RFID in Healthcare Market Size to Reach USD 12.89 Billion by 2027 | Industry Trends – High demand for patient safety
The global RFID in Healthcare Market Size is expected to reach USD 12.89 Billion by 2027, according to a new report by Emergen Research. Some of the growth drivers of the market include growing emphasis on reducing operating costs and streamlining the process, demand for effective supply chain management, and improving care quality and performance.
It is expected that high operating costs linked to the healthcare sector would accelerate the adoption of RFID technology in healthcare organizations. Pharmaceutical firms, suppliers of medical instruments, hospitals, and many other healthcare entities leverage this technology to monitor the cost of inventories. RFID technology allows these companies to manage their inventories effectively and help prevent situations of stock-out and over-stocking. RFID tags allow surgical staff to easily monitor the medical devices used in operation theatres, thereby increasing patient safety.
A growing operating cost reduction requirement is expected to cause a rise in RFID adoption. This system is also used for effective patient monitoring and better control of the workflow in hospitals, blood banks, and pathology labs.
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Key Highlights from the Report:
- The tags segment occupied a significant share of the industry in 2019, accounting for 62.2% industry share in 2019. The growth can be attributed to its increased usage in monitoring properties, staff, patients, drugs, and in blood banks.
- Attributed to the growing need to identify counterfeit drug products and the efficient management of the inventory, the pharmaceutical monitoring application accounted for a significant share of the industry and is anticipated to lead the market growth with a CAGR of 15.1%.
- North America commanded the market share owing to the accelerated development of hospitals and the existence of patient safety laws. The United States dominates the market growth, and the increase can be attributed to the increasing awareness about the benefits of RFID technology and the rising concern regarding medical errors.
- Major participants of the industry include Cardinal Health, Logi-Tag Systems, LLC, MetraTec GmbH, Hurst Green Plastics Ltd, Terso Solutions, Palex Medical SA, Zebra Technologies Corporation, Impinj, Inc., Tagsys, and CenTrak, among others.
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For the purpose of this report, Emergen Research has segmented the global RFID in Healthcare Market on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Tags
- Systems & Software
Application Outlook (Revenue, USD Billion; 2017-2027)
- Patient Tracking
- Asset Tracking
- Blood Tracking
- Pharmaceutical Tracking
- Others
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- This study segments the RFID in Healthcare market and derives the precise valuation of the overall, as well as segment-based, market across different industry verticals, geographies, and products.
- The report will help participants understand the trajectory of the progress of the market and provide information on key drivers, restraints, challenges, threats, and opportunities for the growth of the RFID in Healthcare sectors.
- This RFID in Healthcare report would allow readers to be well-versed with the existing competition and gain more insights to improve their standing in the worldwide business. The competitive landscape considers the dominant competitors, along with product launches and technological advancements, strategic expansions, mergers and acquisitions, and procurement strategies implemented by key players in the RFID in Healthcare market.
Key features of the report:
- To study the key aspects impacting the RFID in Healthcare market size.
- To identify growth prospects in the RFID in Healthcare market.
- To analyze the RFID in Healthcare market segments and deduce the dominant trends observed in the industry.
- To examine the RFID in Healthcare market by investigating the available products, market share, and value proposition of the products.
- To analyze the industry by assessing the scope and application of the RFID in Healthcare market and highlight the growth of each application.
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2030
Chapter 3. Key Insights
Chapter 4. RFID in Healthcare Market Segmentation & Impact Analysis
4.1. RFID in Healthcare Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.3. Market restraints analysis
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Continued…
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