Report: RFID Blood Monitoring System Market to Surpass $175M by 2019 Driven by Efficient Patient Care
Blood transfusion and handling errors can be fatal and costly. This has driven many organizations worldwide to use advanced RFID blood monitoring systems that can help keep such errors in check. Transparency Market Research, in a new report, states that the RFID blood monitoring systems market will also receive a thrust from the demand for ancillary RFID-enabled equipment such as cabinets and refrigerators. The findings of the study are presented in a report titled, ‘RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019.’
According to the report by Transparency Market Research (TMR), the APIs market is fuelled by the rising abbreviated new drug applications and the increasing drug master file filing via Indian companies. The prime opportunity seen in the market is the patent expiry of promising biological drugs. On the other hand, factors such as the stringent European Union regulatory policies will impede the growth of the APIs market in the coming years.
According to the report, the global RFID blood monitoring systems market will rise in valuation to US$174.2 mn by 2019, up from its 2012 valuation of US$40.9 mn. The report is projected to have a compounded annual growth rate (CAGR) of 22.80% CAGR from 2013 through 2019.
RFID blood monitoring has made the tracking, stocking, and management of blood and blood products several times more efficient. This has garnered the interest of blood banks and hospitals in RFID blood monitoring systems. Managing an inventory of blood and blood products requires a high degree of precision as the smallest error can prove fatal. This has been the prime reason for the adoption of blood monitoring and tracking systems that use RFID. By deploying such systems, hospitals and blood banks have reported a decrease in the number of human errors as well as efforts. The technology has also facilitated documentation and patient management.
As the number of blood transfusions increases globally (owing mainly to a rapidly graying population and an increase in diseases and conditions calling for blood transfusion), more blood and blood products are needed.
Although the initial cost of putting in place RFID blood monitoring systems is high, they do lead to cost containment over the span of a few years. Regardless of this advantage, some organizations hesitate from making investments in RFID blood monitoring systems deterred by the cost factor.
The report identifies RFID-enabled smart refrigerators as a segment displaying the fastest rate of growth in the RFID blood monitoring systems market by product type. Purchases of smart refrigerators with RFID technology have risen in hospitals and blood banks. Likewise, there is expected to be an increase in the demand for RFID freezers and refrigerators from the aforementioned institutions. In 2011, the RFID blood refrigerators and freezers market stood at a valuation of US$32.8 mn. The next few years will see this segment report double-digit growth.
In the next few years, the demand for RFID refrigerators and freezers will rise remarkably in hospital blood centers and blood banks despite the penetration of these products being low presently. Companies currently operational in the RFID blood monitoring systems market offer clients retrofitting services to upgrade conventional blood refrigerators as well as new products.
North America currently boasts a lead over other regional markets in the global RFID blood monitoring systems (freezers and refrigerators) market. The highly regulated healthcare sector in North America can be credited for the region’s lead over its counterparts. As the healthcare sector in emerging economies in Latin America, Asia Pacific, and the Middle East develops rapidly, regulatory authorities are stressing on the use of products that enhance safety and reduce medical errors. The use of RFID blood monitoring systems fits into this changing trend, and it is expected that sales of RFID-enabled freezers and refrigerators will surge in Asia Pacific and Latin America.