Rapid adoption of the RFID technology in the healthcare sector and increasing use cases of the Internet of Things (IoT) in healthcare are among the key factors expected to drive the global market revenue growth.
Rapid adoption of the RFID technology in the healthcare sector and increasing use cases of the Internet of Things (IoT) in healthcare are among the key factors expected to drive the global market revenue growth
Emergen Research has published its latest report titled “RFID in Healthcare Market, By Product (Tags, Systems & Software) and By Application (Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, Others), and By Region Forecast to 2028”
According to Emergen Research, the global RFID in healthcare market size was USD 4.24 billion in 2020 and is expected to reach USD 14.82 billion in 2028 and register a revenue CAGR of 15.0% during the forecast period, 2021-2028.
Market Dynamics:
Key factors providing impetus to the global RFID in healthcare market revenue growth are rapidly growing patient pool worldwide, increasing rate of hospital admissions, rising focus of healthcare providers on improving patient care & safety, and rapid adoption of high-efficiency, low-cost RFID systems. Rapid integration of emerging technologies such as the Internet of Things (IoT) in healthcare, growing use of advanced inventory management solutions in healthcare facilities including hospitals and pharmacies, growing need for automated operational processes in hospitals, and increasing research & development activities for more advanced healthcare RFID systems are among the other key factors expected to drive revenue growth of the global RFID in healthcare market over the forecast period.
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Radio frequency identification (abbreviated as RFID) technology uses radio waves for reading and capturing data & information stored on tags attached to various objects. RFID technology is increasingly being deployed in the healthcare industry to manage healthcare inventories and in supply chain, reduce medial errors, improve asset utilization rates, enhance healthcare workflow, monitor medical devices, and improve patient safety.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Tags Segment Accounted for Largest Revenue Share in 2020:
The tags segment dominated other segments in terms of revenue share in the global market in 2020. Major factors supporting revenue growth of this segment are rapid adoption of RFID technology in healthcare, growing need for improving healthcare workflow and patient safety, and increasing use of RFID tags in healthcare settings for real-time tracking and monitoring of assets & properties, inventories, patients and medical staff, and drugs, medical devices.
Pharmaceutical Tracking Segment to Account for Fastest Revenue CAGR:
The pharmaceutical tracking segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rapid revenue growth of this segment is attributed to factors such as increasing applications of the RFID technology in identification of counterfeit drugs, efficient management of healthcare inventory, and supply chain tracking.
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North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America RFID in healthcare market accounted for the largest revenue share in the global market in 2020. Major factors driving the regional market revenue growth are increasing patient pool, growing need to reduce medical errors and improve patient safety, rising awareness of the applications of RFID technology in the healthcare sector, rapid integration of the technology in healthcare, and presence of leading market players in the region, including Cardinal Health, LLC, Honeywell International Inc., Solstice Medical, LLC, and STiD RFID.
Major Companies in the Global RFID in Healthcare Market Include:
- Logi-Tag Systems
- Cardinal Health, LLC
- Terso Solutions
- Hurst Green Plastics Ltd.
- CenTrak
- Tagsys
- Zebra Technologies Corporation
- Impinj, Inc.
- MetraTec GmbH
- Palex Medical SA
- Alien Technology Corporation
- Gao RFID Inc.
- Honeywell International Inc.
- Mobile Aspects, Inc.
- RF Technologies
- Radianse
- STiD RFID
- Solstice Medical, LLC
- Stanley Healthcare
For the purpose of this report, Emergen Research has segmented the global RFID in healthcare market based on product, application, and region:
Product Outlook (Revenue: USD Billion; 2018-2028)
- Systems & Software
- Tags
Application Outlook (Revenue: USD Billion; 2018-2028)
- Asset Tracking
- Patient Tracking
- Pharmaceutical Tracking
- Blood Tracking
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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