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.
Healthcare Barcode Technology Market Size for Clinical Application, By Type, 2017- 2022

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, 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.

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 large pool of patient population in the emerging market.

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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.

Geographically, the global healthcare barcode technology market is segmented into five major regions namely North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. These regions are further analysed at a country level with the detailed qualitative and quantitative analysis. North America accounted for the major share in the global healthcare barcode technology market in 2016, followed by Europe and Asia-Pacific region. The major share of the North American region is mainly attributed to the higher adoption of advanced technologies by the healthcare facilities to ensure patient safety in this region. Asia-Pacific region is projected to grow at a faster CAGR of 9.6% during the forecast period, due to rising investment in improving healthcare infrastructure, growing healthcare expenditure, increasing demand for better healthcare services from large pool of patient population, and rising demand for automation in the healthcare operation to overcome the challenge of scarcity of healthcare professionals in the region.

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