Radio frequency identification or RFID is a technology that enables the wireless transfer of data via electromagnetic fields. RFID circuits or tag are either self-powered or powered irregularly through radiation from a distance. RFID tags are attached to blood samples to ensure easy monitoring of the samples in hospitals, blood banks and diagnostic centers. RFID blood monitoring system includes blood refrigerators and freezers.
Figure 1: Global RFID Blood Monitoring System Market by Value 2015 - 2023
The global RFID blood monitoring system market is projected to grow with a CAGR between 21% to 22% over the forecast year 2017-2023. Increasing blood transfusions, increasing awareness among hospitals and blood banks in RFID-enabled blood storage, robust guidelines enabling use of RFID for blood monitoring and increasing incidence of chronic disease are the key factors driving the growth of this market. Furthermore, stringent government regulations and high initial cost associated with the installation and maintenance of RFID-enabled systems are the prime factors restraining the growth of this market. Moreover, growing adoption of RFID-based solutions for efficient blood monitoring due to which key vendors are pursuing organic growth strategies are expected to bring more opportunities to this market which in turn will further fuel the growth of this market.
The report segments the RFID blood monitoring system market by product type and end user. Market segmentation based on product type includes systems and tags. Moreover, the global RFID blood monitoring system market based on end users is segmented into blood banks and hospital blood centers.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, Latin America and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015 – 2023.
Figure 2: Global RFID Blood Monitoring System Market by Region
North America accounted for the largest market share owing more than 50% of share due to presence of advanced healthcare infrastructure and high investment of Government and private organizations in R&D activities. Moreover, North America is expected to continue its dominance due rapid adoption of technological advanced tools, diagnostic efficiency and testing over the forecast period. Asia Pacific is expected to be the highest growing market region in the global RFID blood monitoring systems market due to presence of emerging economies such as India, China and South Korea. Furthermore, increasing incidence of disease rates leading to rise in blood diagnostic and blood inventory management are expected to be the key factors anticipating the growth of this market region with a highest CAGR rate over the forecast period.
The companies covered in the report include Biolog-id, Mediware Information System, Honeywell, Nordic ID, TAGSY RFID, Zebra Technologies Wave Mark, Log Tag, Terso Solutions, RFID Group, Solstice Medical LLC, Stanley Innerspace, Logi Tag and Mobile Aspects Inc., Magellan Technologies and SATO Vicinity.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of RFID blood monitoring system globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and value chain analysis of RFID blood monitoring system. Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the RFID blood bonitoring bystem market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the RFID blood monitoring system market to understand the present and future trends in this market and formulate their strategies accordingly.
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