Barcode Scanner Market Is Expected To Reach At A CAGR Of Over 7.6% By 2031 – FMI

The market size for barcode scanners is worth US$ 7 billion in 2021, according to recently released data from FMI. Between 2021 and 2031, the market is anticipated to expand at a CAGR of more than 7.6%. Over the course of the assessment period, it is anticipated that the demand for barcode scanners will rise as the healthcare sector expands.

Despite the difficulties caused by the COVID-19 outbreak, there was a quick transition from handheld laser scanning to imaging solutions, which increased the demand for barcode scanners. With a 30%+ value share in 2021, North America will continue to be the market leader. The healthcare industry is cited as a major contributor to the expected positive outlook for barcode scanner demand in North America.

North America to Become Dominant in the Barcode Scanner Market

North America is expected to generate a total incremental opportunity of more than US $1500 Mn between 2021 and 2031.By the end of 2021, it is anticipated that the North American barcode scanner market will hold a greater than 30% value share. Over the course of the forecast period, the region is anticipated to grow at a CAGR of 6.9%.

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By the end of 2021, sales of barcode scanners are anticipated to reach a value of US$140.4 million in the U.S. The market is anticipated to expand significantly during the forecast period, exhibiting high value-high growth.

However, it is anticipated that during the forecast period, the Canadian barcode scanner market will tend toward low-value-high growth. Between 2021 and 2031, Canada is anticipated to offer a total incremental opportunity of more than US$ 240 million.

Although barcoding is widely used worldwide, different technologies and systems are adopted in various regions. In the United States, barcodes were first used in products when one was printed on a pack of chewing gum in the early 1950s.

As far as tracking and recording product information goes, barcoding is now considered standard. High-end barcode scanners have been adopted in North America by a variety of industries. These scanners include stationary, omnidirectional, cordless, rugged, and rugged scanners.

When compared to other technologies used in this area, the growth rate of barcode scanner technologies like CCD and pen-type readers is slower. The creation of specialised barcode scanners for particular uses, such as barcode scanners for use with admission tickets for theme parks and hospitals, is another trend.

Rising Barcode Scanner Application in the Healthcare Sector to Facilitate Growth

Every area of the healthcare industry is using barcode scanners more and more. According to the Institute of Medicine of the National Academies (IMNA), the majority of medical mistakes that occur during a patient’s hospital stay are brought on by improper medication, which is a result of an incorrect diagnosis that results in death. As a result, hospitals now prefer to feed updated patient information into a computer-recommended database.

Every conceivable error can be fixed by using barcode scanners. It becomes simple to keep accurate patient records and lower drug-related errors while a patient is in the hospital. As a result, barcode scanners are now more in demand in North America.

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Barcode Scanning Becoming a Norm in the Retail Sector

In North America, the use of barcode scanners in manufacturing and retail is expanding quickly. One of the best methods for gathering product information is now barcode scanners. Barcodes are used by retailers all over the world to easily track supplies and goods.

Products have barcodes applied to labels, which aid in keeping track of data such as product count, manufacturing date, date of supply to the retailer, selling price, etc. The data is retrieved and tracked when these products are scanned.

This entire procedure, which is finished in a matter of seconds, improves efficiency while reducing errors. This has aided retailers in keeping track of their stock on the shop floor and in the warehouse. All of the products sold by large retailers like Walmart, Carrefour, Costco, and IKEA have barcodes. As a result, the North American market for barcode scanners is expanding.