Tuesday, July 14, 2020

RFID Blood Monitoring Systems Market Status and Future Forecasts to 2022


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).


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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