Healthcare Barcode Reader Market Expected to Reach $640.7 Million By 2028

According to a new report published by Allied Market Research, titled, “Healthcare Barcode Reader Market By Type, Product Type, Connectivity, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2028”, the global healthcare barcode reader market size was valued at $260.9 million in 2019, and is projected to reach $640.7 million by 2028, registering a CAGR of 12.7%. Asia-Pacific is expected to be the leading contributor to the global healthcare barcode reader market trends during the forecast period, followed by Europe and North America.

The healthcare barcode reader market is expected to register substantial growth in the future, owing to increase in demand for the wireless barcode readers. The primary objective of installing barcode reader devices is providing safety and error-free medical record. Barcode reader assures error free, efficient, and proper data and information. Reduction of medication error and healthcare-related expenditure drives the global healthcare barcode reader market growth. 

Furthermore, rise in need for barcode reader equipment, such as 1D, and 2D is expected to provide growth opportunities for the market. Technological advancements in the barcode reader may favorably impact market growth over the coming years. Many countries have increased spending on new barcode reader equipment.

The 2D type segment was the largest revenue contributor in 2019, and is expected to grow at a CAGR of 13.1% from 2020 to 2027. This is attributed to the fact that 2D barcode readers contain more information and has been in demand over the past few years. Wireless barcode readers are estimated to grow at the highest CAGR of 13.7%, owing to portability and easy access in the healthcare facility. The fixed barcode reader held largest market share in 2019, and is expected to dominate the market in 2027. Drug dispensing application was the highest revenue contributor in 2019, owing to adoption of healthcare barcode readers in various pharmaceutical stores and hospitals.

By region, the healthcare barcode reader market share has been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The analysis identified that Asia-Pacific contributed maximum revenue in 2019. The healthcare barcode reader market in Europe is expected to grow at a faster rate compared to other regions. Factors such as high spending in healthcare infrastructure and rise in demand for advanced barcode readers contribute toward the market growth in Europe.

COVID-19 Impact Analysis

The COVID-19 has impacted severely on the global electronics and semiconductor sector, due to which production facility as well as new projects have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the market in 2020. 

Key Findings of the Study

• By type, the 2D segment generated the highest revenue in the global healthcare barcode reader market analysis in 2019.
• By product type, the fixed barcode reader segment held the largest market share in the global market.
• By connectivity, the wired segment held the largest market share revenue in the global market.
• By application, the patient monitoring segment generated the highest revenue in the global market  

The key players profiled in the healthcare barcode reader industry include Honeywell, Zebra Cognex, Sato, Toshiba, Wasp, Datalogic, Scandit, Juniper, Bluebird, Denso, Ncr, Opticon, Sick, Microscan, Jc Square, and Keyence. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the industry.