RFID Blood Monitoring Systems Market

RFID Blood Monitoring Systems Market Poised to
Expand at a Robust Pace Over 2022
“The global RFID blood monitoring systems market size was estimated at USD 104 million
in 2014. Rising demand for efficient management system regarding blood & related
products and growing awareness pertaining to minimize transfusion errors in medical
process are some of the key factors driving RFID blood monitoring systems market.”
Industry Insights
The global RFID blood monitoring systems market size was estimated at USD 104 million in 2014. Rising demand for
efficient management system regarding blood & related products and growing awareness pertaining to minimize
transfusion errors in medical process are some of the key factors driving RFID blood monitoring systems market. Rapidly
consolidating healthcare sector and increase in volume of blood & related products inventory is further boosting up the
demand for this technology in healthcare industry.
Technological advancements in RFID systems will not only provide identification details but also provide location
information on a real time basis, which will further boost demand among end-users for these devices. Increase in R&D
activities for the development of new management solutions and rising concerns for patient safety is expected to propel
the growth of RFID blood monitoring systems. Growing adoption of RFID technologies by the hospitals and blood banks
particularly in blood freezers and refrigerators further surges demand for this technology.
Some of the other factors driving the growth of the market are favorable regulatory policies for the approval of RFID
technologies and rising trend of privatization of healthcare infrastructure that led to the introduction of modern
technologies in the healthcare settings. In 2013, FDA approved iTrace which is a RFID-based tracking system that can be
used in blood banks systems.
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Product Insights
Radio frequency identification held majority of the market share in terms of revenue, with over USD 60 million in 2014
pertaining to the factors such as growing concerns for patient safety, increasing adoption of smart medical devices,
favorable government initiatives, and rising need for reduction in healthcare cost. In addition, various application of RFID
in healthcare system further drive the demand over the forecast period.

Radiofrequency identification tags held the significant market share owing to the demand of technologically advanced
products such as alternative tags and sensory tags designs that uses Smart Active Label Technology (SAL) which is less
susceptible to metal and liquid. In addition, it maximizes the profitability of medical facilities that is expected to further
boost up its demand.
End Use Insights
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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Regional Insight
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.
Market Segment
Product Outlook (Revenue, USD Million, 2012 - 2022)
• Systems
• Tags
End Use Outlook (Revenue, USD Million, 2012 - 2022)
• Blood Banks
• Hospital Blood Centers
Regional Outlook (Revenue, USD Million, 2012 - 2022)
• North America
• Europe
• Asia Pacific
• RoW
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