Published on : Oct 12, 2016
ALBANY, NY, Oct 12, 2016: The report presents an overview of the growth trajectory of the global radio frequency identification (RFID) blood monitoring systems market along with the opportunities present for manufacturers to capitalize on and the trends that are prevalent in the market and are likely to leave an impact on the market in the long run. The study further provides an analysis of the dynamics that are anticipated to drive or restrain the growth of the global RFID blood monitoring systems market over the forecast period. To offer a clear picture of the market, the study provides an outlook of the competitive landscape of the market and the degree of barriers to entry and exit. The key strategies, product portfolio, and share of the leading players in the global RFID blood monitoring systems market has also been highlighted in the report.
According to the report, the deployment of RFID blood monitoring systems is likely to intensify over the forthcoming years owing to innovations in the development of advanced technology for radio frequency identification. As a result of the advent of newer technologies, the adoption RFID blood monitoring is likely to accelerate among hospitals and healthcare centers worldwide.
The study further adds that the global RFID blood monitoring systems market is anticipated to exhibit a 16% CAGR from 2016 to 2020. In comparison to the conventional barcodes, radio frequency identification systems are durable and efficient. Moreover, RFID systems use radio waves for communication and thus direct positioning with the label and scanner is not required in this case. It is being expected that with RIFD systems gaining popularity, they may soon substitute their traditional counterparts.
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The deployment of RFID technology is likely to intensify during blood transfusions due to the benefits offered by them such as high level of efficiency in terms of logistical support and communication within a specified reading range. According to the report, RFID technology is gaining popularity as the data stored in the tags is open for any modification or re-submission as per the convenience of the user. RIFD bar codes are also reusable and enable encryption of the stored information.
The progress of the global RFID blood monitoring systems market can be attributed to the growing requirement to reduce medical waste and improve the efficiency of conventional blood monitoring systems. The use of RFID in healthcare also assists in the tracking of assets and shipments in real time and helps blood banks to save time and reduce medical errors. On the basis of product type, the global RFID blood monitoring systems market was dominated by RFID systems with a share of 58% in 2015.
Region-wise, the market is classified into the Americas, Asia Pacific, the Middle East and Africa, and Europe. The study states that the Americas is likely to lead the market due to the presence of countless blood banks in the U.S. and the deployment of RFID technology in them. The leading companies mentioned in the report are Biolog-id, Mediware Information Systems, SATO Vicinity, S3Edge, and Terso Solutions.
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