Blood Banks emerged as the largest segment and was valued at over USD 85 million in 2014. Increasing need for patient safety, minimization of transfusion errors & wastage of blood products are amongst the key factors owing to the growing usage of RFID technologies in the blood banks. In addition, increasing number of blood banks and rising inventory of blood and blood products further expected to drive the demand of RFID technologies in blood banks. RFID technology helps in creating an efficient supply chain of blood products, right from the collection point to its delivery to the hospitals or clinical settings.
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North America dominated the regional segment in 2014 followed by Europe owing to rising number of blood banks, sophisticated healthcare infrastructure, growing demand for operational efficiency and favorable government initiatives. Increasing number of funding for the research activities in RFID technologies attribute to its growth in the region. Asia pacific region is expected to be the fastest growing segment over the forecast period. The growth in the region is driven by the factors such as improved healthcare infrastructure and increased penetration of RFID blood monitoring system. Low cost of RFID components such as original equipment manufacturing (OEM) services provided by China offers huge potential of RFID technologies in Asia pacific market.
Competitive Insights
Few of the key participants of RFID blood monitoring systems market include, TAGSYS; Wave Mark, Inc.; LogTag Recorders Ltd.; Solstice Medical LLC; Innerspace; LogiTag Ltd.; Terson Solutions and Mobile Aspects; Inc.
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