Global radiofrequency identification (RFID) market in Healthcare was valued at USD 1.9 billion in 2013 and is expected to grow at a CAGR of 13.9% from 2014 to 2040, to reach an estimated value of USD 5.3 billion in 2020.
Albany, NY -- (SBWIRE) -- 07/14/2016 -- Radio frequency identification (RFID) incorporates the use of electrostatic or electromagnetic coupling in radio frequency spectrum to enable the wireless transfer of data through electromagnetic fields. Additionally, RFID tags containing electronically stored information are used for tracking objects. Radio frequency identification is not a technology that exists in isolation; rather, it encompasses a plethora of devices with varying capabilities, functionalities, performance, and range.
Over the last few years, the demand for RFID blood monitoring has significantly increased across hospitals, clinics, and other healthcare organizations. The technology is used for tracking and inventory management of blood samples and products in hospitals and blood banks. RFID technology helps healthcare facilities improve the overall standard of patient care and incur less expenditure on maintaining valuable data. The majority of early RFID adopters in the healthcare industry are using the technology to keep track of patients, staff, drugs, and devices. The technology is now actively used in blood monitoring to reduce the chances of errors in maintenance and control of patient management, healthcare inventory, and documentation.
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The growing prevalence of blood disorders and rising need for therapeutic blood transfusions will increase the demand for blood and blood products around the world. The simultaneous increase in the geriatric population demanding blood transfusion makes effective inventory management across hospitals and blood banks imperative. The advent of RFID blood tracking solutions has resulted in efficient data and inventory management. The technology is also expected to offer cost containment to the medical institutions in the long run. Furthermore, it will also help in improving the overall supply chain management process in healthcare settings.
Among the various RFID-enabled devices available in the market, RFID-enabled refrigerators have emerged as the fastest growing segment. The demand for these refrigerators has considerably increased in hospital blood centers and blood banks. Despite being at a nascent stage, the demand for RFID blood refrigerators and freezers is anticipated to rise in response to the increasing demand for blood products from healthcare organizations. The market for RFID blood refrigerators, which in 2011 was worth US$32.8 mn, is likely to exhibit a double-digit growth rate in the forthcoming years, as reported in a research study published by Transparency Market Research on the global market for RFID blood monitoring systems.
The healthcare industry is one of the most strictly regulated industries in the world; hence, it requires several compliance criteria to be taken care of at every stage of product management. With RFID technology being implemented across various patient care areas, safety concerns have been raised owing to the emission of RF signals from RFID systems. Although there have been no reports of injuries, RFID devices can result in adverse reactions in patients with implantable cardiovascular defibrillators or pacemakers.
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Nevertheless, RFID blood monitoring systems exhibit great potential in improving patient safety by providing seamless healthcare services to the increasing patient pool through efficient inventory management. The advances introduced to completely automate these systems will also help the market mitigate the aforementioned issue. This is anticipated to result in further acceptance of RFID blood monitoring systems across hospitals, blood banks, and other healthcare organizations.
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