Technavio Announces the Publication of its Research Report Global RFID Blood Monitoring Systems Market 2016-2020
Technavio recognizes the following companies as the 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.
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Commenting on the report, an analyst from Technavios team said: Growing adoption of RFID-based solutions for efficient blood monitoring is an important trend gaining traction in the market. The industry has been witnessing a growing use of RFID-based solutions to improve efficiency. For instance, in May 2016, Aegis Sciences Corporation employed an RFID-based solution to monitor the status of blood and urine samples. In May 2016, the University of Tennessee Medical Centre also expanded its use of RFID within its 36 operating rooms. In March 2016, NSW Health Pathology that operates five clinical and scientific networks, deployed RFID technology at a blood bank it runs at the Liverpool Hospital, Sydney, Australia. It will allow the hospital to track blood products throughout the process of the supply chain. The increasing adoption of RFID technology for blood monitoring will fuel the market growth.
According to the report, robust guidelines enabling use of RFID for blood monitoring is a key driver contributing to this markets 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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About RFID Blood Monitoring Systems
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.
Technavios analysts forecast the global RFID blood monitoring systems market to grow at a CAGR of 22.96% during the period 2016-2020.
Covered in this report
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:
Technavio’s report, 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.
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