions and rising concerns for patient safety
is expected to propel the growth of RFID blood monitoring systems. Growing
adoption of RFID technologies by the hospitals and blood banks particularly in
blood freezers and refrigerators further surges demand for this technology.
Some of the other factors
driving the growth of the market are favorable regulatory policies for the
approval of RFID technologies and rising trend of privatization of healthcare
infrastructure that led to the introduction of modern technologies in the
healthcare settings. In 2013, FDA approved iTrace which is a RFID-based
tracking system that can be used in blood banks systems.
End Use Insights
Blood Banks emerged as the
largest segment and was valued at over USD 85 million in 2014. Increasing need
for patient safety, minimization of transfusion errors & wastage of blood
products are amongst the key factors owing to the growing usage of RFID
technologies in the blood banks. In addition, increasing number of blood banks
and rising inventory of blood and blood products further expected to drive the
demand of RFID technologies in blood banks. RFID technology helps in creating
an efficient supply chain of blood products, right from the collection point to
its delivery to the hospitals or clinical settings.
Regional Insight
North America dominated the
regional segment in 2014 followed by Europe owing to rising number of blood
banks, sophisticated healthcare infrastructure, growing demand for operational
efficiency and favorable government initiatives. Increasing number of funding
for the research activities in RFID technologies attribute to its growth in the
region. Asia pacific region is expected to be the fastest growing segment over
the forecast period. The growth in the region is driven by the factors such as
improved healthcare infrastructure and increased penetration of RFID blood
monitoring system. Low cost of RFID components such as original equipment
manufacturing (OEM) services provided by China offers huge potential of RFID
technologies in Asia pacific market.
Competitive Insights
Few of the key participants
of RFID blood monitoring systems market include, TAGSYS; Wave Mark, Inc.;
LogTag Recorders Ltd.; Solstice Medical LLC; Innerspace; LogiTag Ltd.; Terson
Solutions and Mobile Aspects; Inc.
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