RFID Blood Monitoring Systems Market is Estimated To Achieve Steady CAGR Value Of 23.2% By 2026
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. 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.
Major factor 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 another factor 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 which there is rising adoption of RFID technology in healthcare sector which is further driving growth of the market globally.
However, high costs associated with deployment and use of RFID blood monitoring systems is a major factor hampering growth of the global market. Additionally, security issues related to RFID systems is another factor expected to limit growth of the global RFID blood monitoring market over the forecast period to a significant extent. The global RFID blood monitoring systems market report has been segmented on the basis of product type, end user, and region.
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The RFID tags segment is anticipated to register highest CAGR of around 23.0%, as compared to the RFID systems segments in the global RFID blood monitoring systems market. This can be attributed to technological developments in RFID tags and commercial availability of advanced RFID tags that are based on nano chip technologies.
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.
Revenue from the research labs segment is anticipated to grow moderately over the forecast period, and the segment is projected to register a CAGR of around 23.0% over the forecast period.
The market in Asia Pacific is projected to register highest CAGR of around 24.0% over the forecast period, and is expected to be valued around US$ 200.0 Mn in 2026. Increasing number of government initiatives for development of healthcare facilities in emerging economies such as China, Japan, and India and increasing adoption of RFID technologies in various industries are key factors expected to propel growth of the Asia Pacific market over the forecast period.
Moreover, markets in Latin America and Middle East & Africa are also projected to witness moderate growth over the forecast period due to increasing number of advanced healthcare facilities and increasing adoption of technologies in the region.
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Top players in the global RFID blood monitoring systems market are Biolog-id, Mediware Information System, Honeywell, Terso Solutions, Log Tag, Nordic ID, TAGSY RFID, Solstice Medical LLC, LogiTag, Stanley Innerspace, and other prominent players.