The global sales of medical device & equipment tags are estimated to be worth USD 1.6 billion in 2021 and are anticipated to reach a value of USD 3.5 billion by 2031. Sales are projected to rise at a CAGR of 8.0% over the forecast period between 2021 and 2031. The revenue generated by medical device & equipment tags in 2020 was USD 1.5 million.
Stringent regulatory requirements for the accurate tracking and identification of devices drive the medical device & equipment tag market, which helps to improve patient safety and operational efficiency. Increased adoptions of IoT and RFID technologies in healthcare drive the demand for advanced tagging solutions.
A further key trend for market growth is an ever-enhanced requirement for effectively managing inventory and the prevention of counterfeiting in medical devices. The market is poised for steady growth as health facilities put a premium on compliance and traceability.
Global Medical Device & Equipment Tags Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 1.5 billion |
| Estimated Size, 2021 | USD 1.6 billion |
| Projected Size, 2031 | USD 3.5 billion |
| Value-based CAGR (2021 to 2031) | 8.0% |
Medical device & equipment tags can be utilized to primary record-keeping system or as a backup to digital records for healthcare institutions.
It also offers various applications such as fast inspection of flawed medical devices, reduction in medical errors, improved patient treatment, and others. The reliability of such applications drives the growth of medical device & equipment tags market.
The growing demand for medical equipment tags and medical barcode labels for easy identification of equipment cleanliness and repair status is creating new growth opportunities for medical device & equipment tags providers.
Medical device & equipment tags is offering a wide range of benefits such as patient identification, surgical instrument identification & sterilization, reduction in medical errors, better assessment of device performance, and others.
Continuous developments and implementation of new technologies such as unique device identification (UDI) and radio-frequency identification technology in healthcare sectors are creating growth opportunities.
Such technologies are providing various applications such as patient & staff identification, warehouse management solutions, lab specimen & medication labeling, location identification & wayfinding, laboratory vial, tray & rack identification and others.
China is the largest market for medical device & equipment tags, due to the strong presence of medical device & equipment tags manufactures and providers, in the Asia Pacific region. This is attributed to the high increase in demand for medical device & equipment tags for various end-users such as healthcare, medical facilities, clinical, and others.
Medical device & equipment tags offers different features such as mobile medical equipment, secure with adhesive backing strips, low-level disinfectants, surgical instrument tracking, and others. Hence, through the flexibility offered by Medical device & equipment tags vendors in the market can take the advantage of the accelerating opportunities in East Asia and South Asia & Pacific countries like India, China, Japan, and others.
France, Spain, and UK are creating potential growth opportunities for the growth of the medical device & equipment tags market owing to the rise in R&D funding for the development of RFID for medical device and surgical instrument tracking.
East Asia and South Asia region have an increasing number of manufacturing sectors hence the medical device & equipment tags is used to detect error and quality checks of products. Such major factors are driving the growth of medical device & equipment tags in East Asia and the South Asia region.
Key players such as
The key players strategies to improve expected product offerings, development, technical advances, and marketing position resulting from the acquisition, that are based on current expectations, estimates, beliefs, projections, assumptions, and forecasts about business and the markets in which medical device & equipment tags manufacturer operates.
For instance, June 2018, Cohealo launched SaaS solution for tracking medical equipment utilization. It enhanced the efficiency of the medical equipment by continuously monitoring their utilization and providing insights on how equipment can deployed in an optimal manner.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Medical Device & Equipment Tags Market
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