Global RFID Blood Monitoring Systems Market Drivers, Trends & Challenges 2016-2020: Robust Guidelines Enabling Use of RFID for Blood Monitoring - Research and Markets

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28 Sep, 2016, 14:10 GMT

DUBLIN, September 28, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Global RFID Blood Monitoring Systems Market 2016-2020" report to their offering.

The analysts forecast the global RFID blood monitoring systems market to grow at a CAGR of 22.96% during the period 2016-2020.

Global RFID Blood Monitoring Systems Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Growing adoption of RFID-based solutions for efficient blood monitoring is an important trend gaining traction in the market. The industry has been witnessing a growing use of RFID-based solutions to improve efficiency. For instance, in May 2016, Aegis Sciences Corporation employed an RFID-based solution to monitor the status of blood and urine samples. In May 2016, the University of Tennessee Medical Centre also expanded its use of RFID within its 36 operating rooms. In March 2016, NSW Health Pathology that operates five clinical and scientific networks, deployed RFID technology at a blood bank it runs at the Liverpool Hospital, Sydney, Australia. It will allow the hospital to track blood products throughout the process of the supply chain. The increasing adoption of RFID technology for blood monitoring will fuel the market growth.

According to the report, robust guidelines enabling use of RFID for blood monitoring is a key driver contributing to this market's growth. The International Society of Blood Transfusion (ISBT) Working Party on Information Technology voted in 2006 to form a task force on RFID to review the state of RFID development and recommend guidelines for the application of RFID in transfusion medicine. The guidelines cover the use of RFID in the blood product supply chain from bag manufacturing to the donor and the individual.

Further, the report states that high initial investment and maintenance cost is a major challenge this market is facing. The high initial costs of RFID systems have restricted adoption of these devices. The start-up costs of RFID implementation in an 800-bed hospital will be in the range of $20,000 to $1 million, depending on the requirement. Also, according to the College of American Pathologists, RFID tags were 10-15 times more expensive than barcode systems. A passive tag costs between $0.1 (10 cents) and $0.5 (50 cents), while active tags are priced between 50 cents and $50. This has resulted in the slow adoption of RFID in blood monitoring. Another reason for slow adoption of RFID in hospitals is high maintenance costs. These factors will have a significant impact on the growth of the market.

Key vendors

  • Biolog-Id
  • Mediware Information Systems
  • S3Edge
  • SATO Vicinity
  • Terso Solutions

Other prominent vendors

  • Honeywell
  • LogiTag
  • Mobile Aspects
  • Nordic ID
  • Solstice Medical
  • Stanley Healthcare
  • TAGSY RFID
  • WaveMark
  • Zebra Technologies

Key Topics Covered:

Part 01: Executive summary

Part 02: Scope of the report

Part 03: Market research methodology

Part 04: Introduction

Part 05: Blood bank funding and financial stability

Part 06: Harmonization of biobanking/blood banking

Part 07: Market landscape

Part 08: Market segmentation by product type

Part 09: Geographical segmentation

Part 10: Market drivers

Part 11: Impact of drivers

Part 12: Market challenges

Part 13: Impact of drivers and challenges

Part 14: Market trends

Part 15: Vendor landscape

Part 16: Key vendor analysis

Part 17: Appendix

For more information about this report visit http://www.researchandmarkets.com/research/jvxnt7/global_rfid_blood

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