Transparency Market Research, in its latest research report states, the global RFID blood monitoring systems market will grow significantly in the coming years. The global RFID blood monitoring systems market was valued at USD 40.9 million in 2012. However, it is expected to reach USD 174.2 million by 2019, growing at a CAGR of 22.8% from 2013 to 2019. The report “RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019” is available for sale on the company’s website.
Radio Frequency Identification (RFID) is a wireless identification technology that makes use of radio-frequency electromagnetic fields to transfer data for auto identification of tags used in tracking specific objects. The tags with the RFID technology are used for keeping a track of products and identifying them. RFID blood monitoring systems are used by pharmaceutical and healthcare sectors for identifying the patient and management of the ongoing treatment. Introduction of RFID technology in the healthcare industry has really made a positive impact.
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RFID blood monitoring systems ensures every patient gets the right treatment and service. The RFID blood monitoring systems also prioritizes patient safety. The RFID blood monitoring systems have a great potential for growth in the healthcare industry as they maximize patient care and security, which in turn help in efficient disease management and profitability for hospitals. Adoption of RFID blood monitoring systems in healthcare facilities has also reduced human effort and possibilities of technical errors, thus bringing healthcare inventory into check.
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Some of the market drivers encouraging growth of use of RFID blood monitoring systems in healthcare facilities are ease of tracking patients, their medical conditions, and their history; tracking expensive medical equipment in the hospital premises, which eliminates the human effort of recovering a misplaced item; and use of RFID blood monitoring systems has also minimized technical glitches in maintenance and security of patient’s details. The RFID blood monitoring systems market will also be driven by blood centers and hospitals which prioritize patient safety, try to eliminate blood transfusion errors, and cut down on wastes of blood products. RFID blood monitoring systems are also a solution for the pressing need to minimize the time wasted in paperwork in inventory management too.
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Presently, the global RFID blood monitoring systems market is an oligopolistic market. Some of the key players profiled in this report are Magellan, Biolog ID, and Terso Solutions. However, more and more companies are likely to enter the global RFID blood monitoring systems market after FDA’s recent approval of first RFID-enabled blood tracking system.