Global Health Care Barcode Technology Market: Snapshot
The increasing level of standardization across hospitals and healthcare centers has given a boost to the global market for health care barcode technology. Barcodes use parallel lines with varied levels of spacing to represent data that can be read with optical objects. Barcodes usually carry information about the object, item, or physical system on which the barcode is emblazoned. In some cases, patches of different colors are enclosed inside a quadrilateral to form a barcode. The advantage of using barcodes is that the information carried by them is unique for each pattern and cannot be accessed without using a programmed device. The healthcare industry is undergoing fundamental changes to anchor safe, agile, and more efficient operational systems. This has necessitated the need to use barcodes across hospitals and healthcare centers for a variety of purposes. Hence, it is projected that the global market for health care barcode technology would attract stupendous demand over the coming years.
In order to delve into the intricacies of the market, the following segments of the global market for health care barcode technology have been studied in the report: application-based, based on type of device, and region-based.
A report produced by Transparency Market Research (TMR) outlines multiple factors that are prognosticated to augment demand within the market. The researchers of the report have cautiously studied the demand drivers within the market and have also documented the restraints that could hamper market growth. Furthermore, the opportunities that could be utilized by the market players to reap a greater market share also form an important section of the report.
Global Health Care Barcode Technology Market: Trends and Opportunities
During the past decade, several international bodies concerned with the healthcare industry have emphasized on eliminating medical errors. Hence, the usage of barcode technology within health care has gained momentum across several regions, which has escalated demand within the global market. Moreover, the time and expenses devoted towards managing patients, documenting data, and collecting information can be substantially reduced by deploying barcode technologies.
Several new drugs have been discovered, and it is impossible to identify and distinguish them without ascertaining a mark or code of distinction on each of them. Hence, barcodes have transcended as a practical approach for identification of drugs which reemphasizes on the relevance of the global market. Medication management involves adhering to the “five rights” during treatment viz. right patient, right medication, right dose, right time, and right route of administration. Scanning of unique barcodes designated for each patient helps the hospital staff in administering proper treatment. This is also an important standpoint that propels demand within the global market for health care barcode.
Some of the non-clinical processes within the healthcare industry such as supply chain management, receiving orders, asset tracking solutions, and inventory control solutions also require the use of barcodes. Hence, the global market is prognosticated to tread along a lucrative growth path in the coming years.
Global Health Care Barcode Technology Market: Regional Outlook
The healthcare sector in North America is characterized by continual advancements and deployment of better technologies. Owing to this factor, the market in North America is expected to surpass all other regional markets in terms of revenue over the coming years. Other key segments include the Middle East and Africa (MEA), Latin America, Western Europe, Asia Pacific (APAC), and Eastern Europe.
Global Health Care Barcode Technology Market: Business Landscape
Some of the key market players are Unitech Electronics Co. Ltd., Novanta Inc., Cognex Corporation, Bluebird Inc., JADAK, Godex International Co., Ltd., Opticon, Axicon Auto Id Ltd., Sato Worldwide, Microscan System, Inc., Honeywell International Inc., Zebra Technologies, Datalogic S.P.A, Toshiba Tec Corporation, and Code Corporation.
Global Health Care Barcode Technology Market: Based on Product Type
- Barcode Scanners
- Charge-coupled devices
- Wand scanners
- Image scanners
- Laser scanners
- Barcode Printers
- Thermal printers
- Laser printers
- Ink-jet printers
- Dot-matrix printers
- Barcode Verifiers
Global Health Care Barcode Technology Market: Based on Application
- Drug identification
- Blood infusion safety
- Specimen collection
- Replenishment ordering
- Supply chain management
- Asset tracking solutions
- Inventory control solutions
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
- 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?
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.