The patient identification wristbands market size is projected to be valued at USD 496.7 million in 2023 and is expected to rise to USD 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. Various factors propelling the demand for patient identification wristbands are:
Manufacturers’ Efforts for Product Innovation is Providing Market Opportunistic Prospects
| Attributes | Details |
|---|---|
| Patient Identification Wristbands Market CAGR (2023 to 2033) | 7.7 % |
| Patient Identification Wristbands Market Valuation (2023) | USD 496.7 Million |
| Patient Identification Wristbands Market Valuation (2033) | USD 1,038.4 Million |
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 7.83% |
| H1,2022 Projected (P) | 7.83% |
| H1,2022 Outlook (O) | 7.83% |
| BPS Change: H1,2022 (O) - H1,2022 (P) | (-) 10 ↓ |
| BPS Change: H1,2022 (O) - H1,2021 (A) | (-) 03 ↓ |
According to FMI, the patient identification wristbands market decreased by 03 Basis Point Share (BPS) in H1-2022 (O) on comparing with H1-2021. Also, the variation in BPS change observed between the H1-2022 outlook and H1-2022 projected period within this market shows a dip of nearly 10 BPS.
Key factors involved in the decrease of BPS are attributed to the emerging concerns regarding patient safety and data distribution, regulated cyber security and encryption of data which is cost-incurring, and the development of cloud systems.
FMI presents a comparative analysis of the market growth rates and development prospects in the global patient identification wristbands market. The market is subject to influence by the rise in patient base, product adoption rate, and medical device regulations, in accordance with the impact of industry factors.
Key developments in this market include the incorporation of Internet of Things (IoT) into health care, the implementation of RFID technologies, and real-time data identification and traceability of advanced patient identification wristbands.
A propulsive factor which stays ahead for the industry includes the development of digitally incorporated artificial intelligence systems into the hospital management systems.
(Market to witness an absolute dollar growth of USD 39.9 Million between comparison periods)
Patient identification wristbands help efficiently keep a record of patient bed occupancy in an emergency room and decrease the wait time for medical patients. These solutions provide real-time status of patients’ locations and records, facilitate wireless communication amongst healthcare professionals, and possess a record of patients in the hospital's postoperative care.
There has been rising incidences of concerns in the areas of blood transfusion, phlebotomy, surgical intervention, and prompting adoption among medical professionals towards automated tools for patient identification. In addition, government requirements and continued demand for comprehensive solutions have created the rapid growth and expansion of healthcare clinics and is anticipated to drive this trend in the future.
Rapidly increasing collaborative activities including collaborations and agreements undertaken by information technology companies with healthcare providers along with clinical research organizations are expected to enhance the revenue growth in patient identification market throughout the forecast period, owing to the advancements in healthcare e-solutions platforms.
The market is expected to expand at a considerable growth rate over the next eight years at a CAGR of close to 7.7% and offer an absolute dollar opportunity of USD 39.9 Million from 2023 to 2033. The above-mentioned factors compile the sales outlook of the global patient identification wristbands market and are expected to raise value in the overall healthcare industry.
China had a 55.1% share of the East Asian patient identification wristbands market in 2021, and is expected to grow with a CAGR of 8.8% during the forecast period. China is a global manufacturing powerhouse, with cost-effective manufacturing capabilities and automated systems for large-scale production.
The country's manufacturing assistance has influenced its global presence, and it is expected to maintain a dominant position in the East Asian market.
| China Market Size (USD million/billion) by End of Forecast Period (2033) | 88.6 million |
|---|---|
| China Market Absolute Dollar Growth (USD million/billion) | 3.6 million |
| CAGR % 2017 to 2022 | 8.6% |
| CAGR % 2023 to End of Forecast (2033) | 8.8% |
Japan held a 35.5% share of the East Asia patient identification wristbands market in 2021, and it is expected to grow at a CAGR of 9.7% from 2022 to 2030. Japan's adult and geriatric populations are growing at a rapid pace. With the rising disease burden associated with ageing, the country has emerged as a functional player in advanced digital healthcare solutions. As a result, the country is expected to show an increasing trend in market-value sales of patient identification wristbands.
With a total market share of 92.3% in 2021, the United States dominates the North American patient identification wristbands market and is expected to continue experiencing high growth throughout the forecast period. The healthcare system in the United States is constantly evolving, and it is heavily reliant on the presence of a large patient pool that can be administered with treatment methods associated with advanced digital healthcare options.
The government's increasing funding capacity for research and development activities, combined with the performance of large industry players in product development and patent filings, is expected to secure the United States' dominant position in the North American region.
| United States Market Size (USDMillion/Billion) by End of Forecast Period (2033) | 357 million |
|---|---|
| United States Market Absolute Dollar Growth (USD million/billion) | 14.2 million |
| CAGR % 2017 to 2022 | 7.6% |
| CAGR % 2023 to End of Forecast (2033) | 7.8% |
Germany is expected to exhibit a CAGR of 9.3% in the European patient identification wristbands market. With more product launches in the country, such as Sato Europe's deployment of patient wristbands in the country, the market for patient identification wristbands has grown.
Key players with a well-established presence in the country, such as Zebra Technologies Corporation, have propelled the industry's growth in the European region.
| Germany Market Size (USD million/billion) by End of Forecast Period (2033) | 75.5 million |
|---|---|
| Germany Market Absolute Dollar Growth (USD million/billion) | 2.7 million |
| CAGR % 2017 to 2022 | 7.0% |
| CAGR % 2023 to End of Forecast (2033) | 9.3% |
Thermal Wristbands are expected to grow at an 8.2% CAGR through the the forecast period. The segment held a market share of more than 39.4% in 2021. Thermal wristbands use barcode scanning to identify and assess patients.
This incorporation helps both the patients and the healthcare providers with billing, patient identification, coding, and other procedures that make it easier to accommodate patients into the healthcare facility while providing better patient outcomes.
| Product Type | Thermal Wristband |
|---|---|
| CAGR % 2017 to 2022 | 8.6% |
| CAGR % 2023 to End of Forecast (2033) | 8.2% |
Hospitals have a revenue share of 43.2% in 2021 and are expected to have a share of 44.1% over the forecast period. The globally observed trend of increasing in-patient flow has forced hospitals to work with distributors to ensure safe patient management and identification. During busy hospital settings, a comprehensive scheduled barcode scan onto the patients' wrist maintains procedural bearing.
| End User | Hospitals |
|---|---|
| CAGR % 2017 to 2022 | 7.1% |
| CAGR % 2023 to End of Forecast (2033) | 7.8% |
Non-Tear Papers are expected to grow at an 8.5% CAGR until the end of the forecast period. The segment held a market share of more than 33.1% in 2021. Because of their durability in a hospital/medical setting, non-tear papers are widely used as a best manufacturing practice product. The wristband's durability during patient visits and admission are advantageous for a more efficient treatment procedure.
Adults Anticipate a Profitable Growth Rate of 7.6% Through the End of the Forecast Period
With the rising prevalence of chronic and infectious diseases, the in-patient and outpatient visits have risen. Disease burden increases with age and lower anatomical immunity (GBD 2019). As a result, the adult age group accounts for a sizable market share in the global patient identification wristbands market.
Product Launching is the Key Strategy Adopted by the Manufacturers
Companies in the patient identification wristbands market are actively attempting to strengthen their positions through new product launches and approvals by both established and emerging market players. The product launch and acquisition speed up the manufacturer's strategy to capitalize on market share and capture a sizable market share. Among the most recent examples are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkiye, Northern Africa, and South Africa |
| Key Segments Covered | Product, Material Type, Closure Type, Age Group, End-User, Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The patient identification wristbands market is projected to expand at a 7.7 % CAGR.
The patient identification wristband industry is valued at USD 496.7 million in 2023.
The thermal wristband segment will remain the most preferred in the market.
Germany's market is anticipated to expand at a 9.3% CAGR by 2033.
Rising chronic illness rates are estimated to propel the global patient identification wristband industry.
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Patient Identification Wristbands Market
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