RFID Blood Monitoring Systems Market By Product Type (RFID Systems, RFID Tags) By End User (Blood Banks, Hospitals, Research Labs) and Region - Global Forecast to 2026

The global RFID blood monitoring systems market is projected to reach a value of over US$ 900 Mn in 2026 at a CAGR of 23.2% over the forecast period. The report offers in-depth insights, revenue details, and other vital information regarding the global RFID blood monitoring systems market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global RFID blood monitoring systems market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global RFID blood monitoring systems market report has been segmented on the basis of product type, end user, and region.

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RFID (radio frequency identification) is a wireless form of communication technology that uses radio frequencies for communicating information and is used to uniquely identify and monitor an object, animal, or person. RFID blood monitoring systems are systems that incorporate RFID technologies to provide accurate tracking and monitoring of blood and blood products in the healthcare industry. As blood and blood products need proper monitoring so as to avoid any consequences from inaccurate administration in patients, these systems are being widely adopted in healthcare facilities across the globe. There are three main types of RFID systems; low frequency (LF), high frequency (HF), and ultra-high frequency (UHF) systems. Frequencies vary greatly based on the country and region.

Global RFID Blood Monitoring Systems Market Dynamics:

RFID blood monitoring systems have several advantages over conventional blood tracking and monitoring methods such as barcodes and manual efforts, which is a major factor driving demand for RFID blood monitoring systems across the globe. This in turn is a major factor driving growth of the global RFID blood monitoring systems market. In addition, technological advancements in RFID systems especially in RFID tags, which are based on nano and micro technologies and can hold vast amounts of data is another factor projected to propel growth of the global market over the forecast period. However, high costs associated with deployment and use of RFID blood monitoring systems is a major factor hampering growth of the global market. Additionally, security issues related to RFID systems is another factor expected to limit growth of the global RFID blood monitoring market over the forecast period to a significant extent.

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A major and rising trend witnessed in the global market is increasing adoption of RFID blood monitoring systems by blood banks and hospitals in developed and in some developing economies across the globe. This is another factor anticipated to propel growth of the global market over the forecast period.

Global RFID Blood Monitoring Systems Market Segment Analysis:

Analysis by Product Type:

On the basis of product type segmentation, RFID systems segment is estimated to account for major revenue share in the global market and is projected to register a CAGR of around 23.0% over the forecast period. This can be attributed to increasing use of RFID systems as they provide an end-to-end solution for end users. Also, the RFID systems segment in the global RFID blood monitoring systems market is projected to maintain its dominant revenue contribution in the global market over the forecast period.

Moreover, the RFID tags segment is anticipated to register highest CAGR of around 23.0%, as compared to the RFID systems segments in the global RFID blood monitoring systems market. This can be attributed to technological developments in RFID tags and commercial availability of advanced RFID tags that are based on nano chip technologies.

Analysis by End User:

Among the end user segments, the blood banks segment accounted for highest revenue share in the global RFID blood monitoring systems market, and is expected to register a CAGR of around 23.0% during the forecast period 2017 & 2026. It is further projected to maintain its dominant revenue contribution over the forecast period, owing to high adoption of RFID blood monitoring systems in blood banks across the globe.

The hospitals segment is projected to account for second-highest revenue share contribution in the global market, and register a CAGR of around 23.0% over the forecast period. This can be attributed to increasing adoption of RFID technologies in hospitals for various applications especially, to monitor use of blood and blood products.

Revenue from the research labs segment is anticipated to grow moderately over the forecast period, and the segment is projected to register a CAGR of around 23.0% over the forecast period.

Analysis by Region:

The market in North America dominated the global RFID blood monitoring systems market in revenue terms, and is estimated to account for largest market revenue contribution of US$ 64.5 million in 2017 as compared to that of markets in other regions. It is further expected to maintain its dominant revenue contribution in the global RFID blood monitoring systems market over the forecast period. This can be attributed to presence of advanced healthcare facilities, growing demand for accurate and efficient tracking systems for blood and blood products, and increasing adoption of RFID blood monitoring systems by various end users in the region.

Moreover, recent approval by the Food and Drug Administration (FDA) for use of RFID blood monitoring and tracking systems is another factor anticipated to propel adoption of RFID blood monitoring systems in countries in the North America region. The market in the US is anticipated to benefit the most from this approval as penetration of technology is highest in the country and there is significant presence of major healthcare facilities in the country.

The Europe market for RFID blood monitoring systems is expected to account for second-highest revenue share in the global market, with an estimated value of US$ 37.5 million in 2017. This is attributed to increasing adoption of RFID blood monitoring systems and presence of high number of hospitals and blood banks in countries in the region.

The market in Asia Pacific is projected to register highest CAGR of around 24.0% over the forecast period, and is expected to be valued around US$ 200.0 Mn in 2026. Increasing number of government initiatives for development of healthcare facilities in emerging economies such as China, Japan, and India and increasing adoption of RFID technologies in various industries are key factors expected to propel growth of the Asia Pacific market over the forecast period.

Moreover, markets in Latin America and Middle East & Africa are also projected to witness moderate growth over the forecast period due to increasing number of advanced healthcare facilities and increasing adoption of technologies in the region.

Global RFID Blood Monitoring Systems Market Segmentation:

Global RFID blood monitoring systems segmentation, by product type:

• RFID Systems
• RFID Tags

Global RFID blood monitoring systems segmentation, by end user:

• Blood Banks
• Hospitals
• Research Labs

Global RFID blood monitoring systems segmentation, by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa