The global RFID blood monitoring systems market is expected to reach USD 511.5 million by 2022, according to a new report by Grand View Research Inc. RFID technology enables automation in data collection, identification, classification and tracking items. Key growth factors attributing for its rapid growth include increasing prevalence of chronic diseases such as heart, kidney, lung, liver, and other contagious and non contagious diseases.
RFID tags are attached to blood samples to ensure easy monitoring of the samples in hospitals, blood banks, and diagnostic centers. These RFID tags enable high speed processing of samples without errors and mix-ups. Furthermore, increasing healthcare expenditure, rising demand for preliminary healthcare checkups for early detection and diagnosis are also expected to positively reinforce the market growth in the next seven years.
RFID blood monitoring systems market is segmented on the basis of product into systems and tags. The information stored on the RFID tags is directly scanned and entered into the central data bases. This central data base enables analysis of patient history, type of test performed and the sample used for testing. Technological advancements such as cloud based servers enable easy access to sample information from multiple devices will boost market growth over the next seven years.
RFID blood monitoring systems industry is segmented on the basis of end use as blood banks and hospital blood centers. Blood banks and hospital blood centers are required to have substantial inventory of blood and blood products. RFID tagging is an affordable and systematic inventory management solution for such large scale testing, and storage of blood.
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Further key findings from the report suggest:
- In 2014, North America held majority of market share of over 50% owing to the presence of advanced healthcare infrastructure, high level collaboration between the industry and stake holders. Furthermore, rapid adoption of technological advanced products to improve patient care, diagnostic efficiency by ensuring sample integrity in storage area and testing are amongst key factors positively reinforcing the growth in the next seven years.
- Asia Pacific is expected to be the fastest growing region with a CAGR of 23.2% during the next seven years. Key factors attributing to its rapid growth include economic development in countries such as China, Brazil, India, and South Korea. Increasing disease prevalence rates leading to subsequent rise in blood diagnostics and blood inventory management are expected to boost usage rates of RFID blood monitoring systems and tags over the forecast period.
- Key players in RFID systems and tags market include Wave Mark, Log Tag, Tagsys RFID Group, Terson Solutions, Solstice Medical LLC, Stanley Innerspace, Logi Tag and Mobile ASpects Inc. Furthermore, with the entry of new players, introduction of technologically advanced, and low cost systems is expected to improve competition over the forecast period.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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