RFID Blood Monitoring Systems Market Size, Share & Trends Analysis Report By Product (Systems, Tags), By End-use (Blood Banks, Hospital Blood Centers), By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global RFID blood monitoring systems market size was valued at USD 251.5 million in 2023 and is projected to grow at a CAGR of 17.9% from 2024 to 2030 owing to the increased need to enhance the safety and efficiency of blood transfusions. RFID technology has gained remarkable traction as an effective alternative to traditional monitoring methods such as barcodes. RFID blood monitoring systems provide precise, real-time tracking and monitoring to reduce errors during blood transfusions. It ensures that patients receive the correct blood type and minimizes the risk of transfusion-related complications.

In addition, the rising prevalence of chronic diseases among the aging global population and the growing number of surgical procedures worldwide has driven the market. Conditions such as cancer, cardiovascular diseases, and anemia often require blood transfusions. These disorders led to a higher demand for efficient blood monitoring systems.

Moreover, the technological advancements in RFID technology have been a significant market driver. Innovations such as the development of smaller, more efficient RFID tags and readers have made it easier to integrate RFID systems into existing healthcare infrastructure. These advancements have also reduced the cost of RFID technology, making it more accessible to a broader range of healthcare facilities. Moreover, the integration of RFID with other technologies, such as the Internet of Things (IoT) and blockchain, has further enhanced the capabilities of these systems, with more comprehensive and secure solutions for blood monitoring.

The regulatory landscape has also played a significant role in the increased adoption of RFID blood monitoring systems. Governments and healthcare organizations worldwide have implemented stringent regulations to ensure the safety and traceability of blood products. These regulations mandate the use of advanced technologies including RFID blood monitoring systems to improve the traceability and accountability of blood products throughout the supply chain.

Product Insights

Systems dominated the market with a 59.6% share in 2023 owing to the increased need for improved inventory management, reduced risk of human error and enhanced patient safety. The segment includes the hardware and software components necessary for the implementation of RFID technology in healthcare settings. RFID systems provide real-time data on the location and status of blood products, allowing healthcare providers to track and manage their inventory more efficiently. Hospitals and large blood banks have increasingly implemented RFID capabilities to deal with substantial volumes of blood products.

Tags are projected to grow exponentially over the forecast period as they provide accurate and reliable identification of blood products throughout the supply chain. RFID tags offer unique identifiers for each blood product and enable precise tracking from donation to transfusion. This ensures the safety and traceability of blood products, particularly in compliance with stringent regulatory requirements led by governments and healthcare organizations.

End Use Insights

Blood banks emerged as the dominant segment in 2023 with a share of 77.6% owing to the increasing need for enhanced safety and efficiency in blood transfusions. These banks handle large volumes of blood products, making accurate tracking and monitoring essential to prevent errors and ensure patient safety. RFID technology offers real-time tracking capabilities to reduce the risk of transfusion errors, improving the traceability of blood products.

Hospital blood centers are projected to emerge as the fastest-growing segment at a CAGR of 20.6% during the forecast period. This growth can be attributed to the significant volumes of blood products that hospital blood centers manage as primary healthcare facilities. RFID blood monitoring systems help these centers with effective tracking to ensure patient safety. In addition, healthcare organizations worldwide have implemented several regulations that mandate the use of advanced technologies including RFID to ensure the traceability of blood products. Compliance with these regulations has pushed hospital blood centers to adopt RFID systems, thereby boosting market growth.

Regional Insights

The North America RFID blood monitoring systems market dominated the global revenue with 45.2% share in 2023 owing to the increased emphasis on patient safety and efficient healthcare management. RFID technology enhances traceability and automation, aiding healthcare facilities to comply with regulatory requirements, reducing errors, and minimizing blood-related complications. This technology ensures that blood products are accurately tracked from donation to transfusion and improves patient safety.

U.S. RFID Blood Monitoring Systems Market Trends

The RFID blood monitoring systems market in U.S. was propelled by the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and anemia that often require blood transfusions. This has led to a high demand for efficient blood monitoring systems. Additionally, the aging population in the region has contributed to the increased need for blood transfusions, further driving the demand for advanced monitoring solutions.

Europe RFID Blood Monitoring Systems Market Trends

The Europe blood monitoring systems market held a significant market share in 2023 with a strong emphasis on ensuring blood safety. Healthcare providers in this region have increasingly adopted RFID technology to track blood products including bags, carriers, and wristbands to enhance patient safety. The market saw an increase in the number of blood donations, leading to a higher volume of blood products that need to be accurately tracked and monitored.

Asia Pacific RFID Blood Monitoring Systems Market Trends

The Asia Pacific RFID blood monitoring systems market is expected to grow at the fastest CAGR of 19.7% owing to the improved access to healthcare services across the region. The rising demand for blood supplies, fueled by an increasing number of surgical procedures and the prevalence of chronic diseases, has propelled significant market expansion. Additionally, emerging economies such as Japan, China, and India have presented substantial growth opportunities with major investments by government aid to modernize healthcare infrastructure in the region.

Key RFID Blood Monitoring Systems Company Insights

The competitive nature of the market has fostered innovation, leading to the development of more advanced and efficient RFID blood monitoring systems. Major market participants such as LogTag, Mobile Aspects, Biolog-Id, and others have invested heavily in research and development to introduce new and improved RFID solutions. These companies have also formed strategic partnerships and collaborations to expand their market presence and enhance their product offerings.

• LogTag North America Inc. is a supplier of temperature and humidity monitoring solutions, specializing in the transportation and storage of perishable and sensitive items. The company offers a wide range of high-quality, cost-effective data logging products designed to ensure the safety and quality of goods across various industries, including healthcare, pharmaceuticals, and food logistics.

• Mobile Aspects is a global healthcare software company dedicated to improving hospital safety and efficiency through RFID-enabled solutions. The company’s products, such as iRISupply and iRIScope, automate manual processes, enhance inventory management, and ensure compliance with regulatory standards.

Recent Development

• In October 2022, Biolog-id introduced an innovative RFID kit tailored for organizations handling large volumes of Red Blood Cells (RBC). The new HD kit has been implemented at various customer sites, showcasing its capability to enhance inventory management even in the most complex and demanding environments.

RFID Blood Monitoring Systems Market Report Scope

Global RFID Blood Monitoring Systems Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global RFID blood monitoring systems market report based on product, end use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Systems

  • Tags

• End Use Outlook (Revenue, USD Million, 2018 - 2030)

  • Blood Banks

  • Hospital Blood Centers

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait