Increasing adoption of RFID in the healthcare industry, especially the use of RFID blood refrigerators and freezers in hospitals and blood banks is anticipated to propel the industry growth over the forecast period.
NEWARK, DE / ACCESSWIRE / August 21, 2024 / The global RFID blood monitoring systems market is on a robust growth trajectory, with estimates projecting its value to soar from USD 127.4 million in 2024 to an impressive USD 234.7 million by 2034. This anticipated growth reflects a compound annual growth rate (CAGR) of 6.30% over the forecast period.
In 2023, the revenue generated by RFID blood monitoring systems stood at USD 119.8 million. The market is expected to exhibit a year-over-year (Y-o-Y) growth rate of 6.34% in 2024, highlighting a continued upward trend in demand and adoption of these advanced diagnostic technologies.
RFID blood monitoring systems, known for their precision and efficiency in tracking and managing blood samples, are becoming increasingly integral to modern medical practices. Their enhanced capabilities in improving patient safety and streamlining blood management processes contribute significantly to the overall growth of the Market.
As the healthcare sector continues to embrace innovative technologies, RFID blood monitoring systems are expected to play a crucial role in transforming blood management practices, paving the way for more accurate, reliable, and efficient diagnostic solutions.
Prominent RFID Blood Monitoring Systems Market Drivers
Need for faster Turnaround with regard to Sample Results to enhance RFID Monitoring Uptake
RFID blood monitoring systems have several advantages over conventional blood tracking and monitoring methods such as barcodes which permit faster and more efficient scanning and documentation of blood samples. Moreover, the adopted testing protocol enables the assessment of the performances of RFID devices in processes of the blood supply chain, as it is developed to emulate critical logistics processes.
The testing protocol is designed jointly with hospital personnel involved in everyday operations on blood bags and tubes in order to improve processes, in terms of safety and reliability. This in turn is a major factor driving the growth of the global RFID blood monitoring systems market.
Technological Advancements in RFID Tags to Boost Market Growth
Technological advancements in RFID systems especially in RFID tags, which are based on nano and micro technologies and can hold vast amounts of data are another factor projected to propel the growth of the global market over the forecast period.
A major rising trend witnessed in the global market is the increasing adoption of RFID blood monitoring systems by blood banks and hospitals in developed and some developing economies across the globe, which in turn is anticipated to propel the growth of the global market during the forecast period.
Key Challenges and Restraints affecting the RFID Blood Monitoring Systems Market Growth
Security Concerns to Hamper the Growth of the RFID Blood Monitoring Systems Market
The security concerns, data privacy, and management issues related to RFID systems is a major factor that is expected to limit the growth of the global RFID blood monitoring market over the analysis period to a significant extent.
While designing an RFID system, many parameters lack into account to ensure a primary level of security. Moreover, ensuring a full security system which means keeping the whole system safe and operational, remains a difficult task due to the several sources of attacks and threats that can coexist in parallel in some scenarios.
Full Report URL: https://www.futuremarketinsights.com/reports/rfid-blood-monitoring-systems-market
Key Takeaways RFID Blood Monitoring Systems Market:
Significant Market Growth: The RFID blood monitoring systems market is on track to achieve a 6.34% growth rate in 2024, with revenues expected to reach USD 127.4 million by year-end.
Long-term Growth Projections: Over the next decade, the market is forecasted to more than double in value, reaching USD 234.7 million by 2034, supported by a steady CAGR of 6.30%.
Increased Demand: The growing adoption of RFID technology in blood monitoring systems is driving this market growth, driven by advancements in healthcare technology and increased emphasis on efficient and accurate blood tracking systems.
This upward trajectory highlights the growing importance of RFID technology in the medical field, underscoring its role in enhancing the efficiency and accuracy of blood monitoring processes.
"This advanced technology, pivotal for optimizing blood supply chain management and ensuring precise real-time tracking, is forecasted to dominate the market with an 89.5% share by the end of the forecast period, underscoring its critical role in enhancing operational efficiency and patient safety in healthcare facilities". Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Trends in the RFID Blood Monitoring Systems Market
Rising Digital Footprint in Blood Banks to Reduce Error Margins
The adoption of digital footprints to usher in automation and RFID to extract specimens for centrifugation or directly delivered to an instrument as whole blood is increasing. Moreover, the digital footprint streamlines blood product ordering and establishes logistics for delivery efficiency, ensuring the right blood at the right time to the correct location, all while reducing technical manpower and errors.
For hospitals, digital footprints could reduce errors when completing a physician order using AI and RFID for specimen identification and appropriate tracking. Reducing specimen labeling errors and errors of transfusion potential could create significant financial savings through an integrated V2V system. The future for TM within a changing healthcare system depends on defining a digital footprint involving both the supplier and the healthcare provider. These factors are expected to create lucrative opportunities for market growth in the forthcoming years.
Competitive Landscape
Key players in the RFID blood monitoring systems sector are channeling significant resources into creating cutting-edge RFID solutions. Blood product manufacturers are increasingly integrating RFID technology to streamline inventory management and enhance tracking capabilities. Additionally, Market leaders are forming strategic alliances with major stakeholders to expand their market presence and improve regional penetration.
Recent Market Advancements in RFID Blood Monitoring Systems
In March 2024, Mymediset and Terso Solutions unveiled a new collaboration to introduce mymindset LiveSync, an innovative platform designed to transform the oversight of consigned inventory with advanced tracking and management capabilities. In October 2022, Biolog-id launched its state-of-the-art RFID kit, tailored for organizations handling substantial volumes of Red Blood Cells (RBC). This high-definition kit has been successfully deployed across various client sites, demonstrating its efficacy in inventory management. Additionally, in September 2021, Biolog-id's Blood Inventory Devices were rolled out at the Scottish National Blood Transfusion Service (SNBTS) in Scotland, significantly enhancing the management of blood products within the organization.
Key Players of RFID Blood Monitoring Systems Market:
Biolog-id
Mediware Information System
Honeywell
Nordic ID
TAGSY RFID
Zebra Technologies Wave Mark
Log Tag
Terso Solutions
RFID Group
Solstice Medical LLC
Key Segments of RFID Blood Monitoring Systems Market
By Product:
In terms of product, the Market is divided into systems and tags.
By End-use:
The Market is classified by end use industries blood banks, and hospital blood centers.
By Region:
Key countries of North America, Latin America, East Asia, South Asia, Western Europe, Eastern Europe, and Middle East and Africa (MEA), have been covered in the report.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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