Currently about 150 RFID solution providers and manufacturers are actively running business in the healthcare industry. A majority of these enterprises are domiciled in North America, with businesses across the world. According to a new study by Transparency Market Research (TMR), Champion Medical Technologies, LPIT Solutions, Inc., Magellan Technology Pty. Ltd., RURO, Inc., and SysLogic, Inc. are some of the prominent companies operating in the global blood monitoring systems market.
To sustain their pace of growth, alliances and partnerships with hospital distributors and regional blood banks are explored by established and emerging players alike. The strategy have been popular among companies looking to expand their geographical reach. On the downside, stringent regulations like those prevalent in Brazil inhibiting supplies by foreign enterprises could hamper the market’s gains in the near future.
According to TMR, the global RFID blood monitoring systems market stood at US$40.9 mn in 2012. The market is likely to expand at a CAGR of 22.8% between 2013 and 2019 to reach US$174.2 mn by the end of 2019.
Need for Effectively Managing Blood Product Inventories to Fuel Demand for RFID Blood Monitoring Systems
“The demand for RFID blood monitoring systems is mainly arising from the need to efficiently manage blood product inventories and eliminate the chances of blood transfusion errors,” said a lead TMR analyst. Hence the demand for the systems is expected to rise in response to the surging prevalence of blood disorders, which creates the need for blood transfusion. “Considering the increase in geriatric population, a simultaneous rise in critical life-saving procedures is noted, which has translated into demand for blood transfusion, thus fuelling sales of RFID blood monitoring systems,” observes the TMR report’s author.
Furthermore, the rising applicability of RFID enabled cabinets and refrigerators for storing biological samples such as blood, tissues, and other blood products will fuel demand for RFID blood monitoring systems. With hospitals and clinics worldwide investing in RFID enabled smart refrigerators, the future of the RFID blood monitoring systems market seems quite promising.
Reluctance Regarding Adoption of Advanced Blood Monitoring Systems Could Inhibit Market’s Growth
On the downside, reluctance pertaining to the adoption of blood monitoring systems could hamper the market’s growth to an extent. A majority of hospitals and blood banks across developing countries still use bar coding and note-taking methods of inventory management for blood and tissue samples. Since these systems have been efficiently working across most countries and incur lesser cost, not many hospitals across these nations are inclined on investing in RFID blood monitoring systems.
Besides this, the high cost of RFID technology is also inhibiting its widespread deployment around the world. Not all hospital and laboratories across emerging nations can afford such technologies. This is inhibiting the market’s growth to an extent.
Untapped Opportunities in Healthcare Industry to Give Market Impetus in Forthcoming Years
Nevertheless, the healthcare industry still holds immense opportunities for the RFID solution providers. This is likely to propel the market’s growth in the near future. Additionally, the development of RFID solutions confirming to global standards and that cater to specific requirements of the healthcare industry, is expected to boost the global RFID market in the forthcoming years.
This review is based on findings published by TMR in a report, titled “RFID Blood Monitoring Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”
The global RFID blood monitoring systems market is segmented as:
RFID Blood Refrigerators and Freezers Market, by Geography
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