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Global RFID Blood Monitoring Systems Market: Snapshot

The RFID blood monitoring technology used to track and manage inventory of blood and blood products has gained immense significance across hospitals and blood bands. The advent of RFID blood monitoring systems has made a considerable impact on the global healthcare industry, which is a chief driver of the global RFID blood monitoring systems market. These systems help reducing human efforts and common errors in control and maintenance of healthcare documents and inventory. They also assist in patient management, which has helped the market gain significant impetus in the last few years.

The rising incidence of blood disorders and the subsequently increasing need for therapeutic blood transfusion have fuelled the demand for blood and blood products around the world. The simultaneous rise in overall aging population requiring blood transfusion has steered rise in the need of inventory managements.

Spurred by these factors, the global RFID blood monitoring systems market is poised to exhibit a CAGR of 22.80% between 2013 and 2019. At this whopping pace, the market’s valuation is expected to reach US$174.2 mn by the end of 2019 from US$40.9 mn in 2012. As hospitals and healthcare organizations are always in the lookout for technologies that ensure maximum patient satisfaction with minimum blood transfusion errors, the demand for RFID blood monitoring systems is likely to considerably augment over the course of the forecast period.

Need for Improved Patient Safety to Fuel Demand for RFID Blood Refrigerators and Freezers

By system, the market for RFID blood refrigerators and freezers is pacing at a significantly high pace. In 2011, the segment was valued at US$32.8 mn, however, over the course of the forecast period the segment is likely to exhibit double-digit growth. The healthcare industry on being one of the most regulated industries is required to cohere with compliance criteria at every stage of product management. RFID blood monitoring systems have potential of providing seamless healthcare services and improving patient safety for the increasing pool of patients worldwide. These systems ensure efficiency inventory management thereby reducing the chances of any human errors, they increase labor efficiency and offer benefits of overall automation.

Driven by these factors the demand for RFID refrigerators and freezers is expected to surge in hospital blood centers and blood banks. Despite being at a nascent stage, with rising acceptance the segment is likely to exhibit strong growth in the near future. Furthermore, market players providing RFID blood refrigerators and freezers manufacture novel solutions as well as provide retrofitting of conventional refrigerators. This is a key factor impelling growth across the segment and the overall RFID blood monitoring systems market.

Sophisticated Healthcare Infrastructure Responsible for North America’s Dominance

Regionally, the global blood monitoring systems market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Among these regions, North America emerged dominant in the global market as it showcased a higher acceptance of RFID tracking technology across major industries besides hospitals. In addition, the region being at the fore of technological advancements boasts a sophisticated healthcare infrastructure, which also gets substantially funded by healthcare organizations. The deployment of RFID blood monitoring systems is considerably high in North America. Besides this, the market is also witnessing rising demand in countries across Asia Pacific, Latin America, and the Middle East.

Some of the leading companies operating in the global RFID blood monitoring systems market are Terso Solutions, Magellan Technologies, and Biolog ID.

 
Radio frequency identification or RFID, is a technology that enables the wireless transfer of data via electromagnetic fields. RFID tags, which contain electronically-stored information, can be used for tracking objects. The healthcare industry is now becoming aware of the various uses of RFID, especially as a means to prevent human error and promote overall efficiency in the tracking and monitoring of products and devices. The report on the RFID blood monitoring systems primarily studies freezers and blood refrigerators that are typically deployed in hospitals and blood banks.
 
The report analyzes the RFID blood refrigerators and freezers market on the basis of both volume and revenue from sales. The key end-users considered for these valuations are blood banks and hospitals. The sales revenue and volume is calculated basis average selling price of RFID blood freezers and refrigerators. These prices have been obtained from sources such as expert interviews, device manufacturers and journals.
 
The report comprises a detailed analysis of the market dynamics such as drivers, restraints, and opportunities. In-depth analysis is carried out for all major geographical markets in the global RFID blood monitoring systems market. These include: North America, Europe, Asia Pacific, and Rest of the World. The regulatory status of each of these markets is discussed in a separate section.
 
Overall, the report on the global RFID blood monitoring systems market is a valuable resource for both new and established market players. It will serve as a decision-making tool thanks to its pool of accurate and useful data. 
 
Overview of the RFID Blood Monitoring Systems Market
 
RFID refrigerators serve many needs in hospitals, blood banks, and diagnostic laboratories, and research institutions. Storing and accurately tracking blood samples becomes far more efficient and time-saving when RFID refrigerators and freezers are used. As this trendline progresses, it is expected that manual tracking of blood samples will gradually become obsolete and RFID blood monitoring systems will eventually take over. 
 
A sharp focus on reducing errors during blood storage and transfusion has create a lucrative opportunity for companies manufacturing and selling RFID blood monitoring systems (blood freezers and refrigerators). As more hospitals and blood banks become aware about the availability of RFID-enabled blood storage cabinets and refrigerators, they also show more willingness to invest in them. Most hospitals customarily use bar coded tracking systems as well as note-taking systems. If errors continue to persist despite the implementation of these systems, it creates a white space that companies in the RFID blood monitoring systems market can fill.
 
In developing regions, the divestments by public healthcare organizations will boost the demand for state-of-the-art blood monitoring and tracking systems, which private healthcare establishments are ready to invest in. Despite these push factors, the high costs of investing in RFID technology means that not all organizations show the same degree of readiness; this a major pull factor in the global RFID blood monitoring systems market. 
 
Nevertheless, penetration rates of RFID blood monitoring systems are still low in the overall healthcare industry, and this represents a space that can be monetized effectively. When companies plan their strategies, it is recommend that they do so in close compliance with the latest global standards.
 
Companies Profiled
 
Currently, there are a handful of companies that rake in the lion’s share of revenues in the global RFID blood monitoring systems market, freezers, and refrigerators market. Companies that lead include: Biolog ID, Magellan Technologies, and Terso Solutions. With the FDA having recently given its stamp of approval for RFID-enabled blood tracking systems, the market will receive an impetus.
 
The global RFID blood refrigerators and freezers market is segmented as follows:
 
RFID Blood Refrigerators and Freezers Market, by Geography
  • North America
    • Hospital blood centers
    • Blood banks
  • Europe
    • Hospital blood centers
    • Blood banks
  • Asia-Pacific
    • Hospital blood centers
    • Blood banks
  • Rest of the World (RoW)
    • Hospital blood centers
    • Blood banks

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

 
Chapter 1 Introduction
1.1 Report Description
1.2 Research Methodology
      1.2.1 Sources
               1.2.1.1 Secondary Research
               1.2.1.2 Primary Research
1.3 Assumptions
1.4 List of Abbreviations
 
Chapter 2 Executive Summary
2.1 RFID Blood Refrigerators and Freezers Market, by Geography, 2012 (USD Million)
2.2 RFID Blood Refrigerators and Freezers Market Volume, by Geography, 2012 (Units)
 
Chapter 3 Market Overview
3.1 Market Trends and Future Outlook
3.2 Drivers
      3.2.1 Need to Efficiently Manage Blood and Blood Products Inventory and Ensure Minimum Blood Transfusion Errors
      3.2.2 Increase in the Demand for RFID-Enabled Refrigerators and Cabinets
3.3 Restraints
      3.3.1 Reluctance Pertaining to Adoption of RFID Systems
      3.3.2 High Cost of RFID Technology
3.4 Opportunities
      3.4.1 Low Penetration Rate of RFID-Enabled Tracking Solutions in Healthcare Industry
      3.4.2 Manufacturing Blood Tracking Solutions in Conformity With Global Standards
3.5 Market Attractiveness Analysis: Global RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market, by Geography, 2012
3.6 Regulatory Status for Using RFID: Presence of Governing Bodies and Their Roles, by Geography
      3.6.1 North America
      3.6.2 Europe
      3.6.3 Asia-Pacific
      3.6.4 Rest of the World
3.7 Growth in Tracking Medical Equipment, Pharmaceuticals and Other Hospital Supplies, Current Trends and Future Perspective
      3.7.1 Comparative Analysis: Global Market for RFID in Healthcare, by Applications, 2012 & 2019 (value %)
      3.7.2 Asset Management and Tracking
      3.7.3 Patient Tracking
      3.7.4 Pharmaceuticals Tracking
      3.7.5 Blood Monitoring
 
Chapter 4 Global RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market
4.1 Overview
      4.1.1 Global RFID Blood Refrigerators and Freezers Market, by Geography, 2011 – 2019 (USD Million)
      4.1.2 Global RFID Blood Refrigerators and Freezers Market Volume, by Geography, 2011 – 2019 (Units)
 
Chapter 5 RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market, By Geography
5.1 Overview
5.2 Comparative Analysis: Global RFID Blood Monitoring Systems Market, By Geography, 2012 & 2019 (Value %)
5.3 North America
      5.3.1 North America RFID Blood Refrigerators and Freezers Market, 2011 – 2019 (USD Million)
      5.3.2 RFID Blood Refrigerators and Freezers
              5.3.2.1 Hospital Blood Centers
                         5.3.2.1.1 North America RFID Blood Refrigerators and Freezers Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
                         5.3.2.2 Blood Banks
                         5.3.2.2.1 North America RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
      5.3.3 Non-RFID blood freezers and fridges
              5.3.3.1 Hospital Blood Centers
                         5.3.3.1.1 North America Non-RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
            5.3.3.2 Blood Banks
                       5.3.3.2.1 North America Non-RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
      5.3.4 List of Major Blood Banks and Hospital Blood Centers in North America
5.4 Europe
      5.4.1 Europe RFID Blood Refrigerators and Freezers Market, 2011 – 2019 (USD Million)
      5.4.2 RFID Blood Refrigerators and Freezers
              5.4.2.1 Hospital Blood Centers
                         5.4.2.1.1 Europe RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
              5.4.2.2 Blood Banks
                         5.4.2.2.1 Europe RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
     5.4.3 Non-RFID blood freezers and fridges (volume)
              5.4.3.1 Hospital Blood Centers
                          5.4.3.1.1 Europe Non-RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
              5.4.3.2 Blood Banks
                         5.4.3.2.1 Europe Non-RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
      5.4.1 List of Major Blood Banks and Hospital Blood Centers in Europe
5.6 Asia-Pacific
      5.6.1 Asia-Pacific RFID Blood Refrigerators and Freezers Market, 2011 – 2019 (USD Million)
      5.6.2 RFID Blood Refrigerators and Freezers
               5.6.2.1 Hospital Blood Centers
               5.6.2.2 Asia-Pacific RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
               5.6.2.3 Blood Banks
               5.6.2.4 Asia-Pacific RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
      5.6.3 Non-RFID Blood Refrigerators and Freezers
               5.6.3.1 Hospital Blood Centers
                           5.6.3.1.1 Asia-Pacific Non-RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
               5.6.3.2 Blood Banks
                           5.6.3.2.1 Asia-Pacific Non-RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
      5.6.4 List of Major Blood Banks and Hospital Blood Centers in Asia-Pacific
5.7 Rest of the World
      5.7.1 RoW RFID Blood Refrigerators and Freezers Market, 2011 – 2019 (USD Million)
      5.7.2 RFID blood Refrigerators and Freezers
              5.7.2.1 Hospital Blood Centers
              5.7.2.2 RoW RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
              5.7.2.3 Blood Banks
              5.7.2.4 RoW RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
      5.7.3 Non-RFID blood refrigerators and freezers
              5.7.3.1 Hospital Blood Centers
                         5.7.3.1.1 RoW Non-RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
              5.7.3.2 Blood Banks
                          5.7.3.2.1 RoW Non-RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
       5.7.4 List of Major Blood Banks and Hospital Blood Centers in RoW
 
Chapter 6 Competitive Landscape and Recommendations
6.1 List of Major Manufacturers, by Geography
6.2 Market strategy for success
 
Chapter 7 Company Profiles
7.1 Champion Medical Technologies
       7.1.1 Company Overview
       7.1.2 Financial Overview
       7.1.3 Strategic Overview
       7.1.4 Product Portfolio
       7.1.5 Recent Developments
7.2 LPIT Solutions, Inc.
       7.2.1 Company Overview
       7.2.2 Strategic Overview
       7.2.3 Financial Overview
       7.2.4 Product Portfolio
       7.2.5 Recent Developments
7.3 Magellan Technology Pty. Ltd.
       7.3.1 Company Overview
       7.3.2 Strategic Overview
       7.3.3 Financial Overview
       7.3.4 Product Portfolio
       7.3.5 Recent Developments
7.4 RURO, Inc.
       7.4.1 Company Overview
       7.4.2 Strategic Overview
       7.4.3 Financial Overview
       7.4.4 Product Portfolio
       7.4.5 Recent Developments
7.5 SysLogic, Inc.
       7.5.1 Company Overview
       7.5.2 Strategic Overview
       7.5.3 Financial Overview
       7.5.4 Product Portfolio
       7.5.5 Recent Developments
7.6 Terso Solutions, Inc.
       7.6.1 Company Overview
       7.6.3 Financial Overview
       7.6.4 Product Portfolio
       7.6.5 Recent Developments
7.7 ThingMagic, Inc.
       7.7.1 Company Overview
       7.7.2 Strategic Overview
       7.7.3 Financial Overview
       7.7.4 Product Portfolio
       7.7.5 Recent Developments
List of Tables
 
TABLE 1 Snapshot: Global RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market
TABLE 2 Global RFID Blood Refrigerators and Freezers Market, by Geography, 2011 – 2019 (USD Million)
TABLE 3 Global RFID Blood Refrigerators and Freezers Market Volume, by Geography, 2011 – 2019 (Units)
TABLE 4 North America Blood Refrigerators and Freezers Market Volume, 2011 – 2019 (Units)
TABLE 5 North America Non-RFID Blood Refrigerators and Freezers Market Volume, 2011 – 2019 (Units)
TABLE 6 Europe RFID Blood Refrigerators and Freezers Market Volume, 2011 – 2019 (Units)
TABLE 7 Europe Non-RFID Blood Refrigerators and Freezers Market Volume, 2011 – 2019 (Units)
TABLE 8 Asia-Pacific Blood Refrigerators and Freezers Market Volume, 2011 – 2019 (Units)
TABLE 9 Asia-Pacific Non-RFID Blood Refrigerators and Freezers Market Volume, 2011 – 2019 (Units)
TABLE 10 RoW Blood Refrigerators and Freezers Market Volume, 2011 – 2019 (Units)
TABLE 11 RoW Non-RFID Blood Refrigerators and Freezers Market Volume, 2011 – 2019 (Units)
List of Figures
 
FIG. 1 RFID Blood Refrigerators and Freezers Market, by Geography, 2012 (USD Million)
FIG. 2 RFID Blood Refrigerators and Freezers Market Volume, by Geography, 2012 (Units)
FIG. 3 Market Attractiveness Analysis: Global RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market, By Geography, 2012
FIG. 4 Comparative Analysis: Global Market for RFID in Healthcare, By Applications, 2012 & 2019 (Value %)
FIG. 5 Comparative Analysis: Global RFID Blood monitoring systems Market, By Geography, 2012 & 2019 (Value %)
FIG. 6 North America RFID Blood Refrigerators and Freezers Market, 2011 – 2019 (USD Million)
FIG. 7 North America RFID Blood Refrigerators and Freezers Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
FIG. 8 North America RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
FIG. 9 North America Non-RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
FIG. 10 North America Non-RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
FIG. 11 Europe RFID Blood Refrigerators and Freezers Market, 2011 – 2019 (USD Million)
FIG. 12 Europe RFID Blood Refrigerators and Freezers Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
FIG. 13 Europe RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
FIG. 14 Europe Non-RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
FIG. 15 Europe Non-RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
FIG. 16 Asia-Pacific RFID Blood Refrigerators and Freezers Market, 2011 – 2019 (USD Million)
FIG. 17 Asia-Pacific RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
FIG. 18 Asia-Pacific RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
FIG. 19 Asia-Pacific Non-RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
FIG. 20 Asia-Pacific Non-RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
FIG. 21 RoW RFID Blood Refrigerators and Freezers Market, 2011 – 2019 (USD Million)
FIG. 22 RoW RFID Blood Refrigerators and Freezers Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
FIG. 23 RoW RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)
FIG. 24 RoW Non-RFID Blood Refrigerators and Freezers in Hospital Blood Centers Market Volume, 2011 – 2019 (Units)
FIG. 25 RoW Non-RFID Blood Refrigerators and Freezers in Blood Banks Market Volume, 2011 – 2019 (Units)

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