Market Research Expert

Global RFID Blood Monitoring Systems Market to Reach a Valuation of US$174.2 mn by 2019

Press Release   •   Jan 16, 2017 08:33 EST

Radio frequency identification or RFID, is a technology that enables the wireless transfer of data via electromagnetic fields. RFID tags, which contain electronically-stored information, can be used for tracking objects. The healthcare industry is now becoming aware of the various uses of RFID, especially as a means to prevent human error and promote overall efficiency in the tracking and monitoring of products and devices. The report on the RFID blood monitoring systems primarily studies freezers and blood refrigerators that are typically deployed in hospitals and blood banks.

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The report analyzes the RFID blood refrigerators and freezers market on the basis of both volume and revenue from sales. The key end-users considered for these valuations are blood banks and hospitals. The sales revenue and volume is calculated basis average selling price of RFID blood freezers and refrigerators. These prices have been obtained from sources such as expert interviews, device manufacturers and journals.

The report comprises a detailed analysis of the market dynamics such as drivers, restraints, and opportunities. In-depth analysis is carried out for all major geographical markets in the global RFID blood monitoring systems market. These include: North America, Europe, Asia Pacific, and Rest of the World. The regulatory status of each of these markets is discussed in a separate section.

Overall, the report on the global RFID blood monitoring systems market is a valuable resource for both new and established market players. It will serve as a decision-making tool thanks to its pool of accurate and useful data.

RFID refrigerators serve many needs in hospitals, blood banks, and diagnostic laboratories, and research institutions. Storing and accurately tracking blood samples becomes far more efficient and time-saving when RFID refrigerators and freezers are used. As this trendline progresses, it is expected that manual tracking of blood samples will gradually become obsolete and RFID blood monitoring systems will eventually take over.

A sharp focus on reducing errors during blood storage and transfusion has create a lucrative opportunity for companies manufacturing and selling RFID blood monitoring systems (blood freezers and refrigerators). As more hospitals and blood banks become aware about the availability of RFID-enabled blood storage cabinets and refrigerators, they also show more willingness to invest in them. Most hospitals customarily use bar coded tracking systems as well as note-taking systems. If errors continue to persist despite the implementation of these systems, it creates a white space that companies in the RFID blood monitoring systems market can fill.

In developing regions, the divestments by public healthcare organizations will boost the demand for state-of-the-art blood monitoring and tracking systems, which private healthcare establishments are ready to invest in. Despite these push factors, the high costs of investing in RFID technology means that not all organizations show the same degree of readiness; this a major pull factor in the global RFID blood monitoring systems market.

Nevertheless, penetration rates of RFID blood monitoring systems are still low in the overall healthcare industry, and this represents a space that can be monetized effectively. When companies plan their strategies, it is recommend that they do so in close compliance with the latest global standards.

Currently, there are a handful of companies that rake in the lion’s share of revenues in the global RFID blood monitoring systems market, freezers, and refrigerators market. Companies that lead include: Biolog ID, Magellan Technologies, and Terso Solutions. With the FDA having recently given its stamp of approval for RFID-enabled blood tracking systems, the market will receive an impetus.

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