Barcode Technology Helps Track Medical Device Inventory amidst COVID-19 Outbreak
Hospitals are using the barcode technology to track the inventory of medical devices amidst the ongoing COVID-19 (coronavirus) outbreak. Since healthcare facilities in Brazil, India, Russia, and the U.S. are overwhelmed with the growing number of active COVID-19 cases, companies in the barcode readers market are helping healthcare workers manage their supplies and capital equipment with the help of the barcode technology. There is a rising need for structured data to manage the medical devices inventory, which is being made possible with the help of barcode readers. Even the National Health Service (NHS) in the U.K. is recommending the barcode technology to optimize patient safety amidst the pandemic.
Medical device suppliers are preparing product data in order to adhere to the procurement contract standards set by government health service organizations. Hence, manufacturers in the barcode readers market are helping these suppliers to have a structured data in place.
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Proliferation of AR Sparks Innovation in Hands-free Scanners with Digital Eyewear
Hands-free scanners with digital eyewear have become a game changer for end users in retail and logistics sectors. Scandit – a provider of barcode scanning software and technology solutions has introduced wearable devices equipped with barcode scanning and helps deliver real-time feedback that helps users to upgrade their business operations. Innovative wearable devices are contributing toward favorable growth of the barcode readers market, where the market is projected to reach US$ 10.1 Bn by 2030.
The proliferation of augmented reality in digital eyewear barcode readers is revolutionizing the product scanning technology. Wearable scanning devices hold promising potentials in replacing expensive hardware OEM scan engines. Simple and fast software integration is the key to turn any device with a camera into a powerful barcode reader.
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Innovative Use of Barcode Technology in Recycling Bolsters Market Growth
The barcode technology is being used in several end markets such as healthcare, government, manufacturing, business, etc. Barcodes are an ever-changing technology, which is being used in innovative ways such as in recycling, shopping, and even rainforest logging. The New York-based non-profit organization Recyclebank is increasing its efforts to apply barcodes on recycling bins to reward individuals with incentives-based recycling. Thus, companies in the barcode readers market can eye opportunities in everyday green initiatives to broaden their revenue streams.
In the Republic of Liberia, illegal logging of rainforest trees is a serious issue. Hence, manufacturers in the barcode readers market are increasing their production capabilities to produce wireless devices that can help manage the growing concerns in Liberia. The manufacturers are collaborating with local authorities in Liberia to establish a national timber-tracking system that tracks the cutting of every harvested tree and log right from its origin to its final destination.
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Barcode versus QR Code, RFID, and NFC: Which is better?
The RFID, BLE, NFC and GPS technologies are acquiring prominence in retail activities. This is explains why the global barcode readers market is estimated to register a modest CAGR of ~4% during the forecast period. On the other hand, QR (Quick Response) code scanning is possible with the help of smartphones to encode versatile data such as numeric and binary data. In order to address this stiff competition, companies in the barcode readers market are focusing more on software integration in devices so that scanning is possible using any smart device.
The RFID automatically collects data by reducing human error, while BLE is cost-efficient as compared to RFID. However, barcode is a universal technology, which will take several years to become obsolete.
2D Image-based Barcode Readers Aid in High-speed Sorting Applications
High-speed sorting applications have fueled the demand for barcode readers. Datalogic Group – a specialist in automatic data capture and process automation, has announced the launch of the AV500™ imager, a unique 2D image-based barcode reader meant for high-speed sorting applications. The demand for 2D image-based barcode readers is soaring in the retail e-Commerce sector, airport baggage handling, and parcel/postal sortation. Manufacturers in the barcode readers market are developing devices that cover all conveyor sizes and static reading applications.
Secure and fast sorting of objects with different and irregular dimensions is being achieved with the help of 2D image-based barcode readers. Companies in the barcode readers market are introducing innovative optical and dynamic autofocus technology in image-based barcode devices for use in demanding applications of customers in e-Commerce business and at airports.
Real-time Visibility of Supply Chains Improve Bottom Lines in Automotive Industry
Real-time visibility is becoming increasingly important in managing supply chain processes. Bar Code India – a provider of advanced business intelligence (BI) tools, has pioneered the art and science of real-time visibility in managing supply chain processes with the combination of software and hardware solutions. Companies in the barcode readers market are leveraging incremental opportunities in the automotive, chemical, FMCG, and electronics industries to boost market growth. Intelligent barcode readers help to improve bottom lines in various industrial sectors.
With larger ambitions fueled by new technologies of automatic identification and data capture (AIDC), manufacturers in the barcode readers market are leveraging the advantages of RFID technologies to offer traceability solutions across verticals. Asset, vendor, and dealer management is streamlined with the presence of barcoding and RFID technologies. Barcode readers help to successfully handle billions of transactions catering to warehouse management and accommodates millions of connected devices.
Barcode Readers Market: Overview
- The global barcode readers market is expected to expand at a CAGR of ~4% during the forecast period, primarily driven by growing usage of barcode readers across the healthcare sector and increasing demand for handheld barcode readers
- The barcode readers market is expected to be valued at US$ 6.9 Bn in 2023 and reach US$ 10.1 Bn by 2030
- In terms of form factor, the fixed barcode readers segment is anticipated to account for notable share as compared to the other form factors of the barcode readers market
- Based on type, wired barcode readers is set to dominate the market during the forecast period, whereas wireless barcode readers is expected to be the fastest growing segment during the forecast period
- North America remains a prominent market for barcode readers globally, and the market in the region is expected to be valued at US$ 2,698.3 Mn by the end of 2023
- The barcode readers market report provides analysis of the market for the period 2018 – 2030, wherein 2019 is the base year, 2023 is the estimated year and 2023 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- In this report, we analyze the growth drivers that enhance the value of the barcode readers market and various opportunities prevailing in the market
- Providers of barcode readers are focused on developing innovative solutions to serve specific requirements of end users, which is expected to drive the market in the upcoming years
North America Barcode Readers Market Snapshot
- Key countries that significantly contribute to growth of the barcode readers market in North America are the U.S., Canada, and Mexico. The U.S. witnesses increasing emphasis on inventory control management across industries such as retail, and warehouse, thus driving the barcode readers market in the U.S.
Key Drivers of Barcode Readers Market
- Growing usage of barcode readers across healthcare sector: Barcode readers/ scanners are being progressively used in diverse aspects across the healthcare sector. Tracking of patient information or records is now becoming sophisticated, along with the rectification of probable errors with the implementation of barcode readers/scanners. It also reduces drug-related errors across the healthcare sector.
As per the Institute of Medicine of the National Academies (IMNA), several medical errors occur in hospitals/clinics related to improper medication of patients, which results in wrong diagnosis causing loss of life. According to IMNA, nearly 51% of prescription errors can be resolved by using barcode readers/scanners. Therefore, healthcare organizations are shifting toward computer recommended databases to feed the related information of a patient.
Hence, growing usage of barcode readers across the healthcare sector is expected to fuel the growth of the barcode readers/scanners market worldwide
- Increasing demand for handheld barcode readers: Handheld barcode readers/ scanners enable optimum utilization via inventory management and asset tracking. Handheld barcode readers/scanners are generally compact and lightweight that makes them appropriate to cover huge areas in locations such as warehouses. Handheld barcode readers/scanners are quite affordable as compared to fixed barcode readers/scanners. Handheld barcode readers/scanners are broadly adopted by retailing giants such as Carrefour, Wal-Mart Stores, Tesco, and Metro.
Handheld barcode readers/scanners are flexible; they can read or scan one-dimensional barcodes and two-dimensional barcodes. The device enables businesses to save on maintenance cost. Even small-size enterprises can easily afford to adopt and upgrade to a modern asset & inventory management system due to low cost of the device.
Key Restraints of Barcode Readers Market
- Availability of Substitutes such as RFID Readers: RFID-based barcode readers is one of the best alternatives to replace barcode readers. Both barcode and RFID technology are two methods that are often used for inventory tracking, asset tracking, etc. RFID readers are cost-effective as compared to barcode readers. RFID readers can automatically collect data and it can read multiple tags at a time to increase operational efficiency. Additionally, RFID readers also can read as well as write data, whereas barcode readers read data only. Therefore, the availability of substitutes such as RFID readers is one of the major restraints in the barcode readers market.
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