MarketResearch.biz announces publication of its most recently generated research report titled, "Global RFID Blood Monitoring Systems Market by Product Type (RFID Systems and RFID Tags), End User, and Region - Global Forecast to 2026", which offers a holistic view of the global RFID blood monitoring systems market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2017-2021) is projected to be US$ 1,154.6 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period.
RFID blood monitoring systems are used in healthcare facilities for proper and accurate tracking of blood and blood products. These devices are widely used owing to their ability to communicate and send information over a distance as compared to other tracking systems that need proper line of sight for information transfer. RFID tags contain electronically stored information of products they are attached to, and can be used for tracking objects. Moreover, as blood and blood products need proper monitoring so as to avoid any consequences from inaccurate administration in patients, these systems are being increasingly adopted in healthcare facilities across the globe.
Growth of the global RFID blood monitoring systems market is driven by industry players focusing intensely on research & development of new and cost-effective systems and tags, coupled with increasing adoption of RFID blood monitoring systems in various developing economies.
Global RFID Blood Monitoring Systems Market: Market Dynamics
According to the repot, several advantages of RFID blood monitoring systems over conventional tracking systems such as barcodes and manual efforts is a major factor driving growth of the global RFID blood monitoring systems market. Also, technological advancements in RFID systems and rising demand for reduction of human errors in labelling and use of blood and blood products are other major factors boosting growth of the global RFID blood monitoring systems market over the forecast period. However, high costs associated with procurement and use of RFID blood monitoring systems is a major factor restraining growth of the global RFID blood monitoring systems market. Additionally, several issues related with use of RFID systems especially security related concerns is another major factor expected to limit growth of the global market over the forecast period.
Increasing adoption of RFID blood monitoring systems by various end user's in developed and developing economies owing to growing awareness and technological advancements in RFID blood monitoring systems is a major trend being witnessed in the global market. This trend is further anticipated to boost growth of the global RFID blood monitoring systems market over the forecast period.
Global RFID Blood Monitoring Systems Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global RFID blood monitoring systems market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global RFID blood monitoring systems market is expected to expand at a significant CAGR of 23.2% during the forecast period 2017 and 2026.
Global RFID Blood Monitoring Systems Market: Segmental Snapshot
The global RFID blood monitoring systems market report has been segmented on the basis of product type, end user, and region. The product type segment includes RFID systems and RFID tags. End user segment includes blood banks, hospitals, and research labs. The regions covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The RFID systems segment is estimated to account for highest share in terms of revenue in the global market in 2017, and is expected to register highest CAGR at around 23.0%, as compared to that of the RFID tags segment over the forecast period.
By end user: The blood banks segment among the end user segments is estimated to account for highest revenue share in the global market in 2017. It is further projected to witness significant growth over the forecast period registering a CAGR of around 23.0% over the forecast period. Moreover, the hospitals segment is projected to register highest CAGR of around 23.0%, as compared to other end user segments over the forecast period.
By region: The market in North America accounted for highest revenue share in the global RFID blood monitoring systems market in 2016, and is expected to record a CAGR of around 23.0% between 2017 and 2026. The market in Asia Pacific is expected to register highest CAGR of over 23.5% between 2017 and 2026.
Global RFID Blood Monitoring Systems Market: Competitive Analysis
The research report on the Global RFID Blood Monitoring Systems Market includes detailed competitive analysis on major companies such as Biolog ID, S3Edge Inc., Mediware Information System Inc., Terso Solutions, Inc., SATO VICINITY PTY LTD., Mobile Aspects Inc., Logi-Tag Systems, Nordic ID, WaveMark, Inc., B Medical Systems S.à r.l., and RFID Global Solution, Inc.
The Global RFID Blood Monitoring Systems Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global RFID blood monitoring systems market for 2017-2026.
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