Global RFID Blood Monitoring Systems Market to reach US$ 218.4 Million by 2032; uptake to be maximum across Blood Banks: FMI Report
As per a recently concluded study by Future Market Insights, the RFID blood monitoring systems market is expected to reach US$ 218.4 Million by 2032, up from US$ 112.0 Million in 2022, expanding at a high CAGR of 6.9%. Constant R&D initiatives pertaining to the development of novel inventory management solutions and rising demand for minimization of clerical errors are key factors attributing to high market growth during the analysis period.
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RFID blood monitoring systems have several advantages over conventional blood tracking and monitoring methods such as barcodes and manual efforts, which is a major factor driving demand for RFID blood monitoring systems across the globe. Moreover, the adopted testing protocol enables the assessment of performances of RFID devices in processes of the blood supply chain, as it is developed to emulate critical logistics processes.
Technological advancements in RFID systems especially in RFID tags, which are based on nano and micro technologies and can hold vast amounts of data is another factor projected to propel growth of the global market over the forecast period. Moreover, a major rising trend witnessed in the global market is increasing adoption of RFID blood monitoring systems by blood banks and hospitals in developed and in some developing economies across the globe, which in turn is anticipated to propel growth of the global market during the forecast period.
Key Takeaways from the Market Study
- Global RFID blood monitoring systems market to reach US$ 112 Million by 2022
- U.S to account for the highest value share of US$ 76.1 Million by 2032, growing at a 7.2% CAGR
- From 2015 to 2021, RFID blood monitoring systems sales expanded at a CAGR of 7%
- By end use, blood banks constitute bulk of RFID blood monitoring systems deployment, surging at a 6.3% CAGR
- China to present significant growth opportunity, yielding a dollar opportunity worth over US$ 7 Million
“Increasing adoption of RFID in the healthcare industry especially the use of RFID blood refrigerators and freezers in hospitals and blood banks is anticipated to propel the industry growth over the forecast period,” remarks an FMI analyst.
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Competitive Landscape
Players in the global RFID blood monitoring systems market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In September 2021, the Scottish National Blood Transfusion Service (SNBTS), the specialist provider of transfusion medicine in Scotland implemented the biolog-id blood inventory devices to optimize the management of its blood products. Through this deployment, biolog-id’s cutting-edge technology will streamline the complex inventory and distribution processes of the red blood cells to distant sites, enhancing the visibility and management of those lifesaving products between the Scottish blood center and each remote blood bank.
- In September 2021, SATO, a global pioneer in the development of auto-ID and labeling solutions, launched a new UHF RFID direct thermal wristband for identification, verification and tracking of patients in hospitals. SATO has designed this wristband for comfort and optimal reads within hospital location systems. SATO addresses these key concerns with a high-performance UHF RFID wristband and its best-in-class compact 4-inch printer — the CT4-LX UHF. These can be integrated into a complete ID and tracking system with third party readers and antennas.
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More about the RFID Blood Monitoring Systems Market Report
Future Market Insights offers an unbiased analysis of the global RFID Blood Monitoring Systems Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032.
The market is segmented on the basis of product (systems and tags), and end use (blood banks and hospital blood centers) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts
About FMI:
Future Market Insights (ESOMAR certified 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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