RFID Blood Monitoring Systems (Blood Refrigerators and Freezers) Market: 2013 - 2019
Albany, New York (PRWEB) September 09, 2014
Radio Frequency Identification (RFID) by definition is a wireless identification technology that uses radio-frequency electromagnetic fields to transfer data for automatically identifying and tracking tags attached to various objects. These tags are typically used for product tracking and product identification. Now-a-days, RFID is mainly viewed and utilized by healthcare and pharmaceutical sectors. RFID technology has stimulated a significant impact on the global healthcare industry.
As the technology ensures that every patient is treated properly and receives the services they pay for, the RFID systems market is driven by a greater emphasis on patient safety only. There is immense potential for RFID blood monitoring systems to be utilized in the healthcare industry, in order to increase the patient security and care, as well as maximize the medical facility profitability for specific healthcare applications. The adoption of RFID blood monitoring systems has been far more useful in minimizing human efforts and technical errors in maintenance and control of healthcare inventory.
RFID refrigerators are instrumental in tracking, storage, monitoring, and controlling blood and blood products inventory efficiently. The application of RFID tracking systems in the healthcare industry, especially the use of RFID blood refrigerators, and freezers in blood banks and major hospitals encompasses the analysis of this market in various regions across the globe.
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RFID has three basic uses in the field of medicine namely; tracking patients, tracking equipment, and tracking staff. With RFID:
- Tracking patient’s medical condition and history becomes easier
- Tracking expensive medical equipment in hospitals has become advantageous
- Medical machines or certain devices that have historically been overlooked in the storage are now tagged with RFID tracking systems, and easily found when required in times of emergency
- The number of staff needed to scrutinize hospitals for misplaced or lost equipment can reduce significantly, resulting in substantial payroll savings
- Uses of RFID Blood Monitoring Systems in the Healthcare Industry
The blood monitoring systems seek to improve safety and reduce costs in the blood supply chain management through the use of RFID technology. These systems help to track and monitor patients’ location, document medication, and interaction time periodically.
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- Need for RFID Blood Monitoring Systems
The primary concern for blood centers and hospitals is patient safety, minimization of blood transfusion errors, and minimal wastage of blood products. There is a burgeoning need to minimize the time consuming paperwork of the medical inventory management and reduce the consistent prevalence of blood transfusion errors at various blood banks and hospitals throughout different medical verticals in the world. Hence, RFID blood monitoring tracking systems are used for potential safety and efficient handling in supply chain management, as well as inventory management.
- Global Market Status of RFID Systems
The global RFID blood refrigerators and freezers market was valued at USD 40.9 million in 2012 and is expected to grow at a CAGR of 22.8% from 2013 to 2019, to reach an estimated value of USD 174.2 million in 2019. This growth is majorly attributed to the booming development and adoption of RFID technology in the healthcare industry due to the rising need for efficient management of blood and blood products, and also due to the growing trend of consolidation of healthcare facilities across different platforms.
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Currently, the global market for RFID blood refrigerators, freezers and monitoring systems have a few key players in the market. Famous companies such as Biolog ID, Terso Solutions and Magellan technologies are some of the dominant players in the industry. However, a recent FDA approval to the first RFID-enabled blood tracking system will further encourage other companies to participate and enter this market, thereby increasing the competition too.
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