Thriving global healthcare sector drives demand for advanced patient ID wristbands. Streamlined technology and government investments propel market growth

NEWARK, DELAWARE, UNITED STATES OF AMERICA, November 16, 2023 /EINPresswire.com/ -- The patient identification wristbands market size is projected to be valued at US$ 496.7 million in 2023 and is expected to rise to US$ 1,038.4 million by 2033. The sales of patient identification wristbands are expected to grow at a significant CAGR of 7.7% during the forecast period.

The global healthcare sector has had tremendous growth over the past ten years in all sectors, including drug discovery, research and development, the production of new and improved medical equipment, and technological integration.

For more than a decade, the patient ID wristband has served as proof of improved safety procedures. Cross-checking records with the patient's ID wristband details and the patient's information is part of the patient identification process.

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This stage is considered critical because it involves the patient's interaction with the appropriate medical team. Using a barcode wristband makes it simple to keep an error-free record.

The health industry has made great efforts to adopt technology, including the newest tools, devices, and security measures.

As the healthcare sector's technological infrastructure becomes more streamlined and sophisticated, patient identification wristband manufacturers will find more lucrative growth opportunities.

Globally, local governments are raising their investments in the development of low-cost raw materials for the production of patient identification wristbands. This factor alone is expected to give the market a significant boost.

Key Takeaways from Patient Identification Wristbands Market Study:

Employees are no longer required to manually print labels, remove them from the sheet, and adhere them to bands due to technological advances. As a result, it streamlines the entire process, which is one of the primary factors driving the growth of thermal patient identification wristbands growth trajectory to 8.2%.

Hospitals are set to witness a growth of 7.8% during 2023-2033. Hospitals are expected to see a significant increase in patient volume as the number of chronic illnesses and infections rises. They are likely to invest in patient identification wristbands to improve patient care, tracking, and management.

This will lead the global market and contribute a revenue share of USD 357 million by 2033. Rapid growth in the region will be fueled by a high level of advanced technology adoption. The market is expanding due to a significant increase in the emphasis on healthcare research and development.

Witnessed a growth of USD 2.7 million over last decade and a CAGR of 9.3%. The industry is expanding as a result of increased consumer awareness. Furthermore, government initiatives, an ageing population, and industry leaders all contribute to 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 ageing population.

Product launching is the key strategy adopted by the 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 capitalising on market share and capturing a significant market share.

The following are some recent examples:

Covenant Health, a Massachusetts-based company, and Medline jointly announced a $75 million prime vendor alliance in March 2022. In a three-hospital health system, the two organisations will collaborate to identify fresh approaches for enhancing patient outcomes and streamlining supply chain processes.

In September 2021, McKesson Corporation, a multinational healthcare organisation, will introduce McKesson's Fast Returns Solution for Health Systems. By accelerating credit processing and streamlining the returns process, the solution helps hospitals and health systems collect more credit for returned prescription drugs and over-the-counter items. This frees up personnel to spend more time with patients.

Top 10 leading companies operating in the Patient Identification Wristbands Market are:

McKesson Medical-Surgical Inc.
Thermo Fisher Scientific Inc.
Brady Worldwide, Inc. (PDC)
Zebra Technologies Corporation
Typenex Medical, LLC.s
IdentiSys Inc.
Comfort Band,LLC
Medical Limited
Endur ID Inc.
Medline

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Patient Identification Wristbands Market Key Segments

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

By Region:

North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa (MEA)

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.

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Patient Handling Equipment Market was estimated to be worth roughly US$ 13.95 Billion in sales. By 2032, the market is expected to grow at a CAGR of 5.7% to a value of US$ 24.29 billion.

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