RFID Blood Monitoring Systems Market Size, Share, Growth, Trends and Industry Research Report
by Susan Hill Business ConsultantThe 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.
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.
Access full research report on global RFID
blood monitoring systems market:
www.grandviewresearch.com/industry-analysis/rfid-blood-monitoring-systems-market
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Created on Apr 2nd 2020 02:45. Viewed 321 times.