The adoption of barcode technology in healthcare industry dates back to 1970s. The application of barcode technology in healthcare helps in representing the data in a proper manner in hospitals and other healthcare settings. Barcode technology in healthcare has not only promoted the error free data collection but also improved the patient safety. Implementation of barcode technology has helped the healthcare industry to keep electronic health records by accurate collection of data that has improved the patient safety; reduced medication errors; and improved productivity through proper tracking, and inventory management & validation. “Meticulous Research” in its latest publication states that, the “global market for healthcare barcode technology market is expected to grow at a CAGR of 7.9% from 2017 to 2022 to reach $ 918.09 million by 2022.”
Healthcare Barcode Technology Market Size by Product (Barcode Printers, Barcode Verifiers, and Barcode Scanners) by application (Clinical and Non-Clinical) – Global Opportunity Analysis and Industry Forecasts, 2015-2022
Browse in-depth Report on Healthcare Barcode Technology Market- Global Forecast (2017-2022)
This growth is primarily driven by the rising need to reduce medical errors & related healthcare expenditure, and rising government legislatives on the use of barcode in healthcare.
The government agencies across the globe have implemented various legislations in the last decade to improve the adoption of barcode technology in healthcare industry to overcome the challenge of increasing medication errors and related increase in healthcare expenditure. These rules & regulations will ensure the improved patient safety, improved efficiency of operations in healthcare settings, and reduce the healthcare expenditure through accurate data capture and reduced medication errors. Some of the regulations implemented by various government agencies across the globe are as follows:
- The U.S. FDA has initiated a barcode labeling rule on drugs in February 2004 with an update in 2006. Also in 2006, the FDA published a rule specifying barcode requirements for blood products.
- In 2009, U.S. FDA was evaluating the definition of a UDI (unique device identification) for medical devices. Most likely bar coding, as well as other technologies, will be adopted to support the UDI application.
- In 2012 the Centers for Medicare & Medicaid Services (CMS) in the U.S. has mandated hospitals to start tracking medications starting from medication order initiation to its administration to the patient.
- In February 2012, The Institute for Safe Medication Practices Canada in partnership with the Canadian Patient Safety Institute (CPSI) has launched the version II of Canadian pharmaceutical bar coding project under the direction of a national Implementation Committee (IC). This initiative endorsed the adoption of the GS1 Standards for barcode technology of pharmaceutical products in Canada.
- National Health Services (NHS), a healthcare system in Italy has launched the drug tracking system in the country in for the first time in 2001. And according to this system the medication with barcode labels will be reimbursed by NHS.
- Spain has launched the Global Data Synchronization Network (GDSN) in the healthcare sector through “Aecocdata”, theGS1 Spain GDSN data pool in 2011. This is an effort from the country to reduce healthcare expenditure and increase the supply chain efficiency.
- Japan government has introduced the new barcode system in healthcare sector in July 2015. The objective of this barcode system is of implementing traceability and preventing medication errors involving pharmaceuticals in the country. In addition to this the Ministry of Health, Labour and Welfare (MHLW) announced “Implementation Guideline for Bar-coding of Prescription Drugs” in September 2006 which was later revised in June 2012.
Thus, the adoption of healthcare barcode technology such as barcode scanner &barcode printers is expected to increase significantly in the next few years due to rising government legislatives across the globe.
The report provides meticulous analysis of Healthcare Barcode Technology Market on the basis of product (barcode printers, barcode verifiers, and barcode scanners) application (clinical and non-clinical), and geography.
The key players analyzed in the healthcare barcode technology market are Zebra Technologies Corporation, Honeywell International Inc., Datalogic S.p.A., Bluebird Inc., Godex International, Code Corporation, Toshiba Tech Corporation, SATO Worldwide, JADAK Tech, Axicon Auto ID Ltd., Microscan System, Inc., Unitech Electronics Co. Ltd., and Opticon.
Don’t miss out on business opportunities; Download free sample report.