Barcode Technology Market is expected to reach USD 918.09 million

Global Healthcare Barcode Technology Market is expected to reach USD 918.09 million by 2022 supported by a CAGR of 7.9% during the forecast period of 2017 to 2022. Healthcare barcode technology has not only promoted the error-free data collection but has improved the patient safety. Thus, rising need to reduce medication errors and related healthcare expenditure is majorly driving the growth of this market. In addition, growing focus on patient safety, technological revolution, and rising government legislations on the use of barcode technology are expected to boost the growth of the global healthcare barcode technology market.

The global healthcare barcode technology market is segmented by product, application, and geography. The product market is further classified into three segments, namely barcode printers, barcode verifiers, and barcode scanners. The barcode scanner segment dominated the overall market in 2016 and is also estimated to continue its dominance over the forecast period owing to their increasing adoption in the value chain of healthcare industry for accurate data collection. The barcode scanner segment is further classified into wand barcode scanner, charge-coupled device, laser barcode scanner, and image barcode scanner.

Based on application, the healthcare barcode technology market is mainly segmented into clinical and non-clinical applications. The non-clinical application segment holds the largest share in 2016, owing to the higher adoption of barcode technology in the non-clinical applications such as supply chain and inventory management.