Global Radio-frequency Identification (RFID) Blood Monitoring Systems Market – Industry Trends and Forecast to 2029

Global Radio-Frequency Identification (RFID) Blood Monitoring Systems Market, By Product (Systems and Tags), Applications (Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, and Others), End-User (Blood Banks, Hospital Blood Centers) – Industry Trends and Forecast to 2029

Radio-frequency Identification (RFID) Blood Monitoring Systems Market Analysis and Size

RFID blood monitoring systems are widely used in the recent period and is much expected to grow in the forecast period. Among the other segments, the tag segment of the RFID market is expected to grow at a higher CAGR during the forecast period. Tags are the most widely used components in the RFID market. The large-scale use of tags and the feasibility of tracing any asset is the primary reason for the adaptation of RFID tags.

Data Bridge Market Research analyses the radio-frequency identification (RFID) blood monitoring systems market growth in the forecast period 2022-2029. The expected CAGR of the global radio-frequency identification (RFID) blood monitoring systems market is around 19.90% in the mentioned forecast period. The market was valued at USD 10.70 billion in 2021, and it would grow upto USD 45.70 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Radio-frequency Identification (RFID) Blood Monitoring Systems Market Scope and Segmentation

Market Definition

RFID gives a communication infrastructure at the radio frequencies between a special tag and reader device which can detect the tag. It also allows for establishing bridge between devices within the system without any physical contact, or even at times without seeing each other. This technology is widely applicable in the health care sector as well. The system supports wireless cell communication between the RFID tags and the readers. Each patient in the system is inherently mobile and wears a bracelet infused with a unique tag. The readers are mobile PDA devices; each involves a wireless RFID reader card. It can be used to identify and constantly observe the patient.

Global Radio-frequency Identification (RFID) Blood Monitoring Systems Market Dynamics

Drivers

• Advancement in Technology

Another factor expected to drive worldwide market expansion of RFID blood monitoring over the forecast period is technological advancements in RFID systems, particularly RFID tags, which are based on micro and nano technologies and can store large amounts of data. Furthermore, a prominent emerging trend in the global market is the increased implementation of RFID blood monitoring systems by blood banks and hospitals in developed and developing economies throughout the world, which is expected to boost global market growth during the forecast period.

• Advantageous Properties

RFID blood monitoring systems have numerous advantages over traditional blood tracking and monitoring methods such as barcodes which allow faster and more faster scanning and documentation of blood samples. Moreover, the adopted testing protocol provides the assessment of the efficiency of RFID devices in processes of the blood supply chain, as it is manufactured to mimic critical logistics processes.

Opportunities

• More Demand of Blood Banks

Blood banks are expected to witness the highest CAGR during the forecast period, due to the high adaptation of RFID blood monitoring systems in blood banks globally. In addition to this, rising usage of radio frequency identification systems in blood banks that have the potential to upgrade operational efficiency, cost reduction, and advance patient safety are among the major drivers that are expected to boost market growth over the forecast period.

• Increasing Need for contact-tracing solutions due to COVID-19

After the COVID-19-induced lockdowns were removed, many businesses and offices around the world were able to resume operations. On the other hand, governments have demanded that such businesses maintain social distance and minimal workforce capacity. If the rules aren't followed, a single instance of COVID-19 might shut down a whole plant and necessitate decontamination before operations can resume. Various preventative measures, including contact-tracing systems, are being implemented by large corporations. Many RFID solution suppliers have been developing new products or improving current products to meet the needs of their customers during the COVID-19 epidemic to capitalize on the increased demand for contact-tracing solutions.

Restraints/Challenges

• Security Concerns

Security concerns, data privacy concerns, and management challenges associated with RFID systems are all prominent factors projected to hamper the radio-frequency identification (RFID) blood monitoring market's growth significantly over the forecast period. Many aspects are overlooked when building an RFID system to assure a primary level of security. Furthermore, maintaining a fully secure system, that is, keeping the entire system safe and operational, is a tough undertaking due to the multiple sources of attacks and threats that can coexist in various settings.

• Lack of awareness and skilled professionals

The current level of RFID technology awareness among end users is relatively low. End users are still manually tracking assets using traditional identifying procedures such as alphanumeric labeling, numbering, or barcodes. Many end users believe that RFID technology is expensive because of a lack of understanding of its long-term benefits. Traditional asset tracking is widely used in many Asian countries. Customers lack understanding and competence in RFID technology, and as a result, they cannot use RFID's potential benefits in their businesses. These variables operate as roadblocks to RFID solution adoption.

This radio-frequency identification (RFID) blood monitoring systems market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the radio-frequency identification (RFID) blood monitoring systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Global Radio-frequency Identification (RFID) Blood Monitoring Systems Market

The COVID-19 has left an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to influence on industry growth during the forecast period. Our ongoing research is enhancing our research approach to guarantee that fundamental COVID-19 concerns and potential solutions are included.

COVID-19 not have a huge impact on the operations of the various RFID companies, but it also affected the businesses of their partners and distributers. The fall in demand for expensive retail products worldwide due to lockdown measures, along with supply chain disruptions, is expected to have slowed down the growth of the RFID market. The decreasing global demand for automobiles is also expected to have a mid-term impact on the automotive RFID market. Although governments in developing countries have mandated the RFID tagging on vehicles for tolling, the restriction in travelling has currently restricted the deployment of RFID tags. In the post-pandemic era, manufacturing facilities across several sectors, such as automotive and consumer electronics, re-opened. Still, factories in some regions such as the European region are yet to function at pre-COVID-19 levels due to social distancing norms properly.

Global Radio-frequency Identification (RFID) Blood Monitoring Systems Market Scope

The radio-frequency identification (RFID) blood monitoring systems market is segmented on the basis of product, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Systems
• Tags

Application

• Asset Tracking
• Patient Tracking
• Pharmaceutical Tracking
• Blood Tracking
• Others

End User

• Hospitals Blood Centers
• Blood Banks

Radio-frequency Identification (RFID) Blood Monitoring Systems Market Regional Analysis/Insights

The radio-frequency identification (RFID) blood monitoring systems market is analysed and market size insights and trends are provided by country, product, application and end user as referenced above.

The major countries covered in the radio-frequency identification (RFID) blood monitoring systems market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the radio-frequency identification (RFID) blood monitoring systems market due to its developed blood bank infrastructure and high demand for hospital inventory management systems.

Asia Pacific region is expected to register the fastest growth rate during the forecast period of 2022 to 2029 due to increasing penetration rates of RFID blood monitoring systems and constantly improving healthcare infrastructure.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Radio-frequency Identification (RFID) Blood Monitoring Systems Market Share Analysis

The radio-frequency identification (RFID) blood monitoring systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to radio-frequency identification (RFID) blood monitoring systems market.

Key players operating in the global radio-frequency identification (RFID) blood monitoring systems market include:

• Solaire Medical (France)
• Techpoint (US)
• Mobile Aspects Inc. (US)
• Avery Dennison (US)
• Zebra Technologies Corp  (US)
• Honeywell (US)
• NXP Semiconductors (Netherlands)
• Impinj Inc (US)