According to FutureWise analysis the market for rfid blood monitoring system in 2023 is US$ 0.12 billion, and is expected to reach US$ 0.2 billion by 2031 at a CAGR of 7.1%.
RFID is a wireless identification technology that uses radio frequency electromagnetic fields to transfer data for the purpose of automatically tracking and identifying tags attached to various objects. The primary purpose of tags is to identify products and to facilitate the taking of products. RFID is mostly used in the pharmaceutical and healthcare sectors these days. As a result, RFID technology has had a significant impact on the healthcare industry globally. Considering that patient safety is the primary concern, RFID technology will likely drive the market as it ensures that every patient gets the benefits they are paying for. RFID blood monitoring systems offer immense potential for increasing patient safety and care with security in the healthcare industry. In comparison to conventional blood tracking and monitoring methods such as barcodes, RFID blood monitoring systems are faster and more efficient at scanning and documenting blood samples. In addition, the adopted testing protocol makes it possible to assess the performance of RFID devices during blood supply chain processes, since it emulates critical logistics processes. Testing protocols are developed jointly with hospital personnel who perform blood bags and tubes on a daily basis, so that safety and reliability can be improved. The global RFID blood monitoring system market is therefore driven by this factor. Hospitals could reduce errors by using AI and RFID to identify specimens and track them appropriately using digital footprints. Using an integrated V2V system could reduce errors related to specimen labeling and transfusion potential. Digital footprints involving both suppliers and healthcare providers are essential to TM's future in a changing healthcare system. In the coming years, these factors are expected to create lucrative growth opportunities for the market. The advancement of RFID systems, particularly RFID tags, which are based on nano and micro technology, and can store vast amounts of data, is another factor projected to propel growth of the global market. In addition, a major trend seen in the global market is the growing adoption of RFID blood monitoring systems by blood banks and hospitals throughout the world, which, in turn, is expected to drive the global market during the forecast period. Furthermore, the increasing use of radio frequency identification technology in blood banks has the potential to improve operational efficiency, advance patient safety, and reduce costs. Market growth is expected to be boosted over the forecast period by key rendering drivers.
FutureWise Market Research has instantiated a report that provides an intricate analysis of RFID Blood Monitoring System Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the RFID Blood Monitoring System Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.