Global RFID Blood Monitoring Systems Market to grow at a CAGR of 22.96% during the period 2016-2020; Finds New Report

Report forecast the global RFID blood monitoring systems market to grow at a CAGR of 22.96% during the period 2016-2020.

RFID is a technology that works on the basis of an electronic circuit or tag. These are either self-powered (using a battery) or powered intermittently through radiation from a distance. These devices can send information to a reader placed at a distance. The tags are plain antennae bonded to a silicon chip placed inside a plastic or glass case. RFID tags contain electronically stored information, which can be used for tracking objects. The healthcare industry is becoming aware of the several uses of RFID, especially to promote efficiency in the tracking and monitoring of products and devices and prevent manual error. RFID blood monitoring systems include blood refrigerators and freezers.

The report covers the present scenario and the growth prospects of the global RFID blood monitoring systems market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of RFID blood monitoring systems to hospitals, blood banks, and research laboratories.

The market is divided into the following segments based on geography:

• Americas
• APAC
• EMEA

According to the report, robust guidelines enabling use of RFID for blood monitoring is a key driver contributing to this market’s growth. The International Society of Blood Transfusion (ISBT) Working Party on Information Technology voted in 2006 to form a task force on RFID to review the state of RFID development and recommend guidelines for the application of RFID in transfusion medicine. The guidelines cover the use of RFID in the blood product supply chain from bag manufacturing to the donor and the individual. ISBT128 provides data structures related to manufacturers of blood bags, namely the container lot number, container manufacturer and catalog number, and the expiry date. Eventually in 2007, the Transfusion Medicine RFID Consortium was formed to research the applicability of RFID methods and devices to identify and track blood products from the point of collection and distribution to final disposition or transfusion. Also, in May 2013, the US FDA approved the use of a RFID device, iTrace, to store and track the manufacturing information of blood products including the collection, processing, and labeling of the component. Such initiatives will support market growth during the forecast period.

Further, the report states that high initial investment and maintenance cost is a major challenge this market is facing. The high initial costs of RFID systems have restricted adoption of these devices. The start-up costs of RFID implementation in an 800-bed hospital will be in the range of $20,000 to $1 million, depending on the requirement. Also, according to the College of American Pathologists, RFID tags were 10-15 times more expensive than barcode systems. A passive tag costs between $0.1 (10 cents) and $0.5 (50 cents), while active tags are priced between 50 cents and $50. This has resulted in the slow adoption of RFID in blood monitoring. Another reason for slow adoption of RFID in hospitals is high maintenance costs. These factors will have a significant impact on the growth of the market.

Global RFID Blood Monitoring Systems Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the global RFID blood monitoring systems market: Biolog-Id, Mediware Information Systems, S3Edge, SATO Vicinity, and Terso Solutions.

Other Prominent Vendors in the market are: Honeywell, LogiTag, Mobile Aspects, Nordic ID, Solstice Medical, Stanley Healthcare, TAGSY RFID, WaveMark, and Zebra Technologies.

Market driver

• Robust guidelines enabling use of RFID for blood monitoring
• For a full, detailed list, view our report

Market challenge

• High initial investment and maintenance cost
• For a full, detailed list, view our report

Market trend

• Growing adoption of RFID-based solutions for efficient blood monitoring
• For a full, detailed list, view our report

Key questions answered in this report

• What will the market size be in 2020 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?

Spanning over 65 pages and 37 Exhibit “Global RFID Blood Monitoring Systems Market 2016 - 2020” report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Blood bank funding and financial stability, Harmonization of biobanking/blood banking, Market segmentation by product type, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.

For more information Visit at: http://mrr.cm/3q2

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