Positive Patient Identification (PPID) Market is Expected to Grow US$ 1.6 Bn Mark By 2023: Credence Research
According to a new market research report published by Credence Research “Positive Patient Identification (PPID) Market (Component: Scanning Equipment and Software & Services; Deployment Model: Web-based and Cloud-based) - Growth, Future Prospects and Competitive Analysis, 2016 - 2023”, the global positive patient identification market is estimated to reach US$ 1.65 Bn by 2023.
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Market Insights
Positive patient identification refers to a combination of hardware and software solutions designed for identifying a patient’s details so as to ensure correct medication is provided to the same. The most significant factor driving the market growth is the rising expenditure over healthcare IT and other automation systems designed for carrying seamless processes in healthcare organizations. Another major factor fueling the market growth is the growing instances of patient misidentification leading to fatal losses to the patients along with economic loss. Considering these factors, the market is projected to portray robust growth during the forecast period. Nevertheless, factors such as reluctance to change and ignorance towards patient safety may challenge the market growth.
The overall positive patient identification market is segmented on the basis of market components, deployment model and geographic regions. On the basis of components, the market is segmented into scanning equipment and software & services. As of 2015, the market is led by the software & services segment. Further, based on the deployment models, the market is further segmented into cloud-based and web-based PPID solutions. The market is currently dominated by the web-based PPID solutions segment. On the basis of geographic regions, the PPID market is led by North America region, as of 2015. The region is expected to hold the largest share worldwide throughout the forecast period. Nevertheless, Asia Pacific is projected to emerge as the fastest growing segment during the forecast period.
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Competitive Insights:
The global positive patient identification market is technology driven, requiring vendors to invest substantial amount in research and development. Some of the leading and emerging players identified in the research study include Imprivata, Inc., Zebra Technologies, RightPatient, Inc. and PatientWorks Corporation. The global positive patient identification market is driven by technology developments and innovation. The competitive rivalry among current market players is comparatively high as every player is seeking to gain first movers advantage in the market.
Key Trends:
- Shift towards cloud-based positive patient identification solutions
- Partnership with healthcare organizations (on contract basis) and other market players
- Shift towards biometric positive patient identification solutions
- Emphasis on integration capabilities
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