According to the report published by Transparency Market Research based on “RFID Blood Monitoring Systems
(Blood Refrigerators and Freezers) Market - “Global Industry Analysis, Market Size, Share, Trends, Growth and Forecasts, 2013 - 2019", the global RFID Blood Monitoring Systems Market was valued at USD 40.9 million in 2012 and is expected to grow at a CAGR of 22.8% from 2013 to 2019, to reach an estimated value of USD 174.2 million in 2019.
Radio Frequency Identification (RFID) is a state of the art technology that utilizes electromagnetic fields attached to a tag to identify various objects. These days, RFID technology is an upcoming trend in the healthcare industry, and it is mainly driven due to greater emphasis on patient safety and medical equipment management.
RFID blood freezers and refrigerators are essential devices used in the form of storage, monitoring, tracking, and controlling of blood and related blood products inventory in various blood banks and hospitals across the globe. This report includes the comprehensive studies of the RFID applications in the healthcare and pharmaceutical industry. It also encompasses several market dynamics including the key market players, the drivers, restraints, growth factors, and opportunities currently influencing this industry on a global level.
In addition to the above, the research report also covers the market analysis of sales revenue and volume of RFID blood refrigerators and monitoring systems utilized in blood banks and hospital blood centers based on their average selling price, device manufacturers, authors, journals, and other expert interviews.
The major attributors such as the increasing need for proficient management systems regarding the blood and blood products, and the need to minimize transfusion errors in the medical processes have contributed to the rapid adoption of RFID technology in the healthcare industry. The rising trend of consolidation of healthcare facilities, followed by the increase in the volume of inventory of blood and blood products is considered to be one of the value-driven factors under this subject.
Evidently, hospitals and blood centers are generally concerned about patient safety, minimization of blood transfusion errors, and minimal wastage of blood products at their centers. In that case, any continual occurrence of storage and transfusion errors, despite the implementation of bar-coding and note-taking systems, further enhances and influences the demand for RFID blood tracking solutions in numerous blood banks and hospitals.
Furthermore, privatization of healthcare infrastructure has led to an increased growth in the number of large-scale blood banks and hospitals in several emerging and developing countries. Due to the existence of such number of blood banks across emerging regions, the volume of the devices stored and supplied to and from the blood banks is considerably higher, as compared to hospital blood centers. Blood banks require proficient catering to the transfusion needs of the admitted patients. This phenomenon is advantageous to the RFID blood refrigerators and freezers’ manufacturers who desire to introduce and provide their new products in all these regions, as well as in the global market.
At present, the global market for RFID blood monitoring systems, refrigerators and freezers has a few dominating players in the industry. These include companies such as Biolog ID, Terso Solutions and Magellan technologies. Additionally, the recent FDA approval to the first RFID-enabled blood tracking system will further encourage numerous companies to enter this market and participate in the growing competition.
The market analysis for the RFID blood monitoring systems market is geographically sectioned into four major regions namely; North America, Europe, Asia-Pacific and Rest of the World (RoW). These regions are mapped in terms of value and the sales volume of RFID blood bank refrigerators and freezers set-up in hospital blood and blood bank centers.
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