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14-Feb-2019

RFID Blood Monitoring Systems Market Size to Reach US$ 900 Mn in 2026 Latest Research By MarketResearch.Biz

Blood monitoring helps in keeping track and control of inventory of blood samples and blood related products in hospitals, blood banks, and other clinical settings. Radio-frequency identification (RFID) is a technology that uses electromagnetic field or radio waves to automatically track and identify tags attached to objects, these tags contain electronically stored information related to object. Hence use of RFID technology in blood monitoring systems helps in easy monitoring of blood samples, to keep track of inventory, and high-speed processing of samples without mix-ups and errors.

The global RFID blood monitoring systems market is projected to reach a value of over US$ 900 Mn in 2026 at a CAGR of 23.2% over the forecast period. The report also offers insightful and detailed information regarding the various key players operating in the global RFID blood monitoring systems market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.

Major factors driving growth of the global RFID blood monitoring systems market are minimization of blood transfusion errors and minimal wastage of blood products. In addition, constant initiatives towards development of efficient inventory management systems, and need to minimize clerical errors are other factors fueling growth of the global RFID blood monitoring systems market. Furthermore, privatization of healthcare infrastructure has led to increasing demand for modern services and technologies owing to rising adoption of RFID technology in healthcare sector which in turn driving growth of the RFID blood monitoring systems market globally.

The global RFID blood monitoring systems market is segmented on the basis of product type, end-user, and region. On the basis of region, the global RFID blood monitoring systems market into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

On the basis of product type segmentation, RFID systems segment is estimated to account for major revenue share in the global market and is projected to register a CAGR of around 23.0% over the forecast period. This can be attributed to increasing use of RFID systems as they provide an end-to-end solution for end users.

The hospitals segment is projected to account for second-highest revenue share contribution in the global market, and register a CAGR of around 23.0% over the forecast period. This can be attributed to increasing adoption of RFID technologies in hospitals for various applications especially, to monitor use of blood and blood products.

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The Europe market for RFID blood monitoring systems is expected to account for second-highest revenue share in the global market, with an estimated value of US$ 37.5 million in 2017. This is attributed to increasing adoption of RFID blood monitoring systems and presence of high number of hospitals and blood banks in countries in the region.

Key players in the global RFID blood monitoring systems market includes Biolog-id, Mediware Information System, Honeywell, Terso Solutions, Log Tag, Nordic ID, TAGSY RFID, Solstice Medical LLC, LogiTag, Stanley Innerspace, and other prominent players.

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Last Updated: 14-Feb-2019