Global RFID Blood Monitoring Systems Market to Reach USD 234.7 Million by 2034, Driven by Technological Advancements and Rising Demand

The global RFID blood monitoring systems market is poised for significant growth, with sales estimated to reach USD 127.4 million in 2024 and projected to soar to USD 234.7 million by 2034. This represents a robust compound annual growth rate (CAGR) of 6.30% over the forecast period from 2024 to 2034.

In 2023, the RFID blood monitoring systems market generated revenue of USD 119.8 million. The industry is expected to exhibit a year-over-year growth of 6.34% in 2024, reflecting an increasing adoption of RFID technology in healthcare facilities worldwide.

RFID (Radio Frequency Identification) blood monitoring technology has revolutionized blood supply chain management by enhancing efficiency and ensuring real-time tracking of blood products. This technology utilizes RFID tags to monitor and manage blood products, significantly improving accuracy and safety in blood transfusion and storage processes.

As RFID technology continues to advance, it is anticipated to dominate the blood monitoring systems sector, commanding an impressive 89.5% of the market share during the forecast period. This dominance underscores the technology’s critical role in meeting the growing demands for patient safety and operational efficiency in healthcare settings.

Healthcare facilities are increasingly turning to RFID solutions to enhance patient care and streamline operations. The integration of RFID blood monitoring systems promises to address key challenges in blood management, offering real-time visibility and reducing the risk of errors.

Key Takeaways:

• The global RFID blood monitoring systems market is projected to grow from USD 127.4 million in 2024 to USD 234.7 million by 2034, with a CAGR of 6.30% during the forecast period.
• The market is driven by factors such as the increasing demand for efficient blood management solutions, rising healthcare costs, and technological advancements in RFID technology.
• North America is the largest market for RFID blood monitoring systems, followed by Europe and Asia Pacific.
• The market in Germany is expected to grow at a CAGR of 2.2% during the forecast period.
• China is expected to be the fastest-growing market for RFID blood monitoring systems, with a CAGR of 6.9% during the forecast period.

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Competitive Landscape:

Key players in the RFID blood monitoring systems market are investing heavily in developing advanced RFID products. Many blood product manufacturers are integrating RFID technology to optimize the management and tracking of their blood inventories. Additionally, companies are forming partnerships with industry leaders to expand their market presence and reach new regions.

Recent Industry Developments in RFID Blood Monitoring Systems Market:

• March 2024: Mymediset and Terso Solutions announced a partnership to launch mymindset LiveSync, a groundbreaking platform designed to transform the monitoring, tracking, and management of consigned inventory.
• October 2022: Biolog-id introduced an innovative RFID kit specifically for organizations handling large volumes of Red Blood Cells (RBCs). This new HD kit has been successfully implemented at several client sites, showcasing its effectiveness in inventory management.
• September 2021: Biolog-id Blood Inventory Devices were deployed at the Scottish National Blood Transfusion Service (SNBTS) in Scotland, aiming to improve the organization’s blood product management.

Key Players of RFID Blood Monitoring Systems Industry:

• Biolog-id
• Mediware Information System
• Honeywell
• Nordic ID
• TAGSY RFID
• Zebra Technologies Wave Mark
• Log Tag
• Terso Solutions
• RFID Group
• Solstice Medical LLC
• Magellan Technologies

Key Segments of RFID Blood Monitoring Systems Industry:

By Product:

In terms of product, the industry is divided into systems and tags.

By End-use:

The industry is classified by end use industries blood banks, and hospital blood centers.

By Region:

Key countries of North America, Latin America, East Asia, South Asia, Western Europe, Eastern Europe, and Middle East and Africa (MEA), have been covered in the report.

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