The revenue of the Global Patient Identification Wristbands Market Size is anticipated to reach US$ 496.7 million in 2023, rising to US$ 1,038.4 million by 2033. Over the projection period, sales of patient identification wristbands are expected to expand at a substantial CAGR of 7.7%.
Over the last decade, the global healthcare sector has grown dramatically in all areas, including pharmaceutical discovery, research and development, the manufacture of new and improved medical equipment, and technological integration.
For more than a decade, the patient ID wristband has served as confirmation of improved safety standards. Cross-checking records with the patient’s ID wristband details and information is part of the patient identification procedure.
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This is an important step since the patient will be communicating with the appropriate medical team. Using a barcode wristband makes it easier to keep an error-free record.
The health-care industry has made enormous attempts to incorporate technology, including cutting-edge tools, gadgets, and security measures.
Patient identification bracelet manufacturers will find more profitable business opportunities as the healthcare sector’s technological infrastructure improves in efficiency and sophistication.
Local governments all over the world are stepping up their efforts to find low-cost raw materials for the production of patient identification wristbands. This feature alone is likely to give the market a significant boost.
Key Takeaways from Market Study
- Employees are no longer need to manually print labels, peel them from the sheet, and glue them on bands as a result of technological improvements. As a result, it streamlines the entire procedure, which is one of the primary reasons for RFID Patient Identification Wristbands’ 8.2% growth trajectory.
- Hospitals are predicted to expand 7.8% between 2023 and 2033. As the prevalence of chronic illnesses and infections rises, hospitals are expected to experience a significant increase in patient load. They will undoubtedly invest in patient identification wristbands to better patient care, tracking, and management.
- By 2033, the United States will top the global market and generate US$ 357 million in sales. Rapid growth in the region will be fueled by widespread adoption of advanced technology. The market is rising as the emphasis on healthcare research and development increases significantly.
- Germany has grown by US$ 2.7 million during the last decade, with a CAGR of 9.3%. As a result of improved customer awareness, the industry is growing. In addition, government initiatives, an older population, and industry leaders all help to drive market growth.
- China will emerge as the strongest region growing at a CAGR of 8.8%. Rapid socioeconomic advancement has had a significant impact on Chinese culture. The risk of chronic disorders in the country has increased as a result of lifestyle changes, urbanisation, and an ageing population.
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Some of the leading companies operating in the Patient Identification Wristbands Market are
- McKesson Medical-Surgical Inc.
- Thermo Fisher Scientific Inc.
- Brady Worldwide, Inc. (PDC)
- Zebra Technologies Corporation
- Typenex Medical, LLC.
- IdentiSys Inc.
- Comfort Band,LLC
- Medical Limited
- Endur ID Inc.
- Medline
Product launching is the key strategy adopted by the manufacturers
Companies in the Patient Identification Wristbands market are striving to strengthen their positions through new product launches and approvals from both established and emerging market players. The product launch and acquisition accelerate the manufacturer’s strategy for capitalising on market share and capturing a significant market share. The following are some recent examples:
- Covenant Health, based in Massachusetts, and Medline established a $75 million prime vendor alliance in March 2022. The two firms will work together in a three-hospital health system to find new ways to improve patient outcomes and streamline supply chain procedures.
- McKesson Corporation, a worldwide healthcare company, will launch McKesson’s Fast Returns Solution for Health Systems in September 2021. The technology assists hospitals and health systems in collecting more credit for returned prescription pharmaceuticals and over-the-counter products by expediting credit processing and streamlining the returns procedure. This allows workers to devote more attention to patients.
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Patient Identification Wristbands Market By Category
By Product:
- Laser Wristband
- Thermal Wristband
- Alert Wristband
- RFID Wristband
- Write-on Wristband
By Material Type:
- Non-Tear Paper
- Plastics
- Vinyl
- Trilaminate
- Tyvek
- Synthetic
By Closure Type:
- Adhesive
- Permanent Snap
- Plastic Closure
- Adjustable Clasp
- Single-Post Snap
- Hook & Loop
By Age Group:
- Adult
- Pediatric
- Infant
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Rehabilitation Centers
- Long Term Care Centers
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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