The global RFID in Healthcare market size is predicted to hit around US$ 12 billion by 2027 and poised to grow at a remarkable CAGR of 21% during the forecast period 2022 to 2027.
The global RFID in Healthcare market size is predicted to hit around US$ 12 billion by 2027 and poised to grow at a remarkable CAGR of 21% during the forecast period 2022 to 2027.
Growth Factors
Radio Frequency Identification (RFID) is a wireless technology that uses radio waves to track and identify tags attached to items. Tags and readers are the two components of a Radio Frequency Identification (RFID) system. The Radio Frequency Identification (RFID) reader sends out radio frequency waves and receives signals from the Radio Frequency Identification (RFID) tag in order to identify the object. During the forecast period, improvements in inventory management in pharmacies, hospitals, and biotechnology firms, enhanced patient safety by healthcare practitioners, lower cost and high efficacy Radio Frequency Identification (RFID) systems, and acceptance of automated processes in pharmacies and hospitals are expected to drive the growth of the Radio Frequency Identification (RFID) in healthcare market. In addition, numerous non-profit organizations are conducting research to develop new technologies to support Radio Frequency Identification (RFID) in healthcare.
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The effective patient monitoring, better communication, patient tracking, and patient identification are all made possible by Radio Frequency Identification (RFID) technology. This strategy helps to reduce prescription errors while also improving safety. The expanding demand for patient monitoring as well as government obligations to improve safety are all contributing to the Radio Frequency Identification (RFID) in healthcare market growth. Patient tracking across different hospital divisions utilizing the Radio Frequency Identification (RFID) technology reduces wait times and is thus gaining popularity in hospitals.
The Radio Frequency Identification (RFID) in healthcare market is also influenced by rising healthcare expenses as well as the engagement and expansion of major pharmaceutical corporations’ healthcare systems. A large number of patients with chronic diseases survive in the developing and underdeveloped regions. A rise in disease burden will fuel demand for effective healthcare services, resulting in Radio Frequency Identification (RFID) in healthcare market expansion.
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The Radio Frequency Identification (RFID) in healthcare market is fairly fragmented, with a large number of small and medium sized producers accounting for a significant portion of the global market.
| Report Scope | Details |
| Market Size by 2027 | USD 12 Billion |
| Growth Rate from 2021 to 2027 | CAGR of 21% |
| Base Year | 2021 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Companies Covered | Honeywell International Inc., Applied Wireless Identifications Group, Inc., Gao RFID, Inc., STiD RFID.CAEN RFID S.r.l., Impinj Inc Mobile Aspects, Inc., Alien Technology Corporation, Motorola Solutions, Inc. |
Report Highlights:
- Based on the product, the tags segment dominated the global Radio Frequency Identification (RFID) in healthcare market in 2020 with highest market share. This is attributed to the surge in the usage of tags to track various assets such as patients, personnel, drugs, and donated blood.
- Based on the application, the pharmaceutical tracking segment dominated the global Radio Frequency Identification (RFID) in healthcare market in 2020 with highest market share. This is due the increased demand for counterfeit drug detection and stock control and management.
- North America is the largest segment for Radio Frequency Identification (RFID) in healthcare market in terms of region. This is attributed to the growing number of hospitals and the existence of patient safety standards.
- Asia-Pacific region is the fastest growing region in the Radio Frequency Identification (RFID) in healthcare market. This is due to existence of a significant pharmaceutical industry that requires radio frequency identification (RFID) technology for process efficiency.
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Future of Radio Frequency Identification (RFID) in Healthcare Market
The market for Radio Frequency Identification (RFID) in healthcare is being supported by an increase in demand for Radio Frequency Identification (RFID) in healthcare sector to improve operational efficiency, growing concerns about drug counterfeiting and safety, government initiatives, the rising need to reduce operational costs in healthcare, and an increase in the incidence of medical device theft cases. Thus, all these factors is creating growth prospects for the growth of the Radio Frequency Identification (RFID) in healthcare market in the upcoming years.
COVID-19 Impact Analysis:
- The COVID-19 epidemic has caused damage on a variety of end use sectors and severely harmed a number of marketplaces.
- During the pandemic, however, the Radio Frequency Identification (RFID) in healthcare market saw a huge increase in global growth.
- Radio Frequency Identification (RFID) technology automates data collecting and greatly decreases human error in data tracking.
Key Developments in the Marketplace:
- The Higgs-9 IC, the first release of Alien Technology’s next generation of Higgs Radio Frequency Identification (RFID) semiconductor integrated circuits, was announced in April 2019. In Radio Frequency Identification (RFID) deployment, it enables enterprise critical applications to function smarter, faster, and with a faster return on investment.
- Eagle, all new RAIN Radio Frequency Identification (RFID) product line from Smartrac NV, was announced in January 2019.
- Terso Solutions and Ingenica Solutions established a partnership in February 2018 that brought together premier technology and Radio Frequency Identification (RFID)-capable storage systems.
- Premier Inc. has extended its sole source collaboration with Kit Check for its Bluesight for Controlled Substances solution as well as its distinctive kit and tray processing system, according to an announcement made in September 2020.
Market Segmentation
By Product
- Tags
- Systems & Software
By Application
- Pharmaceutical Tracking
- Asset Tracking
- Patient Tracking
- Blood Tracking
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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