The RFID systems segment in the global RFID blood monitoring market is estimated to be valued at US$ 83.3 Mn in 2017. The blood bank segment in the global RFID blood monitoring market is estimated to be valued at US$ 100.5 Mn in 2017. Revenue from the global RFID blood monitoring market in North America is estimated to be valued at US$ 64.5 Mn in 2017.
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. RFID tags contain electronically stored information, which can be used for tracking objects. As blood and blood products need proper monitoring so as to avoid consequences from inaccurate administration, there is wide adoption of RFID systems in blood monitoring to promote efficiency in the tracking and monitoring of blood and blood products.
Increasing adoption of RFID blood monitoring systems in hospitals and blood banks and various advantages of RFID systems over conventional systems such as barcodes and manual efforts are major factors driving growth of the global RFID blood monitoring systems market. In addition, growing demand for reduction of human errors in blood monitoring and administration is another factor anticipated to fuel growth of the global RFID blood monitoring systems market over the forecast period.
However, high costs associated with deployment and use of RFID blood monitoring systems and issues related with security and privacy are major factors restraining growth of the global RFID blood monitoring systems market.
Key players in the global RFID blood monitoring systems market include Biolog-id, Mediware Information System, Honeywell, Terso Solutions, Log Tag, Nordic ID, TAGSY RFID, Solstice Medical LLC, LogiTag, Stanley Innerspace, and other prominent players.