Patient identification wristbands have identification codes of patients often in the form of barcodes. These wristbands work as potential scanners to read the information of the patients such as the patient's name, date of birth, contact details, medical history, administered medication, details of surgeries, medication doses, and the details of all possible allergies. Patient identification wristbands also allow the healthcare workers to do real-time tracking of the patient for their medical records and location. Through this digital method, keeping records of the patient is easier and it helps eliminate the chances of human errors in the process.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in December, 2019. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since its outbreak, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
With COVID-19, the supply chain of the raw materials required to manufacture patient identification wristbands has been disrupted in many countries. In addition, the market growth of patient identification wristbands has also declined as the manufacturers of these devices have slowed down their production because of the pandemic. Therefore, COVID 19 is expected to have a significant impact on the patient identification wristbands market.
Top Impacting Factors
- The internet of things (IoT) has brought the online and physical worlds together. It has also helped create many changes in the patient identification wristbands market. Devices connected through the internet are offering the capability of exchanging real-time patient data such as patient behavior, health, prescribed medications, or treatment. Hence, it is helping to drive the patient identification wristbands market.
- In addition, the aforementioned model has also helped healthcare professionals in transitioning to an outcome-based model which helps offer better patient care. For instance, patient monitoring applications necessitate continuous input to benefit from active technologies or real-time location systems.
- Patient identification wristbands market is anticipated to find lucrative growth opportunities as the technical infrastructure of the global healthcare sector has become more streamlined. Local governments all across the world have increased investments in developing low-cost raw materials for manufacturing patient identification wristbands. This factor will help grow the market during the forecast period.
- However, most patient identification wristbands are not sturdy enough to endure the roughness of a hospital or a busy health center. This can act as a restraint for the patient identification wristbands market.
Key Market Trends
The patient identification wristbands market in North America is expected to expand rapidly due to high levels of advanced technology adoption in the healthcare sector. The market’s expansion is also being aided by an increase in funding for healthcare R&D. Within North America, the U.S. is anticipated to hold a major market share due to the presence of a robust supply chain for medical devices.
In Europe, the patient identification wristbands market is growing due to the expansion of healthcare facilities all across the region. The market is also benefitting from increased investments from major manufacturers of patient identification wristbands. Within Europe, the UK has the most powerful and productive life sciences industries and it can act as a leader in distributing and producing patient identification wristbands.
Moreover, Asia-Pacific is one of the most attractive markets for patient identification wristbands. The region has largely focused on adopting novel technologies that help optimize healthcare activities. Many players of the healthcare industry have hence increased their investments in the patient identification wristbands market in this region.
Key Benefits of the Report
- This study presents the analytical depiction of the patient identification wristbands industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the patient identification wristbands market share.
- The current market is quantitatively analyzed to highlight the growth scenario of the patient identification wristbands market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Patient Identification Wristbands Report
- Which are the leading players active in the patient identification wristbands market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the patient identification wristbands market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps in the market?
- What are the impacts of COVID-19 on the industry?
- What are patient identification wristbands?
- What are the current and predicted trends of the market?
Patient Identification Wristbands Market Report Highlights
By Product Type
By Age Group
By End User
Key Market Players
McKesson Medical-Surgical Inc., IdentiSys Inc., Comfort Band,LLC, Zebra Technologies Corp., Thermo Fisher Scientific Inc., Compass Health Brands, Printina, Inc., Brady Worldwide, Inc., Typenex Medical, LLC., Bio - X.