Patient safety remains a top priority for the healthcare industry. The industry is now using patient ID wristbands in light of the situation and the use of technology | FMI Latest Market Study

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 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.

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• S. will lead the global market and contribute a revenue share of USD 357 million by 2033. Rapid growth in the region will be fuelled 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, urbanisation, 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.

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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
• Long Term Care Centers

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