Emerging Opportunities in the Patient Identification Wristbands Market: CAGR of 7.7% to Drive Market Size Beyond US$1 Billion by 2033

The Global Patient Identification Wristbands Market revenue is expected to be worth US$ 496.7 million in 2023, growing to US$ 1,038.4 million by 2033. Sales of patient identification bracelets are estimated to grow at a significant CAGR of 7.7% over the forecast period.

Over the last 10 years, the global healthcare sector has experienced an enormous expansion in all sectors, including medication discovery, research and development, the manufacture of new and improved medical equipment, and technological integration.

The patient ID wristband has been provided as proof of improved safety procedures for more than a decade. The patient identification process includes cross-checking records with the patient’s ID wristband details and information.

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This is a vital stage since it involves the patient interacting with the proper medical team. Using a barcode wristband simplifies keeping an error-free record.

The healthcare business has made significant efforts to adopt technology, including the most recent tools, gadgets, and security measures.

Patient identification bracelet makers will find more profitable business prospects as the healthcare sector’s technical infrastructure grows more efficient and advanced.

Local governments around the world are increasing their efforts in the development of low-cost raw materials for the manufacture of patient identification bracelets. This feature alone is likely to provide a major boost to the market.

Key Takeaways from Market Study

• Because of technology advancements, employees are no longer necessary to manually print labels, peel them from the sheet, and stick them to bands. As a result, it streamlines the entire process, which is one of the key causes driving the 8.2% growth trajectory of thermal Patient Identification Wristbands.
• Hospitals are expected to grow 7.8% from 2023 to 2033. As the incidence of chronic illnesses and infections rises, hospitals are projected to witness a large increase in patient load. They will very certainly invest in patient-identifying wristbands in order to improve patient care, tracking, and management.
• By 2033, the United States will top the global market and generate US$ 357 million in sales. Rapid growth in the region will be fueled by the widespread adoption of advanced technology. The market is rising as the emphasis on healthcare research and development increases significantly.
• Germany has grown by US$ 2.7 million during the last decade, with a CAGR of 9.3%. As a result of improved customer awareness, the industry is growing. In addition, government initiatives, an older population, and industry leaders all help to drive 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 aging population.

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Some of the 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.
• IdentiSys Inc.
• Comfort Band,LLC
• Medical Limited
• Endur ID Inc.
• Medline

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, based in Massachusetts, and Medline established a $75 million prime vendor alliance in March 2022. The two firms will work together in a three-hospital health system to find new ways to improve patient outcomes and streamline supply chain procedures.
• McKesson Corporation, a worldwide healthcare company, will launch McKesson’s Fast Returns Solution for Health Systems in September 2021. The technology assists hospitals and health systems in collecting more credit for returned prescription pharmaceuticals and over-the-counter products by expediting credit processing and streamlining the returns procedure. This allows workers to devote more attention to 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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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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