USD 9.84 billion
Healthcare Barcode Technology Market Size, Share, Growth Analysis, By Product(Barcode scanners, barcode printers, and barcode verifiers), By Application(Non-Clinical and Clinical), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2109 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|Tables:
61
|Figures:
75
Healthcare Barcode Technology Market Insights
Healthcare Barcode Technology Market size was valued at USD 9.84 billion in 2022 and is poised to grow from USD 10.52 billion in 2023 to USD 17.91 billion by 2031, growing at a CAGR of 6.88% during the forecast period (2024-2031).
A barcode reader is a device that collects information and data from barcodes and transfers it to a computer in hospitals and the healthcare industry. Barcode technology is a simple, universal, and low-cost method of recording and providing digital data for other applications. It has greater efficiency, security, speed, and reliability along the supply chain and also increases profitability. These devices are cost-effective and help reduce errors. Barcode readers have grown in the hospital and healthcare industry due to trends and advancements in technology with fewer data errors. The adoption of barcode readers in the healthcare sector is significant due to benefits such as increasing patient safety and reducing human error. A healthcare barcode reader is used to scan unique barcode tags to obtain specific data and information about patients. Digitalization and the adoption of new technologies are projected to boost the growth of the barcode technology market. The adoption rate of barcode technology in the healthcare industry is high due to essential features such as accuracy, security, and efficiency, which drive market growth.
The key component driving the growth of the Healthcare Barcode Technology Market in the upcoming years is the healthcare sector's focus on preventing medical errors, which can happen in any healthcare sector, including medical offices, clinics, hospitals, surgery centres, and pharmacies.
US Healthcare Barcode Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Barcode printer
Fastest Growth
Barcode printer
Growth Rate
6.88% CAGR
Global healthcare barcode technology market, 2022-2030 ($Bn)
Country Share for North America- 2022 (%)
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Healthcare Barcode Technology Market Segmental Analysis
Global healthcare barcode technology market is segmented on the basis of type of barcode, product type, application, end user, and region. On the basis of the product, the market is segmented into barcode scanners, barcode printers, and barcode verifiers. By type of barcode, the market is segmented into Linear Barcode and 2D Barcode. On the basis of application, the market is segmented into Non-Clinical Applications and Clinical applications. By End-User, the market is segmented into Hospitals, Diagnostic Laboratories, Blood Banks, Pharmacy, and Others (Nursing Homes and Home Healthcare Agencies). By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Product
On the basis of product, the market is segmented into barcode scanners, barcode printers, and barcode verifiers. Barcode printers are divided into dot matrix printers, inkjet printers, laser printers, and thermal printers. Barcode scanners are divided into charge-coupled devices, laser barcode scanners, image barcode scanners, and wand barcode scanners. Based on product, the barcode printer segment is projected to dominate the healthcare barcode technology market during the forecast period. The cashless trend is boosting demand for barcode printers during the forecast period. People are adopting online money transfer methods and various latest technologies invented to carry out secure processes in hospitals and the healthcare sector.
Analysis by Application
On the basis of application, the market is segmented into Non-Clinical Applications and Clinical applications. Non-clinical applications are further segmented into cycle count, picking and internal transfer, put-away and verification, replenishment orders, and supply chain management. The non-clinical segment is estimated to gain a significant share of the market during the forecast period. Nonclinical barcodes are used in healthcare organizations to improve the accuracy and efficiency of patient registration and supply chain management. It is also used to eliminate medication errors, which occur during medication administration.
Clinical is further divided into blood transfusion verification, diet management, gamete tracking in fertilization, laboratory sample identification, drug administration verification, and respiratory therapy treatment.
Global healthcare barcode technology market by product, 2022(%)
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Healthcare Barcode Technology Market Regional Insights
On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America holds the largest market share of the gobal market. The development of several healthcare facilities in the USA is responsible for the growth of the market. McKesson is the largest company in the U.S. and the annual revenue of the company is USD 208.3 billion. The United States spends greater amounts on the healthcare industry, including research, medical technology, and inventions than the world. The demand for innovative technologies to confirm patient safety is constantly increasing, which is expected to drive the growth of the healthcare barcode technology market in the coming years.
The Asia-Pacific region is projected to grow at the fastest CAGR during the forecast period. Increasing investment in healthcare infrastructure increases healthcare costs, increasing demand for the healthcare barcode technology market.
Global healthcare barcode technology market by geography, 2022-2028
- Largest
- Fastest
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Healthcare Barcode Technology Market Dynamics
Driver
Increase in the adoption of barcodes by medical experts
- Numerous use of barcode readers by doctors, nurses, and medical staff to improve their safety and maintain errorless medical records drive the growth of global healthcare barcode technology market. Hospitals and medicals used barcode reader devices for checking and maintaining patient’s records.
Advancement in the technology of barcode reader
- Advancements in barcode technology have increased the growth of the 2D and 3D devices market. Installation and handling of barcode reader devices are easy. Development in mobile barcode readers increased the demand for global healthcare barcode technology market.
Restraint
Regulations on various raw materials used in the healthcare barcode printer
- There are some regulations on using raw materials for making barcodes, this factor hampers the growth of the global healthcare barcode technology market. Barcodes have no read or write capabilities in it. They do not have any added information on it like the expiry date. They only contain manufacturers and products. They have labour intensive and must have scanned individually. This factor also hampers the growth of global healthcare barcode technology market. Other factors include high cost of barcode scanners, inconvenience of moving the barcode scanner from one place to another, and lack of awareness of the barcode scanner machine by some of the shopkeepers.
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Healthcare Barcode Technology Market Competitive Landscape
Global healthcare barcode technology market has characterized by international and domestic market players. The key players adopted strategies such as mergers & acquisitions and collaborations to enhance the growth of global healthcare barcode technology market. Top market players are heavily investing in R&D activities to enhance the presence and growth of the market. Companies spend a lot of money on awareness and promoting barcode technology.
Top Player's Company Profiles
- Honeywell International Inc.
- Zebra Technologies Corporation
- Datalogic S.p.A.
- Bluebird Inc.
- Code Corporation
- Toshiba Tec Corporation
- Sato Holdings Corporation
- Wasp Barcode Technologies
- Axicon Auto ID Ltd.
- Zetes Industries SA
- Opticon Inc.
- Alien Technology Corporation
- Unitech Electronics Co., Ltd.
- Microscan Systems, Inc. (Omron Corporation)
- TSC Auto ID Technology Co., Ltd.
- Impinj, Inc.
- Cognex Corporation
- Epson America, Inc.
- Motorola Solutions, Inc.
- Avery Dennison Corporation
Recent Developments
- On February 17, 2021, Zebra Technologies announced the launch of its new healthcare barcode scanner, the DS4308-HC. The scanner is designed to improve patient safety and streamline workflows in healthcare settings.
- On May 26, 2021, Cognex announced the launch of its new healthcare barcode reader, the DataMan 8700 series. The device is designed to help healthcare professionals quickly and accurately capture barcodes on labels, wristbands, and packaging.
- On January 21, 2021, Code Corporation announced the launch of its new healthcare barcode scanner, the CR2700. The device is designed to help healthcare professionals capture barcodes on labels, wristbands, and packaging more quickly and accurately.
Healthcare Barcode Technology Key Market Trends
- Barcodes help schools to keep assets safe from theft and mismanagement, and help teachers, administrators and even temporary staff avoid long summer audits. Barcodes have allowed big retailers to innovate and find the most creative and effective solutions for inventory management. Governmental organizations like law enforcement, the military, and the fire department or emergency services are now using barcode technology in their work.
Healthcare Barcode Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our global healthcare barcode technology market analysis, increasing adoption of barcode technology and advancement in technology of barcode reader are key factors driving the growth of market. Key players adopted strategies such as mergers & acquisitions and collaborations to enhance the growth of global market. Barcode technology enters into various sectors like educational institute, government sectors like military, law enforcement department. Development in image based barcode scanners have replaced traditional laser barcode scanners, this is huge development in barcode technology market. North America holds the largest market share of the market. The Asia-Pacific region is projected to grow at the fastest CAGR during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 9.84 billion |
| Market size value in 2031 | USD 17.91 billion |
| Growth Rate | 6.88% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Healthcare Barcode Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Healthcare Barcode Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Healthcare Barcode Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare Barcode Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare Barcode Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare Barcode Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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