Healthcare Barcode Reader Market

Market Overview

The global Healthcare Barcode Reader market size was valued at USD 280.20 million in 2021. It is projected to reach USD 808.80 million by 2030, growing at a CAGR of 12.5% during the forecast period (2022-2030). 

Providing safety and an error-free medical record is a primary goal of installing barcode scanner equipment. A barcode reader guarantees accurate, timely, and correct data and information. In a hospital or healthcare setting, barcode technology is the use of an optical, machine-readable representation of data. The healthcare sector is anticipated to grow significantly over the next few years due to the growing demand for wireless barcode scanners. For instance, the versatile DS4608-HC accurately and efficiently capture virtually every barcode type found throughout the hospital and includes innovative features that further boost workflow efficiency and the patient experience. Decreased pharmaceutical errors and healthcare-related costs drive the global market for healthcare barcode readers.

Market Dynamics

Global Healthcare Barcode Reader Market Drivers

Growing Demand for Wireless Healthcare Barcode Readers

The handling of the gadget is simplified and made easier with a wireless barcode reader. Wireless barcode readers are more practical in the healthcare industry than cable ones. The wireless barcode reader utilizes Bluetooth or Wi-Fi for communication. Wireless barcode readers may be brought to the objects for reading, eliminating the need to transport heavy goods to the barcode reader. The market is expanding due to ongoing innovation in healthcare barcode reader products using wireless technology.

Less Human Error

Errors that cost money and endanger the patient's health have resulted from poor handwriting, incorrect coding, and severe workloads. Barcode technology eliminates human error-related pharmaceutical mishaps, which can happen anywhere from the doctor to the pharmacy to the nurses who give the pills. Healthcare organizations can also make substantial headway toward labeling errors and improving patient safety by updating the most recent technologies, such as wireless barcode readers.

Global Healthcare Barcode Scanner Market Restraint

Proper Alignment is Needed for Scanning Barcode

The barcode reader and the barcode must be in the same plane for the scan to be successful. A barcode reader cannot scan a unique barcode if it is too far away from the reader or positioned at an awkward angle about the reader. If the barcode reader is too far from the item or the barcode is scanned, the barcode may not be read. This is a restraining factor in the healthcare barcode reader market.

Global Healthcare Barcode Scanner Market Opportunities

Growing use of Cutting-Edge Technology

The market for healthcare barcode readers is growing due to emerging technologies and industry trends, such as adopting cutting-edge devices like wireless barcode readers. Several market participants for barcode readers are creating mobile scanning applications that help medical professionals scan barcodes. They are also creating hands-free scanning gadgets for quick and contactless scanning. Manufacturers are implementing cutting-edge technologies like wireless barcode scanners and 2D barcode scanners that can read QR codes and gather 2-dimensional data.

Regional Analysis

The global healthcare barcode reader market is divided into four regions, namely North America, Europe, Asia-Pacific, and LAMEA. 

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant shareholder in the global healthcare barcode reader market and is expected to grow at a CAGR of 12.60% during the forecast period. Asia-Pacific generates a sizeable portion of the healthcare barcode reader market's revenue. Countries like China, India, and Japan account for a substantial amount of the healthcare barcode reader industry. The rate of technological adoption in the healthcare industry is notably high in countries such as India, Japan, and South Korea, which is anticipated to provide considerable potential opportunities for the barcode reader market in the healthcare industry in this region. China has been the largest market for barcode reader manufacturers worldwide. A large number of domestic competitors and the Chinese government's endeavors to produce barcode readers domestically contribute to the expansion of the healthcare barcode reader market.

Europe is expected to grow at a CAGR of 13.80%, generating USD 285.21 million during the forecast period. The Europe market is analyzed across Germany, the United Kingdom, France, Italy, and the rest of Europe. Europe is one of the primary adopters of GS1 global standards for medicine distribution across Italy, France, and the rest of Europe. The European region is predicted to experience an increased demand for barcode reader systems due to the need for digital-based technologies in hospitals and clinics within the healthcare industry. During the projection period, the increase in disposable income and increased awareness of European medical facilities are anticipated to generate potential demand for barcode reader systems. In addition, government initiatives in several European nations are driving the expansion of the healthcare barcode reader industry.

North America barcode reader marker is examined in the United States, Canada, and Mexico. The United States has the most significant market share in the region due to technological advancements in the healthcare industry. Major barcode reader manufacturers in North America are spending extensively on flexible drug distribution for medicine and patient admission processes, driving the expansion of barcode readers in the region. In addition, governments around North America are implementing numerous measures to promote the usage of barcode scanner technology in the healthcare industry.

The LAMEA barcode reader market is analyzed across Latin America and the Middle East and Africa. Due to an increase in the need for faster and more accurate information tracking systems, the Latin American healthcare market is experiencing a surge in demand for digital technologies, including barcode reader systems. In the coming years, the expansion of digital technology in LAMEA will be one of the primary factors driving demand for barcode reader systems. In addition, nations in Latin America and the Middle East, such as Saudi Arabia, Iraq, and the United Arab Emirates, provide an extensive array of chances for expanding the barcode reader system market due to rising disposable income and numerous government programs.

Segmental Analysis

The global healthcare barcode reader market is segmented by type, product type, connectivity, and application.

By Type Analysis

Based on type, the global market is bifurcated into 1D and 2D.

The 2D segment is the highest contributor to the market and is anticipated to grow at a CAGR of 13.30% over the forecast period. This segment is the most significant contributor to the market. Information on websites, binary data, locations, and images can all be found in a 2D barcode scanner. In the healthcare industry, where businesses must provide extensive product tracking information on every minor item, 2D barcode readers have found substantial applicability. For instance, the UDI rule of the US FDA mandates the presence of certain production information on little medical devices. These kinds of information are readable by 2D barcode readers.

The linear barcode readers are one-dimensional (1D) scanners that encrypt the data and use a series of lines and gaps of varying widths. 1D barcode readers can scan only 1D barcodes and can read barcodes from 4 to 24 inches away. The majority of them are laser barcode scanners. They have superior motion tolerance, so they can check moving objects from a distance. Readers for 1D barcodes are less expensive than those for 2D barcodes and are mainly employed for surgical instrument tracking. As a result, the 1D barcode readers' low price and improved motion tolerance help the healthcare barcode reader market expand.

By Product Type Analysis

Based on product type, the global market is bifurcated into fixed and mobile.

The fixed segment owns the highest market share and is projected to grow at a CAGR of 13.50% over the forecast period. Fixed barcode readers are those that are fixed at a specific position and are stationary. To read the barcodes on medical equipment and medications, they are typically set up on countertops. The market for healthcare barcode readers is expanding due to factors such as the expanding usage of fixed barcode readers in pharmacies to monitor the dispensation of medications and the flexibility of wired barcode scanners.

Mobile barcode readers use wireless technologies to operate and have Bluetooth and Wi-Fi connections. They are simple and provide better scanning for barcodes with poor printing and degradation. Mobile barcode scanners can read 1D and 2D barcodes and have capabilities that make patients more comfortable and streamline clinical procedures. The market for healthcare barcode readers is anticipated to develop rapidly due to the portability of these readers and their usage of wireless technology.

By Connectivity Analysis

Based on connectivity, the global market is bifurcated into wired and wireless.

The wired segment is the highest contributor to the market and is expected to grow at a CAGR of 12.40% during the projected period. The system is connected to wired barcode readers via wire, cord, or USB cable. In healthcare, wired barcode scanners can read both 1D and 2D barcodes and a variety of vendors offer handheld wired barcode scanners. These barcode scanners are simple to use and run due to their interoperability with the Windows, Mac, and Linux operating systems; this facilitates market expansion. Scanning barcodes quickly and precisely contributes to expanding the healthcare barcode reader market. In addition, due to their wired connectivity to the system, they do not have battery concerns. They can perform better than wireless barcode readers, hence contributing to the expansion of the barcode reader industry.

A wireless barcode scanner offers increased operational flexibility. Healthcare practitioners commonly use them to scan documents. Due to the absence of a chord or wire, it is easier for workers to transport the barcode scanner throughout the healthcare facility. They are connected to the system using wireless technologies like Bluetooth and Wi-Fi. The expansion of the healthcare barcode reader market is propelled by the rising demand for wireless barcode scanners among healthcare professionals, owing to the device's convenience. In addition, manufacturers are continually involved in developing rugged and dependable healthcare barcode readers, which drives the expansion of the healthcare barcode reader market.

By Application Analysis

Based on application, the global market is bifurcated into patient monitoring, drug dispensing, surgical, patient monitoring, surgical, and access tracking.

The drug dispensing segment owns the highest market share and is expected to grow at a CAGR of 13.30% over the forecast period. In the healthcare industry, drug dispensing refers to the preparation and distribution of the medication to persons based on a prescription. Most drug industry distribution systems are easily connected with automated systems for delivering prescription drugs to end users. The use of barcode reader technology in drug dispensing is expanding quickly due to its digital image analysis capabilities. In addition, the interconnection between barcode readers and medicine dispensing equipment in the healthcare industry facilitates flawless operations, which is advantageous for the barcode reader market in the healthcare industry.

Access monitoring is a vital healthcare application as access to a particular area can be controlled using barcode scanning. Medical and industrial applications use barcode scanning as part of an access tracking application. Industrial uses include medical device production and pharmaceutical product tracking. Access tracking with barcode scanning technology offers healthcare personnel entry into highly secured medical facilities. A mobile barcode scanner is then used to scan the unique barcode at the door. Additionally, in COVID-like situations when contactless entry is highly favored, healthcare providers can enter the facility without making physical touch. Thus, barcode readers facilitate the implementation of contactless entry in healthcare facilities and can limit the access of unwelcome visitors, driving the growth of the market for healthcare barcode readers.

Recent Developments

• November 2022- IN Groupe launched Photometrix™, a Surys branded solution that allows verifying offline the portrait printed on a card with a simple smartphone. The solution, adopted in Togo, sets up an example for all countries needing to add security to their healthcare card program while allowing scalability and ease of use.