Global RFID Blood Monitoring Systems Market 2016-2020

RFID blood monitoring systems market forecast

Market research analysts at Technavio have predicted that the global RFID blood monitoring systems market will show an impressive growth during the predicted period and post a CAGR of more than 16% by 2020. RFIDs are gradually replacing the use of 1D and 2D barcodes. Barcodes work only when the scanner is placed directly in front of the label and also do not offer durability. Whereas, RFID uses radio waves to communicate and does not require proper orientation of label and scanner. RFID tags are only required to be within the reading range of the reader, which will drive the efficiency of logistics in various applications including blood transfusions. Barcode is a read-only label where the data can never be changed after it is printed. However, in RFID tags, the data can be rewritten or modified as required. Moreover, RFID tags are durable and reusable, and RFID technology is more secure as the information can be encrypted. These advantages of RFID over barcode scanners will be one of the major factors that will increase the RFID blood monitoring systems market size in the coming years.

There is a growing need to reduce medical wastage and to improve the efficiencies of manual blood monitoring systems that normally faces several challenges such as medical errors and slow speed in the process. RFID technology enables transforming the supply chain automation and visibility and also helps shippers to track assets and shipments in real time. Replacing manual scans, RFID helps blood banks to save considerable time in all processes from processing to storage.

Competitive landscape and key vendors

Due to the presence of several well-established international and regional RFID companies, this market appears to be highly fragmented. The increasing demand for the effective monitoring of blood products has induced these vendors to pursue organic growth strategies, which in turn, will fuel the growth of this market. Vendors have started focusing on developing new products that feature improved speeds and accurate monitoring and are also concentrating on launching ultra-high-frequency RFID products to improve the monitoring of blood products. As a result of the increasing adoption of RFID systems among medical institutions, the coming years will witness the introduction of several innovative products in the market. 

The leading vendors in the market are 

• Biolog-id
• Mediware Information Systems
• SATO Vicinity
• S3Edge
• Terso Solutions

The other prominent vendors in the market are Honeywell, LogiTag, Mobile Aspects, Nordic ID, Solstice Medical, Stanley Healthcare, TAGSY RFID, WaveMark, and Zebra Technologies.

Segmentation by product type and analysis of the RFID blood monitoring systems market

• RFID systems
• RFID tags

Based on the RFID blood monitoring systems market analysis, the RFID systems segment accounted for more than 58% of the total share of the market and dominated this industry during 2015. RFID blood monitoring systems offer several advantages such as efficient blood tracking and reduced errors during blood storage and transfusion. Moreover, privatization of the healthcare infrastructure has led to the increase in the number of large-scale blood banks and hospitals in emerging and developing countries, which in turn, will lead to the increase in demand for blood tracking and storage systems.

Geographical segmentation and analysis of the RFID blood monitoring systems market

• Americas
• APAC
• EMEA

According to this market study, the Americas will account for about 54% of the total share of the global RFID blood monitoring systems market by 2020 and will also dominate this market throughout the forecast period. Factors such as the presence of several blood banks and hospitals in the US and the FDA approval on the usage of RFID technology to track the efficiency and safety of blood supply will lead to the increase in adoption of RFID blood monitoring systems in this region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the RFID blood monitoring systems market?
• What are the key market trends impacting the growth of the RFID blood monitoring systems market?
• What are the challenges to market growth?
• Who are the key vendors in the RFID blood monitoring systems market?
• What are the market opportunities and threats faced by the vendors in the RFID blood monitoring systems market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the RFID blood monitoring systems market?

Technavio also offers customization on reports based on specific client requirement.

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