The global healthcare barcode technology market will grow at a CAGR of 7.9% from 2017 to 2022 to reach USD 918.09 million by 2022, driven by the growing need for enhanced patient care. Growing focus on patient safety, technological revolution, and increasing medication error & related healthcare expenditure are the other leading factors expected to propel the growth of the global healthcare barcode technology market.
The global healthcare barcode technology market is segmented by product (barcode printers, barcode scanners, and barcode verifiers), application (clinical application, non-clinical application), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). Furthermore, the products market is further sub-segmented by barcode printers (dot matrix printers, laser printers, inkjet printers, and thermal printers), thermal printers (thermal transfer printer, thermal direct printer, and dual thermal printers), and barcode scanners (wand barcode scanners, charged-couple device, laser scanner, and image scanner). The application market is also sub-segmented into clinical application (medication verification administration, blood transfusion verification, laboratory specimen identification, respiratory therapy treatment at the bedside, dietary management, and gamete tracking in fertilisation process), and non-clinical application (supply chain management in hospitals, receiving, put-away and verification, picking and internal transfer, replenishment ordering, and cycle counts).
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North America holds the major share in the global healthcare barcode technology market, followed by Europe and Asia-Pacific region. However, Asia-Pacific region possesses lucrative growth potential for the healthcare barcode technology market during the forecast period. Most of the healthcare barcode technology products and applications in this region will be driven by developing countries such as China and India due to the developing healthcare infrastructure, increasing medication errors, rising expenditure on healthcare IT, and increasing focus on patient safety.
The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global healthcare barcode technology market were new product developments, product enhancements, acquisitions, and expansions. New product launches and enhancements was a most preferred growth strategy adopted by the key players, during the period of 2014-2017, enabling companies to expand their product offerings and ensure a competitive edge in the global barcode technology market. The key players in the global healthcare barcode technology market are Zebra Technologies Corporation, Honeywell International Inc., Datalogic S.p.A., Bluebird Inc., Godex International, Code Corporation, Toshiba Tech Corporation, SATO Worldwide, JADAK Tech, Axicon Auto ID Ltd., Microscan System, Inc., Unitech Electronics Co. Ltd., and Opticon.
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