Healthcare Automatic Identification & Data Capture (AIDC) Market Size to Reach USD 74.6 Billion in 2028, Says Reports and Data
Rapid expansion of the e-commerce industry globally is driving revenue growth of the market
The global healthcare automatic identification & data capture (AIDC) market size reached USD 14.8 Billion in 2020 and is expected to reach USD 74.6 Billion in 2028 and register a CAGR of 22.4% over the forecast period, according to latest analysis by Reports and Data. Growing healthcare expenditure globally, increasing need for scheduling patient workflow efficiently, and rapid advancements in AIDC technology in healthcare are some of the major factors expected to drive global market revenue growth during the forecast period. Additionally, AIDC technology enables real time monitoring on various devices and assets, and these advantages are resulting in steadily increasing preference in healthcare, which is contributing significantly to market revenue growth.
AIDC technology is computer-based and aids in the identification and collection of data. AIDC functions on a variety of technologies including bar code, magnetic stripe, QR code, Radio Frequency Identification (RFID), biometrics, smart cards, voice recognition, and Optical Character Recognition (OCR). AIDC is increasingly being used in the healthcare sector to enhance operational efficiency, improve visibility of information, and accurate data capture. Incorporation of AIDC in healthcare enables error-free data collection, which in turn aids physicians to provide improved patient care and also minimizes risk of medication errors. In addition, this technology is used to obtain data through analysis of images, videos or sounds, which is another factor expected to drive revenue growth of the global market.
However, implementation of increasingly stringent government legislations on the use of RFID technology and need to comply is expected to hamper market growth to a certain extent over the forecast period.
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Some Key Highlights from the Report:
- Healthcare IT has incorporated different systems in order to track equipment and keep real-time inventory. Therefore, increasing demand for advanced technologies among pharmaceutical companies, medical device manufacturers, biopharmaceutical companies, hospitals, and other life sciences companies to control the inventory costs is expected to augment demand for AIDC over the forecast period.
- The RFID segment is expected to account for largest revenue share in the global market during the forecast period. Rising adoption of RFID in the healthcare industry for inventory monitoring and medical devices tracking is a major factor supporting revenue growth of this segment.
- The non-clinical segment registered the fastest revenue CAGR in the global market in 2020, owing to rapid adoption of barcode and RFID technologies in various non-clinical applications.
- Asia Pacific market is expected to register a robust revenue CAGR in the global market going ahead. Market revenue growth in the region is attributed to increasing government investment in enhancing healthcare infrastructure, rising healthcare expenditure, surging demand for more advanced healthcare services, large patient pool in countries in the region, and steady shift to automation in healthcare operations.
- Leading companies operating in the market include Datalogic S.p.A; SICK AG; Honeywell International Inc.; Cognex Corporation; Toshiba TEC Corporation; Bluebird Inc; NXP Semiconductors; SATO Holdings Corporation; The Code Corporation; Jadak - A Novanta Company; Unitech Electronics Co., LTD.; Impinj, Inc.; Denso Wave Europe; Avery Dennison Corporation; and TSC Auto ID Technology Co., Ltd.
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For the purpose of this report, Reports and Data has segmented the global healthcare automatic identification & data capture (AIDC) market on the basis of technology, component, application, and region:
Technology Outlook (Revenue, USD Billion, 2018 - 2028)
Component Outlook (Revenue, USD Billion, 2018 - 2028)
Application Outlook (Revenue, USD Billion, 2018 - 2028)
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Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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