Published Date : Oct 03, 2016
ALBANY, NY, Oct 03, 2016: MarketResearchReports.biz has announced the addition of a new report to its report repository. The report is titled, “Global RFID Blood Monitoring Systems Market 2016-2020.” It provides a detail description of the growth trajectory of the global RFID blood monitoring systems market over the forecast period along with future growth opportunities through which manufacturers can gain.
The study presents an outline of the dynamics that are expected to drive or restrain the progress of the global RFID blood monitoring systems market along with the predominant trends. It further provides information about the projected volume and revenue growth of the market and the degree of barriers to entry and exit. According to the report, with breakthroughs in the technological advancement of radio frequency identification (RFID), the adoption of RFID blood monitoring systems is intensifying in healthcare centers and hospitals across the globe.
The report states that the global RFID blood monitoring systems market is likely to expand at a CAGR of 16% between 2016 and 2020. RFIDs are more efficient and durable as compared to their conventional counterparts as they do not require direct orientation with the scanner and label for communication. It is anticipated that RFIDs will soon replace the traditional 2D and 1D barcodes. The application of RFID technology is rising significantly in blood transfusions as they offer a high level of logistical efficiency in enabling communication within a reading range.
The report further states that the data in the RFID tags can be modified or rewritten as per convenience. Moreover, they are reusable and durable and the information that is stored in them can be encrypted as well. These advantages of RFID technology over conventional barcodes are likely to boost their adoption in blood monitoring. The growth of the global blood monitoring systems market can be credited to the increasing need for the reduction of medical waste and improving the efficiency of blood monitoring systems.
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Manual blood monitoring systems possibly face operational challenges such as slow speed and medical errors. RFID technique helps in tracking shipments and assets in real time by transforming the visibility and supply chain automation of the systems. Furthermore, RFID assists blood banks to save time from the processing stage till storage.
Based on product type, the RFID blood monitoring systems market is classified into RFID tags and RFID systems. RFID systems emerged as the dominant product segment with an approximate share of 58% in the global RFID blood monitoring systems market in 2015. The demand for RFID blood monitoring systems is likely to grow over the next couple of years.
Geographically, the global RFID blood monitoring systems market is segmented into Europe, the Middle East and Africa, Asia Pacific, and the Americas. The report states that the Americas is expected to emerge as the dominant region in terms of adoption of RFID blood monitoring systems owing to the presence of numerous blood banks in the United States and approval of FDA for the use of RFID technology. Some of the leading companies present in the global RFID blood monitoring systems market are Biolog-id, Mediware Information Systems, SATO Vicinity, S3Edge, and Terso Solutions. As there are several established companies present in the market, the competition is likely to intensify over the forthcoming years.
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