The Global Patient Identification Wristbands Industry is poised for a significant surge, driven by the ever-increasing focus on patient safety and improved healthcare efficiency. According to a recent analysis by Future Market Insights (FMI), a leading market research firm, the market is projected to experience a robust Compound Annual Growth Rate (CAGR) of 7.7% over the next decade. This translates to a significant market expansion, with the value expected to climb from US$496.7 million in 2023 to a staggering US$1,038.4 million by 2033.
The past decade has witnessed remarkable expansion across various facets of the global healthcare sector, marked by groundbreaking advancements in medication discovery, extensive research and development initiatives, new and improved medical equipment, and seamless technological integration. Amidst this transformative landscape, patient safety emerges as a paramount concern.
One significant contributor to the enhancement of patient safety procedures is the patient identification wristband. For over a decade, these wristbands have been crucial in improving safety protocols across healthcare facilities globally. The patient identification process involves meticulous cross-checking of patient records with the details and information provided on the ID wristbands.
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This is a vital stage since it involves the patient interacting with the proper medical team. Using a barcode wristband simplifies keeping an error-free record. The healthcare business has made significant efforts to adopt technology, including the most recent tools, gadgets, and security measures. Patient identification bracelet makers will find more profitable business prospects as the healthcare sector’s technical infrastructure grows more efficient and advanced.
Local governments around the world are increasing their efforts in the development of low-cost raw materials for the manufacture of patient identification bracelets. This feature alone is likely to provide a major boost to the market.
Key Takeaways from the Global Patient Identification Wristbands Industry Study
- Because of technology advancements, employees no longer necessary to manually print labels, peel them from the sheet, and stick them to bands. As a result, it streamlines the entire process, one of the key causes driving the 8.2% growth trajectory of thermal Patient Identification Wristbands.
- Hospitals are expected to grow 7.8% from 2023 to 2033. As the incidence of chronic illnesses and infections rises, hospitals are projected to witness a large increase in patient load. They will certainly invest in patient-identifying wristbands to improve patient care, tracking, and management.
- By 2033, the United States will top the global market and generate US$ 357 million in sales. Rapid growth in the region will be fueled by the widespread adoption of advanced technology. The market is rising as the emphasis on healthcare research and development increases significantly.
- Germany has grown by US$ 2.7 million during the last decade, with a CAGR of 9.3%. As a result of improved customer awareness, the industry is growing. In addition, government initiatives, an older population, and industry leaders all help to drive market growth.
- China will emerge as the strongest region growing at a CAGR of 8.8%. Rapid socioeconomic advancement has had a significant impact on Chinese culture. The risk of chronic disorders in the country has increased as a result of lifestyle changes, urbanization, and an aging population.
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Some of the leading companies operating in the Global Patient Identification wristband industry are
- McKesson Medical-Surgical Inc.
- Thermo Fisher Scientific Inc.
- Brady Worldwide, Inc. (PDC)
- Zebra Technologies Corporation
- Typenex Medical, LLC.
- IdentiSys Inc.
- Comfort Band, LLC
- Medical Limited
- Endur ID Inc.
- Medline
Product launching is the key strategy adopted by manufacturers
Companies in the Global Patient Identification Wristbands Industry are striving to strengthen their positions through new product launches and approvals from both established and emerging market players. The product launch and acquisition accelerate the manufacturer’s strategy for capitalizing on market share and capturing a significant market share. The following are some recent examples:
- Covenant Health, based in Massachusetts, and Medline established a $75 million prime vendor alliance in March 2022. The two firms will work together in a three-hospital health system to find new ways to improve patient outcomes and streamline supply chain procedures.
- McKesson Corporation, a worldwide healthcare company, will launch McKesson’s Fast Returns Solution for Health Systems in September 2021. The technology assists hospitals and health systems in collecting more credit for returned prescription pharmaceuticals and over-the-counter products by expediting credit processing and streamlining the returns procedure. This allows workers to devote more attention to patients.
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Global Patient Identification Wristbands Industry By Category
By Product:
- Laser Wristband
- Thermal Wristband
- Alert Wristband
- RFID Wristband
- Write-on Wristband
By Material Type:
- Non-Tear Paper
- Plastics
- Vinyl
- Trilaminate
- Tyvek
- Synthetic
By Closure Type:
- Adhesive
- Permanent Snap
- Plastic Closure
- Adjustable Clasp
- Single-Post Snap
- Hook & Loop
By Age Group:
- Adult
- Pediatric
- Infant
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
- Rehabilitation Centers
- Long-Term Care Centers
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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