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RFID Blood Monitoring Systems Market Anticipate To Hit CAGR Of 23.2% By 2026

The global RFID blood monitoring systems market is projected to reach a value of over US$ 900 Mn in 2026 at a CAGR of 23.2% over the forecast period.

RFID (radio frequency identification) is a wireless form of communication technology that uses radio frequencies for communicating information and is used to uniquely identify and monitor an object, animal, or person. RFID blood monitoring systems are systems that incorporate RFID technologies to provide accurate tracking and monitoring of blood and blood products in the healthcare industry. As blood and blood products need proper monitoring so as to avoid any consequences from inaccurate administration in patients, these systems are being widely adopted in healthcare facilities across the globe. There are three main types of RFID systems; low frequency (LF), high frequency (HF), and ultra-high frequency (UHF) systems. Frequencies vary greatly based on the country and region.

Global RFID Blood Monitoring Systems Market Dynamics:
RFID blood monitoring systems have several advantages over conventional blood tracking and monitoring methods such as barcodes and manual efforts, which is a major factor driving demand for RFID blood monitoring systems market across the globe. This in turn is a major factor driving growth of the global RFID blood monitoring systems market. In addition, technological advancements in RFID systems especially in RFID tags, which are based on nano and micro technologies and can hold vast amounts of data is another factor projected to propel growth of the global market over the forecast period. However, high costs associated with deployment and use of RFID blood monitoring systems is a major factor hampering growth of the global market. Additionally, security issues related to RFID systems is another factor expected to limit growth of the global RFID blood monitoring market over the forecast period to a significant extent.

Global RFID Blood Monitoring Systems Market Segment Analysis:

Analysis by Product Type:

On the basis of product type segmentation, RFID systems segment is estimated to account for major revenue share in the global market and is projected to register a CAGR of around 23.0% over the forecast period. This can be attributed to increasing use of RFID systems as they provide an end-to-end solution for end users. Also, the RFID systems segment in the global RFID blood monitoring systems market is projected to maintain its dominant revenue contribution in the global market over the forecast period.

Analysis by End User:

Among the end user segments, the blood banks segment accounted for highest revenue share in the global RFID blood monitoring systems market, and is expected to register a CAGR of around 23.0% during the forecast period 2017 & 2026. It is further projected to maintain its dominant revenue contribution over the forecast period, owing to high adoption of RFID blood monitoring systems in blood banks across the globe.

The hospitals segment is projected to account for second-highest revenue share contribution in the global market, and register a CAGR of around 23.0% over the forecast period. This can be attributed to increasing adoption of RFID technologies in hospitals for various applications especially, to monitor use of blood and blood products.

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Analysis by Region:

The market in Asia Pacific is projected to register highest CAGR of around 24.0% over the forecast period, and is expected to be valued around US$ 200.0 Mn in 2026. Increasing number of government initiatives for development of healthcare facilities in emerging economies such as China, Japan, and India and increasing adoption of RFID technologies in various industries are key factors expected to propel growth of the Asia Pacific market over the forecast period.

Moreover, markets in Latin America and Middle East & Africa are also projected to witness moderate growth over the forecast period due to increasing number of advanced healthcare facilities and increasing adoption of technologies in the region.

Key Players:

Biolog ID, S3Edge Inc, Mediware Information System Inc, Terso Solutions Inc, SATO VICINITY PTY LTD., Mobile Aspects Inc, Logi-Tag Systems, Nordic ID, WaveMark, Inc., B Medical Systems S.a r.l., RFID Global Solution Inc


Updated : 2021-09-29 04:53 GMT+08:00