Patient safety is the key focus for healthcare organizations around the world. As a result, they are mobilizing latest technologies to offer safer and improved patient care. Patient identification solutions are therefore rolled out across hospitals and specialty clinics to ensure accuracy in patient identification and administer effective treatment that complement’s with patients’ health requirements.
In a recent report, Future Market Insights (FMI) studies the scope for expansion of the patient identification wristbands market. The report forecasts the market to record a robust expansion at nearly 7.8% CAGR between 2020 and 2030. Besides soaring cases of infection and focus on streamlining hospital management while saving time and cost incurred will drive the market for patient identification wristbands market.
The report sees lucrative prospects for the market in the rising implementation of radio frequency identification tags (RFID) technologies in the healthcare sector. With the uptake of automated identification technologies hospitals and other healthcare institutions are aiming at saving time and cost incurred by providing real-time identification, traceability, temperature, communication, and location data of patients.
Using health information technology to improve patient care has become a top priority for healthcare organizations around the world. Besides this, technologies such as patient identification wristbands promise to up the overall quality of patient care. FMI sees the rising focus on improving the overall quality of services as a key factor driving the market for patient identification wristbands.
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Some of the key takeaways from the report are:
- The market for patient identification wristband was valued at US$ 374.7 Mn in 2019
- North America is forecast to remain a lucrative market, driven by strong demand in the US
- South Asia and East Asia markets are forecast to rise at a higher CAGR
- Market is forecast to remain competitive, thanks to the high degree of fragmentation yet tier one companies are expected to hold sway
- Demand for better managing patient care and monitoring treatment administered amid soaring cases of chronic ailments, patient identification solutions will prove indispensable to healthcare sector
COVID-19 Impact on Patient Identification Wristbands Market
Partial and complete lock down of economies during pandemic crisis has greatly hampered the production of patient identification wristbands. The unprecedented COVID-19 outbreak has yet again brought the fragile pharmaceutical supply chain to the limelight.
Emergency care as well as supply of drugs are hampered during pandemic and so is the production of patient identification wristbands. While operations in the market is expected to remain sluggish, they are forecast to recover amid rising demand from June 2020.
The market is likely to experience short-term negative impact owing supply chain disruptions caused by the pandemic crisis. However, government stimulus to essential services such as healthcare, will help the market stay afloat amid the tumultuous times.
Who is winning?
The presence of several companies has rendered the patient identification market highly fragmented. Competition witnessed in the market is therefore soaring, although majority of share is held by the tier 1 companies. In order to navigate through prevailing competition, most companies are aiming at making a mark overseas. For this, they are adopting strategic collaborations to expand their footprint worldwide and boost their product portfolio.
Some of the companies have even invested in setting up new facilities in the past to gain competitive advantage. For instance, in March 2018, Medline opened a new warehouse in the U.K. to leverage and support their business operation in the country.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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