Over the next ten years, it is anticipated that the global market for patient identification wristbands would expand significantly. The market is projected to be worth USD 496.7 million in 2023 and is anticipated to rise to an astounding USD 1,038.4 million by 2033. Over the course of the projection period, this expansion translates into a noteworthy compound annual growth rate (CAGR) of 7.7%.
The growing requirement for precise patient identification in healthcare institutions, the increased use of cutting-edge wristband technology, and the worldwide movement to raise patient safety standards are the main drivers propelling the market’s expansion. These wristbands are essential in hospitals and clinics all over the world because they reduce medical errors and enhance the standard of patient care overall.
The market is expected to increase as a result of growing patient safety awareness, improvements in wristband technology, and the growing demand for precise and effective patient identification systems in healthcare settings. Wristbands that identify patients are essential for reducing medical errors, facilitating better patient care, and increasing the effectiveness of healthcare as a whole.
The burgeoning healthcare sector, continuous advancements in wristband design and technology, and the increasing uptake of electronic health record (EHR) systems are among the principal drivers of this expansion. The improvements in patient safety and the optimization of hospital operations are the goals of these developments.
Since the patient is dealing with the appropriate medical staff at this stage, it is crucial. Maintaining an error-free record is made easier by using a barcode wristband. The healthcare industry has put a lot of work into implementing the newest tools, devices, and security protocols. Manufacturers of patient identification bracelets will have more lucrative business opportunities as the technological infrastructure supporting the healthcare industry becomes more sophisticated and efficient.
Globally, local governments are stepping up their attempts to find inexpensive raw materials to use in the production of patient identification bracelets. The market is probably going to get a significant lift just from this feature.
Important Lessons from the Market Study on Patient Identification Wristbands
- Employees no longer need to manually print labels, remove them from the sheet, and adhere them to bands thanks to technological improvements. Consequently, it simplifies the entire procedure, which is one of the main factors behind the thermal patient identification wristbands’ 8.2% growth trajectory.
- From 2023 to 2033, hospital growth is projected to be 7.8%. Hospitals are expected to experience a significant increase in patient volume as the prevalence of infections and chronic illnesses rises. To enhance patient care, tracking, and administration, they will undoubtedly make an investment in patient-identifying wristbands.
- The US will command the largest share of the worldwide market and produce US$ 357 million in revenue by 2033. The region will experience rapid growth as a result of the broad use of cutting-edge technology. The market is expanding in tandem with a marked growth in the importance of healthcare research and development.
- Over the past ten years, Germany has experienced growth of US$ 2.7 million at a CAGR of 9.3%. The sector is expanding due to increased consumer awareness. Government programs, an aging population, and prominent figures in the sector also contribute to the expansion of the business.
- With a CAGR of 8.8%, China will emerge as the strongest area. Chinese culture has been profoundly impacted by the country’s rapid socioeconomic development. Urbanization, aging populations, and changes in lifestyle have raised the nation’s risk of chronic illnesses.
Several of the top businesses in the patient identification wristband industry are
- Medical-Surgical McKesson Inc.
- Thermo Fisher Scientific Inc.
- Zebra Technologies Corporation Brady Worldwide, Inc. (PDC) Typenex Medical, LLC.
- Comfort Band, LLC,
- Endur ID Inc.,
- IdentiSys Inc., and Medline
Launching new products is the primary tactic used by manufacturers.
- Businesses in the Global Patient Identification Wristbands Industry work hard to improve their standing by introducing new products and winning over both established and up-and-coming competitors. The manufacturer’s plan to get a sizable market share and capitalize on it is expedited by the product introduction and acquisition. Here are a few current instances:
- In March 2022, Covenant Health and Medline, both based in Massachusetts, formed a $75 million prime vendor relationship. Together, the two companies will explore novel approaches to enhance patient outcomes and optimize supply chain processes within a three-hospital health system.
- In September 2021, the global healthcare leader McKesson Corporation will introduce McKesson’s Fast Returns Solution for Health Systems. By speeding up credit processing and simplifying the returns process, the technology helps hospitals and health organizations get more credit for returned OTC and prescription drug returns. Employees may now give patients more attention as a result.
Market Segmentation for Patient Identity Wristbands
By Kind of Product:
- Thermal wristband, write-on wristband, RFID wristband, alert wristband, and laser wristband sorted
By material type:
- Paper Plastics That Don’t Tear Vinyl Trilaminate Tyvek Synthetic
By Type of Closure:
- Adhesive Single-Post Snap Hook & Loop by Age Group Adhesive Permanent Snap Plastic Closure Adjustable Clasp
End User: Adult; Pediatric; Infant;
- Medical Facilities
- Particularty Clinics; Ambulatory Surgical Centers
- Centers for Rehabilitation
- Extended-Duration Care Facilities
Writer
With over 12 years of experience, Sabyasachi Ghosh is an Associate Vice President at Future Market Insights, Inc. with a background in the pharmaceutical, medical device, and healthcare industries. His aptitude for analysis and curiosity shaped his work as a researcher.
It comes easily to him to identify the main obstacles that clients encounter and to provide solid, hypothesis-based solutions that enable them to make strategic decisions. Feasibility studies, competitive intelligence, market entry and expansion strategy, and strategic transformation are his main areas of expertise.
With a degree in Microbiology, Sabyasachi has written multiple articles and been featured in journals such as Spinal Surgery News, ITN Online, and The Journal of mHealth.
Regarding Future Market Intelligence (FMI)
With a certification in ESOMAR, a Stevie Award, and membership in the Greater New York Chamber of Commerce, Future Market Insights, Inc. provides deep insights into the market dynamics that are driving demand. Offering market data, advisory services, consulting, events, and packaging, food and beverage, consumer technology, healthcare, industrial, and chemicals markets worldwide, FMI is the industry leader in these areas. FMI offers global, regional, and local expertise on a variety of disciplines and industry trends across more than 110 countries, thanks to its extensive global team of over 400 experts.
