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Healthcare Barcode Reader Market
Healthcare Barcode Reader market Expected to Reach $640.7 Million By 2028
Extensive patient safety, preventing medication errors, etc. boost the Healthcare Barcode Reader market growth.” - Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, May 28, 2024 /EINPresswire / -- Allied Market Research, titled,“Healthcare Barcode Reader Market By Type, Product Type, Connectivity, and Application: Global Opportunity Analysis and industry Forecast, 2021–2028”, the global healthcare barcode reader market size was valued at $260.9 million in 2019, and is projected to reach $640.7 million by 2028, registering a CAGR of 12.7%. Asia-Pacific is expected to be the leading contributor to the global healthcare barcode reader market trends during the forecast period, followed by Europe and North America.
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The healthcare barcode reader market is expected to register substantial growth in the future, owing to an increase in demand for wireless barcode readers. The primary objective of installing barcode reader devices is to provide safe and error-free medical records. Barcode reader assures error-free, efficient, and proper data and information. Reduction of medication error and healthcare-related expenditure drives the global healthcare barcode reader market growth.
Furthermore, the rise in the need for barcode reader equipment, such as 1D, and 2D is expected to provide growth opportunities for the market. Technological advancements in the barcode reader may favorably impact market growth over the coming years. Many countries have increased spending on new barcode reader equipment.
The 2D type segment was the largest revenue contributor in 2019 and is expected to grow at a CAGR of 13.1% from 2020 to 2027. This is attributed to the fact that 2D barcode readers contain more information and have been in demand over the past few years. Wireless barcode readers are estimated to grow at the highest CAGR of 13.7%, owing to portability and easy access in the healthcare facility. The fixed barcode reader held the largest market share in 2019 and is expected to dominate the market in 2027. Drug dispensing application was the highest revenue contributor in 2019, owing to the adoption of healthcare barcode readers in various pharmaceutical stores and hospitals.
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Competitive Analysis:
The Healthcare Barcode Reader industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Healthcare Barcode Reader Market include,
Scandit
Bluebird
Microscan
Juniper
NCR
Honeywell
Sato
Toshiba
Cognex
Opticon
Datalogic
Zebra
JC Square
Sick
Wasp
Keyence
Denso
By region, the healthcare barcode reader market share has been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The analysis identified that Asia-Pacific contributed the maximum revenue in 2019. The healthcare barcode reader market in Europe is expected to grow at a faster rate compared to other regions. Factors such as high spending on healthcare infrastructure and the rise in demand for advanced barcode readers contribute toward the market growth in Europe.
COVID-19 Impact Analysis
COVID-19 has impacted severely the global electronics and semiconductor sector, due to which production facilities as well as new projects have stalled which in turn has significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to a slowdown in the growth of the market in 2020.
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Key Findings of the Study
- By type, the 2D segment generated the highest revenue in the global healthcare barcode reader market analysis in 2019.
- By product type, the fixed barcode reader segment held the largest market share in the global market.
- By connectivity, the wired segment held the largest market share revenue in the global market.
- By application, the patient monitoring segment generated the highest revenue in the global market
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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