Barcode Technology Helps Track Medical Device Inventory amidst COVID-19 Outbreak

Hospitals are using the barcode technology to track the inventory of medical devices amidst the ongoing COVID-19 (coronavirus) outbreak. Since healthcare facilities in Brazil, India, Russia, and the U.S. are overwhelmed with the growing number of active COVID-19 cases, companies in the barcode readers market are helping healthcare workers manage their supplies and capital equipment with the help of the barcode technology. There is a rising need for structured data to manage the medical devices inventory, which is being made possible with the help of barcode readers. Even the National Health Service (NHS) in the U.K. is recommending the barcode technology to optimize patient safety amidst the pandemic.

Medical device suppliers are preparing product data in order to adhere to the procurement contract standards set by government health service organizations. Hence, manufacturers in the barcode readers market are helping these suppliers to have a structured data in place.

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Proliferation of AR Sparks Innovation in Hands-free Scanners with Digital Eyewear

Hands-free scanners with digital eyewear have become a game changer for end users in retail and logistics sectors. Scandit - a provider of barcode scanning software and technology solutions has introduced wearable devices equipped with barcode scanning and helps deliver real-time feedback that helps users to upgrade their business operations. Innovative wearable devices are contributing toward favorable growth of the barcode readers market, where the market is projected to reach US$ 10.1 Bn by 2030.

The proliferation of augmented reality in digital eyewear barcode readers is revolutionizing the product scanning technology. Wearable scanning devices hold promising potentials in replacing expensive hardware OEM scan engines. Simple and fast software integration is the key to turn any device with a camera into a powerful barcode reader.

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Innovative Use of Barcode Technology in Recycling Bolsters Market Growth

The barcode technology is being used in several end markets such as healthcare, government, manufacturing, business, etc. Barcodes are an ever-changing technology, which is being used in innovative ways such as in recycling, shopping, and even rainforest logging. The New York-based non-profit organization Recyclebank is increasing its efforts to apply barcodes on recycling bins to reward individuals with incentives-based recycling. Thus, companies in the barcode readers market can eye opportunities in everyday green initiatives to broaden their revenue streams.

In the Republic of Liberia, illegal logging of rainforest trees is a serious issue. Hence, manufacturers in the barcode readers market are increasing their production capabilities to produce wireless devices that can help manage the growing concerns in Liberia. The manufacturers are collaborating with local authorities in Liberia to establish a national timber-tracking system that tracks the cutting of every harvested tree and log right from its origin to its final destination.

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Barcode versus QR Code, RFID, and NFC: Which is better?

The RFID, BLE, NFC and GPS technologies are acquiring prominence in retail activities. This is explains why the global barcode readers market is estimated to register a modest CAGR of ~4% during the forecast period. On the other hand, QR (Quick Response) code scanning is possible with the help of smartphones to encode versatile data such as numeric and binary data. In order to address this stiff competition, companies in the barcode readers market are focusing more on software integration in devices so that scanning is possible using any smart device.

The RFID automatically collects data by reducing human error, while BLE is cost-efficient as compared to RFID. However, barcode is a universal technology, which will take several years to become obsolete.

2D Image-based Barcode Readers Aid in High-speed Sorting Applications

High-speed sorting applications have fueled the demand for barcode readers. Datalogic Group - a specialist in automatic data capture and process automation, has announced the launch of the AV500™ imager, a unique 2D image-based barcode reader meant for high-speed sorting applications. The demand for 2D image-based barcode readers is soaring in the retail e-Commerce sector, airport baggage handling, and parcel/postal sortation. Manufacturers in the barcode readers market are developing devices that cover all conveyor sizes and static reading applications.

Secure and fast sorting of objects with different and irregular dimensions is being achieved with the help of 2D image-based barcode readers. Companies in the barcode readers market are introducing innovative optical and dynamic autofocus technology in image-based barcode devices for use in demanding applications of customers in e-Commerce business and at airports.

Real-time Visibility of Supply Chains Improve Bottom Lines in Automotive Industry

Real-time visibility is becoming increasingly important in managing supply chain processes. Bar Code India - a provider of advanced business intelligence (BI) tools, has pioneered the art and science of real-time visibility in managing supply chain processes with the combination of software and hardware solutions. Companies in the barcode readers market are leveraging incremental opportunities in the automotive, chemical, FMCG, and electronics industries to boost market growth. Intelligent barcode readers help to improve bottom lines in various industrial sectors.

With larger ambitions fueled by new technologies of automatic identification and data capture (AIDC), manufacturers in the barcode readers market are leveraging the advantages of RFID technologies to offer traceability solutions across verticals. Asset, vendor, and dealer management is streamlined with the presence of barcoding and RFID technologies. Barcode readers help to successfully handle billions of transactions catering to warehouse management and accommodates millions of connected devices.

Analysts’ Viewpoint

Apart from hands-free scanning devices, companies in the barcode readers market are eyeing opportunities to develop mobile scanning apps that help healthcare workers to scan barcodes of COVID-19 test samples with the help of any smart device. 2D image-based barcode readers are a game changer in the field of high-speed sorting applications. However, traditional barcode readers only store a small amount of data, which creates a problem in maintaining a centralized database. Hence, companies should combine software and hardware technologies to help users maintain a structured data of inventories. Digital eyewear devices are delivering cost benefits to users in the retail and logistics sectors, as users are adopting enterprise-grade software solutions.

Barcode Readers Market: Overview

  • The global barcode readers market is expected to expand at a CAGR of ~4% during the forecast period, primarily driven by growing usage of barcode readers across the healthcare sector and increasing demand for handheld barcode readers
  • The barcode readers market is expected to be valued at US$ 6.9 Bn in 2020 and reach US$ 10.1 Bn by 2030     
  • In terms of form factor, the fixed barcode readers segment is anticipated to account for notable share as compared to the other form factors of the barcode readers market   
  • Based on type, wired barcode readers is set to dominate the market during the forecast period, whereas wireless barcode readers is expected to be the fastest growing segment during the forecast period
  • North America remains a prominent market for barcode readers globally, and the market in the region is expected to be valued at US$ 2,698.3 Mn by the end of 2020
  • The barcode readers market report provides analysis of the market for the period 2018 - 2030, wherein 2019 is the base year, 2020 is the estimated year and 2020 to 2030 is the forecast period. Data for 2018 has been included as historical information.
  • In this report, we analyze the growth drivers that enhance the value of the barcode readers market and various opportunities prevailing in the market
  • Providers of barcode readers are focused on developing innovative solutions to serve specific requirements of end users, which is expected to drive the market in the upcoming years

North America Barcode Readers Market Snapshot

  • Key countries that significantly contribute to growth of the barcode readers market in North America are the U.S., Canada, and Mexico. The U.S. witnesses increasing emphasis on inventory control management across industries such as retail, and warehouse, thus driving the barcode readers market in the U.S.

Key Drivers of Barcode Readers Market

  • Growing usage of barcode readers across healthcare sector: Barcode readers/ scanners are being progressively used in diverse aspects across the healthcare sector. Tracking of patient information or records is now becoming sophisticated, along with the rectification of probable errors with the implementation of barcode readers/scanners. It also reduces drug-related errors across the healthcare sector.

As per the Institute of Medicine of the National Academies (IMNA), several medical errors occur in hospitals/clinics related to improper medication of patients, which results in wrong diagnosis causing loss of life. According to IMNA, nearly 51% of prescription errors can be resolved by using barcode readers/scanners. Therefore, healthcare organizations are shifting toward computer recommended databases to feed the related information of a patient.

Hence, growing usage of barcode readers across the healthcare sector is expected to fuel the growth of the barcode readers/scanners market worldwide

  • Increasing demand for handheld barcode readers: Handheld barcode readers/ scanners enable optimum utilization via inventory management and asset tracking. Handheld barcode readers/scanners are generally compact and lightweight that makes them appropriate to cover huge areas in locations such as warehouses. Handheld barcode readers/scanners are quite affordable as compared to fixed barcode readers/scanners. Handheld barcode readers/scanners are broadly adopted by retailing giants such as Carrefour, Wal-Mart Stores, Tesco, and Metro.

Handheld barcode readers/scanners are flexible; they can read or scan one-dimensional barcodes and two-dimensional barcodes. The device enables businesses to save on maintenance cost. Even small-size enterprises can easily afford to adopt and upgrade to a modern asset & inventory management system due to low cost of the device.

Key Restraints of Barcode Readers Market

  • Availability of Substitutes such as RFID Readers: RFID-based barcode readers is one of the best alternatives to replace barcode readers. Both barcode and RFID technology are two methods that are often used for inventory tracking, asset tracking, etc. RFID readers are cost-effective as compared to barcode readers. RFID readers can automatically collect data and it can read multiple tags at a time to increase operational efficiency. Additionally, RFID readers also can read as well as write data, whereas barcode readers read data only. Therefore, the availability of substitutes such as RFID readers is one of the major restraints in the barcode readers market.

Barcode Readers Market: Competition Landscape

  • In January 2020, KOAMTAC Inc., partnered with Honeywell International Inc. to enhance the performance of its barcode scanner by including a barcode decoder via the SwiftDecoderTM app
  • In December 2019, Datalogic S.p.A launched its new 2D image-based barcode reader "AV500," specifically for end users such as retail and healthcare. The technology integrates image processing and vision systems that enable shoppers to easily and quickly execute transactions.  

Barcode Readers Market: Company Profile Snapshot

  • Zebra Technologies Corporation: Zebra Technologies is a prominent player in the automatic identification and data capture (barcode readers) market. The company provides wide-ranging solutions such as data capture, mobile computing, RFID, and barcode scanners, along with other automation products and services. The company designs, manufactures, and sells printers for high-quality labels, tickets, wristbands, plastic cards, and receipts.
  • Datalogic S.p.A: Datalogic S.p.A is a leading designer and producer of vision and laser marking systems, measurement and safety systems, mobile computers, and barcode readers and sensors. Major industry verticals served by the company include healthcare, transportation & logistics, manufacturing, and retail.
  • Honeywell International Inc.: Honeywell International Inc. invents, designs, and produces technologies to address some of the critical challenges faced by organizations such as productivity, energy, and safety and security. Honeywell is a technology manufacturing company that serves various industries, including electronics, advanced materials, petrochemicals, home automation, aerospace & defense, transportation, and energy & utilities.
  • SATO Holdings Corporation: SATO, a Japan-based company, develops data collection systems & labeling, based on Auto-ID technology that helps end users to collect & manage data on people and goods movement. Under its label printing solutions segment, the company provides OEM print engines, barcode readers, thermal & RFID printers, label design software, printer accessories, thermal transfer ribbons, and labels.

Barcode Readers Market – Scope of the Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global barcode readers market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the barcode readers market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the barcode readers market will progress during the forecast period 2020-2030.

The report offers intricate dynamics about the different aspects of the barcode readers market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the barcode readers market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the barcode readers market, and estimates statistics related to the market progress in terms of value (US$ Mn & Million Units).

The study covers a detailed segmentation of the barcode readers market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the barcode readers market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Barcode Readers Market

The report provides detailed information about the barcode readers market on the basis of a comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the barcode readers industry so as to help them make successful strategies and take target-driven decisions.

  • How are key market players successfully earning revenue out of the advantages of barcode readers?
  • What will be the Y-o-Y growth of the barcode readers market between 2020 and 2030?
  • What are the winning imperatives of market frontrunners in the barcode readers market?
  • Which will be the fastest growing end user segment?

Research Methodology – Barcode Readers Market

The research methodology adopted by analysts to combine the barcode readers market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the barcode readers market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the barcode readers market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the barcode readers market.

Barcode Readers Market – Segmentation

TMR’s research study assesses the barcode readers market on the basis of form factor, type, end user, and region. The report presents the extensive market dynamics and progressive trends associated with different segments and how they are influencing the growth prospects of the barcode readers market.

Form Factor

  • Handheld
  • Fixed

Type

  • Wired
  • Wireless

End User

  • Retail & e-Commerce
  • Transportation & Logistics
  • Warehouse
  • Courier & Postal Services
  • Manufacturing
  • Healthcare
  • Others (Aviation, Port, etc.)

Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • United Arab Emirates
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Barcode Readers Market

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