Dating back from 1970’s, it is believed that use of barcode technology in various healthcare settings has reduced the medication errors and the cost incurred in rehabilitating the patient after the wrong treatment. The adoption of such advanced technologies in the healthcare sector will drastically enhance the operations of hospitals or other healthcare systems through enhanced clinical results, automation in data capture, improved medication management & adherence, improved inventory management, medical staff & patient tracking, and ease in other financial activities. Thus, demand for barcode technology is increasing to improve operating efficiency, to ensure patient safety, and reduce medication errors & related healthcare expenditure.
In addition, significant opportunities from emerging countries are expected to increase the demand for barcode technology during the forecast period. The rise of emerging markets has been a defining feature of the global economy in the 21st century. These markets now contribute more than half of the global gross domestic product (GDP). When it comes to healthcare, most of the emerging markets in Asia-Pacific and Latin American regions are expected to experience double-digit growth due to improving healthcare infrastructure, rising healthcare expenditure, and rising demand for better healthcare services from a large pool of patient population in the emerging market.
The leading pharmaceutical manufacturers are focusing on entering the emerging Asia-Pacific & Latin American countries to open their manufacturing facilities to capture the low-cost manufacturing advantage and to cater the significantly rising demand for pharmaceuticals and medical devices from these regions. For instance, in November 2016, Merck KGaA has opened a new drug manufacturing plant in China with the size of 40,000 square meters. The company has invested $188 million in this production facility to cater the rising demand in China. Thus, growing manufacturing of pharmaceuticals & medical devices in the region is expected to increase the demand for barcode labeling for the tracking of these products throughout the value chain.
According to a report by the World Health Organization, the world will have a deficit of 12.9 million healthcare workers by 2035, with the largest shortages seen in parts of Asia. To overcome these challenges, the healthcare industry in emerging markets is increasingly adopting the advanced technology to automate processes, to achieve greater productivity and to reduce the incidence of medical errors.
Thus, increasing investment in healthcare infrastructure, rising demand for pharmaceutical products from emerging markets and the related increase in pharmaceutical production, and growing demand for healthcare process automation from the emerging Asia-Pacific & Latin American countries are expected to create significant opportunities for the global healthcare barcode technology market vendors.
Recently, Meticulous Research has published a comprehensive report on “Healthcare Barcode Technology Market- Global Forecast To 2022”. According to Meticulous Research estimates, the global healthcare barcode technology market is projected to be valued at more than USD 918.09 million by 2022.
The Healthcare Barcode Technology Market study, published by Meticulous Research, can be accessed at: Healthcare Barcode Technology Market: Global Forecast To 2022