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.

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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.

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.

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.

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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

Increasing demand for efficient supply chain management has increased the adoption of chipless RFID tags significantly in the recent past. Chipless RFID tags can store detailed information up to 2KB associated with the tagged products. The prices and other details of the product are automatically recorded when the consumer approaches the counter, without screening every product, eventually saving time of the consumer. Furthermore, it enables the cost tally in a signal scan, which also saves time for the user as well as product retailers. Such advancements in technology have encouraged retail and manufacturing organizations to adopt chipless RFID tags for their respective products.

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Chipless RFID tags are radiofrequency identification tags that do not need microchip in the transponder. Several industries such as healthcare and banking are increasingly adopting chipless RFID tags, in order to track products. RFIDs are relatively less expensive since they are not comprised of silicone chips and thus do not require any maintenance. As a result of this, it has been adopted in e-passports and banking cards. Several companies have started adopting chipless RFIDs, owing to its anti-counterfeiting and cost-effectiveness features.

A chipless RFID is a type of RFID tag that does not use microchip transponder, instead it uses radiofrequency (RF) energy to communicate data. Some of the chipless tags use conductive polymers or plastics instead of silicone microchip, wherein these chipless tags are digitally encoded and work at one-millimeter range. Furthermore, chipless RFID tags have features such as magnetically encoded stripe in banknotes, unique signature, and microwave reflecting fiber. These tags are predominantly used in e-passport, banking cards, and item-level tagging. The chipless RFID tags are used for asset tracking, smart tickets, anti-counterfeiting, animal tracking, air baggage, and high volume secure documents.