Global RFID blood refrigerators and freezers market was
valued at USD 40.9 million in 2012 and is expected to grow at a CAGR of 22.8%
from 2013 to 2019, to reach an estimated value of USD 174.2 million in 2019.
The global RFID blood refrigerators and freezers market
is expected to undergo rapid growth of 22.8% from 2013 to 2019. This growth is
majorly attributed to the rapid adoption of RFID technology in the healthcare
industry and growing need for efficient management of blood and blood products
to minimize transfusion errors. Growing trend of consolidation of healthcare
facilities has resulted in growth of their size. This is followed by the
increase in the volume of inventory of blood and blood products. Consistency in
the occurrence of transfusion and storage errors despite the use of bar-coding
and note-taking systems also influence the demand for RFID blood tracking
solutions in blood banks and hospitals.
The major concern for hospitals and blood centers is
patient safety, minimal wastage of blood products and minimization of blood
transfusion errors. Consistent prevalence of blood transfusion errors and to
minimize the time consuming paperwork for inventory management, hospitals and
blood banks throughout the world have begun to explore RFID tracking system for
its potential in efficient inventory and supply management. Furthermore,
privatization of healthcare infrastructure has led to a growth in the number of
large sized blood banks and hospitals in many developing countries which
require efficient catering to the transfusion needs of patients. This
phenomenon
serves as a potential opportunity for the RFID blood refrigerators and freezers
manufacturers to introduce their products in these regions.
North America was the dominant geographical market for
RFID blood refrigerators and freezers in 2012. RFID systems for Real Time
Location Systems, asset tracking and inventory management are mature
technologies in this region and many healthcare institutions have already
adopted RFID to reduce errors and increase productivity. The US has the highest
adoption rate of RFID in its healthcare system. The advanced healthcare system
of this country and existence of large sized blood banks have been responsible
for the high level of RFID tracking technology utilized in its healthcare
infrastructure. Currently, North America encompasses more than 50% of the
global RFID blood refrigerators and freezers market.
Moreover, the adoption of RFID blood refrigerators is
high in blood banks than in hospital blood centers. This is due to the
existence of more number of blood banks across all regions and the volume
stored and supplied to and from blood banks is larger than that in hospital
blood centers.
At present, the global market for RFID blood
refrigerators and freezers has few players. Companies such as Biolog ID, Terso
Solutions and Magellan technologies are the dominant players in this market.
Recent FDA approval to the first RFID-enabled Blood tracking system will
encourage more companies to enter this market thereby increasing the competition.
The global RFID blood refrigerators and freezers market
is segmented as follows:
RFID Blood Refrigerators and Freezers Market, by
Geography
- North
America
- Hospital
blood centers
- Blood
banks
- Europe
- Hospital
blood centers
- Blood
banks
- Asia-Pacific
- Hospital
blood centers
- Blood
banks
- Rest
of the World (RoW)
- Hospital
blood centers
- Blood
banks
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