- 12 April 2019 21:43
Global Rfid Blood Monitoring Systems Market In North America Is Estimated To Account For Largest Market Revenue Contribution Of Us$ 64.5 Million In 2017
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.
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.
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.
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.
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.
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.