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.
Major factor hampering growth of the global RFID blood monitoring systems market are availability of substitutes such as bar coding systems. These bar coding systems incur low installation and maintenance costs compared to RFID systems. Technological advancements such as cloud based services and Internet of Things (IoT) enable easy access to information from multiple devices and are expected to propel new opportunities for RFID technology in healthcare sector which will further boost the market growth over next six years.
On basis of product type, the global RFID blood monitoring systems market is segmented into RFID systems and RFID tags. On basis of end-users, the global RFID blood monitoring systems market is segmented into blood banks, hospitals, and research labs. On basis of region, the global mobile security market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America accounts for highest share in terms of revenue contribution and is expected to register a CAGR of X.X% during the forecast period. this growth is attributed to presence of developed blood banks and increasing funding for new and advanced inventory management systems. Europe holds second position. Among other regions, Asia Pacific is expected to witness significant growth in terms of revenue generation during the forecast period.
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.