RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market is Poised to Exhibit a CAGR of 22.80% between 2013 and 2019
The RFID blood monitoring technology used to track and manage inventory of blood and blood products has gained immense significance across hospitals and blood bands. The advent of RFID blood monitoring systems has made a considerable impact on the global healthcare industry, which is a chief driver of the global RFID blood monitoring systems market. These systems help reducing human efforts and common errors in control and maintenance of healthcare documents and inventory. They also assist in patient management, which has helped the market gain significant impetus in the last few years.
The rising incidence of blood disorders and the subsequently increasing need for therapeutic blood transfusion have fuelled the demand for blood and blood products around the world. The simultaneous rise in overall aging population requiring blood transfusion has steered rise in the need of inventory managements.
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Spurred by these factors, the global RFID blood monitoring systems market is poised to exhibit a CAGR of 22.80% between 2013 and 2019. At this whopping pace, the market’s valuation is expected to reach US$174.2 mn by the end of 2019 from US$40.9 mn in 2012. As hospitals and healthcare organizations are always in the lookout for technologies that ensure maximum patient satisfaction with minimum blood transfusion errors, the demand for RFID blood monitoring systems is likely to considerably augment over the course of the forecast period.
Need for Improved Patient Safety to Fuel Demand for RFID Blood Refrigerators and Freezers
By system, the market for RFID blood refrigerators and freezers is pacing at a significantly high pace. In 2011, the segment was valued at US$32.8 mn, however, over the course of the forecast period the segment is likely to exhibit double-digit growth. The healthcare industry on being one of the most regulated industries is required to cohere with compliance criteria at every stage of product management. RFID blood monitoring systems have potential of providing seamless healthcare services and improving patient safety for the increasing pool of patients worldwide. These systems ensure efficiency inventory management thereby reducing the chances of any human errors, they increase labor efficiency and offer benefits of overall automation.
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Driven by these factors the demand for RFID refrigerators and freezers is expected to surge in hospital blood centers and blood banks. Despite being at a nascent stage, with rising acceptance the segment is likely to exhibit strong growth in the near future. Furthermore, market players providing RFID blood refrigerators and freezers manufacture novel solutions as well as provide retrofitting of conventional refrigerators. This is a key factor impelling growth across the segment and the overall RFID blood monitoring systems market.
Sophisticated Healthcare Infrastructure Responsible for North America’s Dominance
Regionally, the global blood monitoring systems market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Among these regions, North America emerged dominant in the global market as it showcased a higher acceptance of RFID tracking technology across major industries besides hospitals. In addition, the region being at the fore of technological advancements boasts a sophisticated healthcare infrastructure, which also gets substantially funded by healthcare organizations. The deployment of RFID blood monitoring systems is considerably high in North America. Besides this, the market is also witnessing rising demand in countries across Asia Pacific, Latin America, and the Middle East.
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Some of the leading companies operating in the global RFID blood monitoring systems market are Terso Solutions, Magellan Technologies, and Biolog ID.
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