Report: RFID Blood Monitoring Market to Grow 23% Annually Until 2019
According to a new market report published by Transparency Market Research “RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019” the global RFID blood refrigerators and freezers market was valued at USD 40.9 million in 2012 and is expected to grow at a CAGR of 22.8% from 2013 to 2019, to reach an estimated value of USD 174.2 million in 2019.
RFID blood monitoring is a technology used for tracking and inventory management of blood and blood products in hospitals and blood banks. The RFID blood monitoring systems market has made a significant impact on global healthcare industry, prime reason being increased adoption of RFID tracking systems in reducing human efforts and errors in maintenance and control of healthcare inventory, documentation and patient management.
High prevalence of blood disorders and growing need for therapeutic blood transfusion has increased the demand for blood and blood products globally. The simultaneous increase in the aging population demanding blood transfusion and consequent rise in need for inventory management of blood banks and hospital blood centers can be efficiently managed by using RFID blood tracking solutions. Proper installation and implementation of RFID blood tracking solutions also result in cost containment in the long run to medical institutions. RFID enabled smart refrigerators being one of the fastest growing segments in this market, has witnessed an upswing in the demand of such equipment in blood banks and in hospital blood centers. Though at budding stage, the demand for RFID blood refrigerators and freezers is expected to propel due to the increasing demand for blood products. The market for RFID blood refrigerators and freezers was worth USD 32.8 million in 2011 and is expected to undergo double digit growth in the upcoming years.
Being one of the most regulated industries across the world, healthcare industry requires compliance criteria to be met at every stage of product management. RFID has the potential of improving patient safety and providing seamless healthcare service to the ever increasing patient pool through efficient inventory reduction and management, increased labor efficiency and overall operational automation. The market for application of RFID refrigerators and freezers in blood banks and hospital blood centers is still at a developing stage and further acceptance and growth of this market is expected in near future. The market players in the RFID blood refrigerators and freezers industry offer both retrofitting of conventional blood refrigerators as well as manufacture of new solutions.
Consultants, hospitals and other medical facilities hold a view that tracking systems of RFID are easy to use and the staff members of such facilities seem to largely benefit from the use of this technology. Real time savings is an added advantage of installation of RFID blood tracking systems. Lengthy lists of RFID solution providers showcase signs that hospitals are becoming increasingly interested in adopting these systems as well as an increase in facility-wide installation of RFID systems.
Geographically, North America dominates the global RFID blood refrigerators and freezers market. Growing acceptance of RFID tracking technology by major industries and verified efficiency in hospitals through long-term use of RFID systems drives the market for RFID blood monitoring in North America. In addition, technology advancements, developing healthcare infrastructure, increased funding to healthcare organizations and need for efficient inventory management of blood products ensuring reduced blood transfusion errors with the use of RFID enabled refrigerators and cabinets in emerging economies are the major factors which drive the Asia-Pacific, Latin American and Middle Eastern market.
The full report can be purchased and seen here.