Development of Healthcare Services Boost RFID Blood Monitoring Systems

20th October 2020: As per the report by Grand View Research, Inc., the RFID blood monitoring systems market is poised to rise to a valuation of USD 511.5 million by 2022. Increasing occurrence of chronic diseases such as kidney, liver, heart, lung, and other contagious and non-contagious disorders are anticipated to drive the RFID blood monitoring systems development in the forecast period.

Increasing awareness among blood banks and hospitals about RFID enabled blood storage and rising blood transfusion cases are anticipated to drive the market growth in the years to come. In addition, increasing number of privacy and security issues associated with clinical applications and need for organized management of ample clinical data are expected to drive the market in the forecast period. There are two product types in RFID systems namely, systems and tags. These products enable easy and centralized storage of data in its digital form. It allows easy analysis and study of patient data, history, tests, records, etc. thereby enabling quick medical care. 

On the other hand, high cost of initial maintenance and installation process of RFID systems and strict government regulations are anticipated to hamper the RFID blood monitoring systems in the forecast period.

The emerging trend in the market is growing acceptance of these systems by hospitals and blood banks in established and emerging countries all over the world. This is another factor estimated to drive the growth of RFID blood monitoring systems over the years to come.

North America is developing as the largest regional market on account of increasing demand for hospital inventory management systems in the region and rising demand for developed and well equipped blood bank infrastructure. Rising number of funding for new schemes is one of the major factors attributing to the growth and increasing share of the regional market. For example, a project under the name automated identification and data capture systems with complete examination of radio frequency identification technology, was sponsored by a Small Business Technology Transfer funding from the US National Institutes of Health. 

The leading companies in the RFID blood monitoring systems market are Tagsys RFID Group; Log Tag; Terson Solutions; Logi Tag; Mobile ASpects Inc; Wave Mark; Solstice Medical LLC; and Stanley Innerspace, among others.