Healthcare Barcode Reader Market to Grow $640.7 million By 2028 | Asia-Pacific Leading Contributor
The global healthcare barcode reader market size is expected to witness considerable growth, owing to increased patient safety and reduction of human errors.
WILMINGTON, DELAWARE , UNITED STATES, February 8, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Healthcare Barcode Reader Market By Type (1D and 2D), Product Type (Fixed Barcode Reader and Mobile Barcode Reader), Connectivity (Wired and Wireless), and Application (In Vitro Diagnostics, Access Tracking, Surgical, Patient Monitoring, and Drug Dispensing): 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 report offers an in-depth analysis of the market, such as estimates of revenue in the coming years, key segments, factors influencing growth, constraints, and conceivable opportunities. It also includes an assessment of the competitive landscape and regional analysis. This report serves as a valuable resource for industry leaders, stakeholders, new entrants, and brokers, assisting them in developing tactics to showcase market dominance and gain their enterprise goals.
The healthcare barcode reader market is expected to register substantial growth in the future, owing to increase in demand for the wireless barcode readers. The primary objective of installing barcode reader devices is providing safety and error-free medical record. 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, rise in 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.
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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 has 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 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 adoption of healthcare barcode readers in various pharmaceutical stores and hospitals.
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 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 in healthcare infrastructure and rise in demand for advanced barcode readers contribute toward the market growth in Europe.
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The key players profiled in the healthcare barcode reader industry include Honeywell, Zebra Cognex, Sato, Toshiba, Wasp, Datalogic, Scandit, Juniper, Bluebird, Denso, Ncr, Opticon, Sick, Microscan, Jc Square, and Keyence. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the industry.
The Report Provides:
⦁ Assessment of market share at both regional and country levels.
⦁ Analysis of market share for key industry players.
⦁ Strategic recommendations tailored for new entrants.
⦁ Forecasts for all mentioned segments and regional markets over the next decade.
⦁ Exploration of market trends, including drivers, challenges, opportunities, threats, investment opportunities, and recommendations.
⦁ Strategic recommendations specifically focused on the primary business segment within the market forecast.
⦁ Overview of major general trends through competitive landscaping.
⦁ Company profiling with detailed insights into strategy, financials, and recent developments.
⦁ Mapping of the latest technological progress and supply chain trends.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry
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