Market World RFID Blood Monitoring Systems Market Dynamics | Page 2

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.
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.
Browse Full Research Report @
https://www.millioninsights.com/industry-reports/rfid-blood-monitoring-systems-market
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.
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.