Patient Identification Wristbands Market

2020 Analysis and Review: Patient Identification Wristbands Market by Product Type – Laser Wristband, Thermal Wristband, Alert Wristband, RFID Wristband, and Write-on Wristband for 2020 - 2030

Introduction

The correct and consistent identification of patients has been posing challenge to healthcare organizations across the globe. Despite technological progresses made by the healthcare sector, the process of patient identification remains manual. It is therefore highly prone to inaccuracies and can compromise with quality of patient care.

Automated patient identification systems demonstrate potential of correcting this long-standing concern in the healthcare sector, thus protecting the integrity of the overall system.

Patient identification systems and technologies are not in place across many countries around the world. Especially where resources are limited, the healthcare sector is vulnerable to serious errors. Failure to correctly identify patients can cause serious errors in medication, transfusion, testing, and so on.

Globally, organizations have therefore the accuracy of names in patient identification as one of their key priorities. Two leading automated patient identification technologies, radio frequency identification tags (RFID) and barcodes have been witnessing surging demand since the last few years.

With their last storage capacities and improved scanning capacities, their innovative identification technologies are recommended for adoption in healthcare environments. The demand for correctly identifying patients is at all-time high, augmented by the unprecedented COVID-19 outbreak.

In the absence of a proper treatment method or vaccine and at a time where hospital space and facilities and failing to matchup to the soaring number of cases, ensuring accurate patient identifies is of utmost importance.

Future Market Insights (FMI) sees this as exceptional times for the healthcare sector and spurred by the rising demand, patient identification wristband market is forecast to rise at an impressive 7.8% CAGR between 2020 and 2030.

IoT Steering Evolution

The advent of the Internet of Things has converged physical and online worlds and is causing significant transformations in the patient identification wristbands market. Connected devices are improving capability of real-time data exchange about parameters such as patient health, their behavior, and treatment or medicines prescribed.

This can help healthcare workers to swiftly transition into an outcome-based model, enabling improved patient care. Applications such as patient monitoring require constant feedback and innovations to help the segment benefit from real time location system or active technologies.

As the healthcare sector gets more streamlined and sophisticated with regards to its technological infrastructure, patient identification wristband producers will find more lucrative growth opportunities.

Rising Government Spending Driving Growth

Local bodies around the world are increasingly spending to develop cost-effective raw materials to manufacture patient identification wristbands. This factor alone is expected to give significant impetus to growth witnessed in the market.

The rising incidence of microbial and fungal infections has become a prominent factor causing health hazards around the world. These infections can result in potential epidemics, creating massive economic burdens for countries around the world.

In order to contain the spread of such infections, various governments are adopting the approach that prevention is better than cure. They are taking steps to isolate infection by conducting primary screening tests. These factors are in turn creating a conducive environment for the growth of the market.

Additionally, the market is expected to gain from the increasing per capita expenditure on healthcare. According to FMI, the per capita healthcare spending has nearly doubled itself in the last few years as a result of rising awareness and improving accessibility of a plethora of advanced treatment and diagnostic methods.

Consequently, the demand for better healthcare too has surged in response to the increasing willingness among patients and their families to spend on advanced treatment. This has been creating significant opportunities for the growth of the market.

Real-time Patient Monitoring Solutions

The demand for real-time patient monitoring is at a record high. Patient identification solutions can help healthcare organizations and workers keep a track of bed occupancy at emergency departments and reduce the overall patient waiting time.

The technology also offers solutions such as real-time visibility of a patient’s status and location. It also offers wireless communication facilities for healthcare professionals, enabling them maintain a record of patient and treatment administered.

An increasing number of large patient care facilities are adopting patient identification wristband solutions to streamline workflow and reduce cost and time incurred. Patient identification wristbands offer a host of other advantages, knowledge regarding which is stoking their sales worldwide.

Key Challenges

Low rate of adoption till date remains primary challenge witnessed in the market. So far, widespread adoption across emerging yet high potential markets is hampered to an extent by the high-cost factor.

Besides this, the lack of proper infrastructure in hospitals to support the modern technologies such as patient identification systems is hindering growth as well. With growing digitization, the demand for efficiency in managing patient data record is higher than ever.

Government funding to these channels for infrastructural improvement is expected to mitigate the aforementioned concerns in the forthcoming years. While patient wristbands are considered one of the key factors for efficiently delivering patient care, some of these are not durable enough to withstand the rigors of a busy hospital.

These can lead to technical glitches and errors, which not only increases cost incurred by hospital but compromises with patient care. This could hamper the growth of the market to an extent.

Region-wise Analysis

North America Patient Identification Wristband Market

The market for patient identification wristband in North America will exhibit impressive growth between 2020 and 2030. Growth witnessed in the region will be backed by the high penetration of advanced technologies.

The focus on healthcare research and development is significantly high, which is supporting the expansion of the market. Also, the presence of a sophisticated healthcare infrastructure will back growth witnessed in the market in North America.

Among end users, hospitals are expected to account for the leading share in the North America market for patient identification wristbands. Besides this, the market will continue witnessing demand in specialty clinics, ambulatory surgical centers and other segments.

The U.S. is expected to be a lucrative market within North America. Growth witnessed in the region will also be backed by the presence of a strong supply chain network.

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Europe Patient Identification Wristbands Market

In Europe too, hospitals are expected to account for the majority sales of patient identification wristbands. Besides expansion of healthcare facilities, surging investments by leading players is supporting growth of the market.

The region has been witnessing steadily rising demand for patient identification wristband. Also, investment towards innovating improved technologies and more efforts dedicated discovering most cost-effective sources of materials have been aiding growth witnessed in the region.

Countries such as Germany, Italy, Spain, Russia, Benelux, and the U.K. will offer lucrative growth opportunities to the market. The U.K. is considered to be the home to one of the most productive and strongest life sciences sectors. It is also a world leader in manufacturing and marketing myriad pharmaceuticals and clinical products.

Europe therefore presents a conducive environment to the growth of the patient identification wristband market. Britain is also considered one of world’s leading pool of scientific talent, which is expected to aid the expansion of the market.

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Asia Pacific Patient Identification Wristband Market

Asia Pacific has emerged as one of the most lucrative markets for patient identification wristband. While developed countries are expected to continue as mature market, high potential markets in Asia Pacific are forecast to record higher growth rate.

The region has been largely focusing on the adoption of novel technologies to streamline their healthcare operations. The surging number of patients in the last couple of years has compelled even the policy makers to focus on restructuring healthcare services.

As a result there has been an increasing spending by government bodies on research and development to ensure improved quality of patient care. While progress exhibited by the healthcare sector in Asia Pacific has been remarkable, several vulnerabilities are exposed due to the recent pandemic outbreaks.

Focus on patient care is therefore surging and so is the spending on patient identification systems and technologies by hospitals, specialty clinics, and other healthcare sectors.

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Category-wise Insights

Product

Laser wristband, thermal wristband, alert wristband, RFID wristband, and write-on wristband are some of the products available in the market. Of these, thermal wristbands currently hold the leading market share.

Thermal identification wristbands help in simplifying the process of patient admission and speeds-up check-in in healthcare facilities. A thermal patient identification wristband integrated admission software with prints on-demand.

It therefore helps in reducing the time taken to produce and assemble barcode wristbands. The technology does not require staffs to manually print labels, peel them off the sheet, and attach them to bands.

It therefore makes the whole process a lot convenient, which is one of the key factors fuelling the demand for thermal patient identification wristbands.

Material

Non-tear paper, plastic, vinyl, Tyvek, and synthetic are common materials that go into the making of patient identification wristbands. Of these, the demand witnessed in the non-tear segment is the highest and is expected to remain so through the course of the forecast period.

A key point to note here is that plastic has been contributing to the least share in terms of value.

Closure

Among various types of closures available in the market, the demand for adhesives was recorded to be the highest. The segment will continue dominating the market through the course of the forecast period, surpassing plastic closures, permanent snap, adjustable clasp, single post snap, and hoop & loop.

Age Group

In terms of age group, the market can be segmented into adult, pediatric, and infant. Of these, the adult group will emerge as the most lucrative demography in the market.

End User

Hospitals, specialty clinics, long term care centers, ambulatory surgical centers, and rehabilitation centers are key end users of patient identification wristbands. Because hospitals receive the maximum volume of patients, they are expected to account for the leading share in the market through the forecast period.

As a result of the increasing cases of chronic ailments and infections, hospitals are expected to record significant rise in patient volume. To streamline patient care, monitoring, and management they are likely to spend on patient identification wristbands.

Through the course of the forecast period, hospitals are expected to remain the dominant end user in the market.

Patient Identification Wristband: Key Players

The global market for patient identification wristband is highly fragmented and is characterized by the presence of several companies. Behemoths are currently boasting dominance in the global market.

With forecasts for competition to remain fierce, some of the leading market players are focusing on the expansion of their overseas sales. Other than this, market players are leveraging their research capabilities to expand their portfolio.

Mergers and acquisitions also have remained a widely adopted strategic move by market players to expand their product portfolio.

Zebra Technologies Corporation for instance, acquired Temptime Corporation in June 2019

The list is only indicative – full list of patient identification wristband key players is available upon request.

Patient Identification Wristband Industry Report: Scope

Attribute

Details

Forecast Period

2020-2030

Historical Data Available for

2015-2019

Market Analysis

USD Million for value

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia, Oceania Middle East & Africa

 

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa

Key Segments Covered

Product, Material, Closure Type, Age Group, End User, and Region

Key Companies Profiled

Tekni-plex, Inc., Selig Group, Bluemay Weston Limited, B&B Cap Liners LLC, Pres-On Corporation, Low's Capseal Sdn Bhd, Well-Pack , industries Co., Ltd., Tien Lik Cap Seal Sdn. Bhd, Captel International Pvt Ltd

Report Coverage

Brady Worldwide, Inc., Zebra Technologies Corporation, Thermo Fisher Scientific Inc., McKesson Corporation and Medline Industries Inc.

Customization & Pricing

Available upon Request

Key Questions Answered by the Report

  • What is the patient identification wristbands market size?

    The global patient identification wristbands market was valued at US$ 374.7 Mn in 2019. Between 2020 and 2030 the market is expected to rise at 7.8% CAGR

  • Which is the largest market for patient identification wristbands?

    North America currently leads the global patient identification wristbands and is expected to remain lucrative through the course of the forecast period

  • Which are the top companies in patient identification wristbands market?

    Brady Worldwide, Inc. (PDC) and Zebra Technologies Corporation are among the leading companies operating in the market

  • Where are the uses of patient identification wristbands?

    Patient identification wristbands are used to safely determine patients to be the legitimate receiver of the treatment administered and to ensure the treatment or procedure undertaken by patients effectively meets his or her needs

  • What are the various types of materials used in patient identification wristbands?

    Patient identification wristbands are made using materials such as non-tear paper plastic, vinyl, Trilaminate, Tyvek among others

  • What is the outlook on patient identification wristbands market?

    The demand for patient identification wristbands will continue rising in response to the surging cases of infections and chronic ailments worldwide. The demand for streamlining patient care will aid the expansion of the market in the coming years.

Enquiry before Buying

  • Is this research conducted by Future Market Insights?

    Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst

  • What research methodology is followed by FMI?

    FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions.

  • Who are the respondents for primary research?

    FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.

  • What are the sources of secondary research?

    FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. 

  • Is a sample of this report available for evaluation?

    Yes, you can request a sample and it will be sent to you through an email.

  • How can I buy this report?

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Key Segments

Product

  • Laser Wristband
  • Thermal Wristband
  • Alert Wristband
  • RFID Wristband
  • Write-on Wristband

Material

  • Non-Tear Paper Plastics
  • Vinyl
  • Trilaminate
  • Tyvek
  • Synthetic

Closure

  • Adhesive
  • Permanent Snap
  • Plastic Closure
  • Adjustable Clasp
  • Single-Post Snap
  • Hook & Loop

Age Group

  • Adult
  • Pediatric
  • Infant

End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialty Clinics
  • Rehabilitation Centers
  • Long Term Care Centers

Regional Outlook

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Rest of LATAM)
  • Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
  • East Asia (China, Japan, South Korea)
  • South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
  • Oceania (Australia, New Zealand)
  • Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)

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Patient Identification Wristbands Market