In a groundbreaking revelation, the Global Patient Identification Wristbands Industry is on an impressive growth trajectory, with anticipated revenues set to skyrocket. Projections indicate that this thriving market is slated to reach an estimated US$ 496.7 million by the year 2023, and by 2033, it is poised to surge to an astonishing US$ 1,038.4 million.
One of the most striking features of this ascent is the expected compound annual growth rate (CAGR) of 7.7% over the entire forecast period. This remarkable growth can be attributed to the global healthcare industry’s remarkable expansion over the past decade. The sector has witnessed substantial advancements in diverse domains, ranging from drug discovery, research and development, and state-of-the-art medical equipment production, to the seamless integration of cutting-edge technology.
Patient safety has taken center stage during this period of transformation, with patient identification wristbands playing a pivotal role. For over a decade, these wristbands have served as vital tools, enhancing safety procedures across healthcare facilities. A cornerstone of the patient identification process, these wristbands facilitate cross-referencing of records with the patient’s wristband details, ensuring that accurate information is matched with the right individual.
The future of the Global Patient Identification Wristbands Market promises innovation, enhanced patient safety, and substantial growth, aligning with the dynamic healthcare industry’s evolution. As this market continues its upward trajectory, it is set to revolutionize the standards of patient care and safety globally.
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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 Market 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, which is 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 very 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 Patient Identification wristband market 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 Patient Identification Wristbands market 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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Patient Identification Wristbands Market 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
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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 stands as 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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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