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The global RFID market in the healthcare sector cut it it should to reach about $ 12 billion by 2027 and expected grow to a CAGR of 21% during forecast period from 2020 to 2027.
OTTAWA, October 28, 2020 (GLOBE NEWSWIRE) – Precedence Research, announced the latest research study on “RFID in the healthcare market (By Product: Systems & Software & Tags; End User: Asset Tracking, Drug Tracking, Patient Tracking, Blood Tracking, Other) – Global Market Size, Trend Analysis, Segment Forecasts, 2020-2027 Regional Outlook “.
Radio frequency identification or RFID is the next generation technology for data collection and monitoring and has been effectively employed in numerous industries such as retail, manufacturing and logistics. RFID is also seen as the next revolution in healthcare and represents numerous prospects for increased security, cost savings, and operational effectiveness through the labeling of assets, inventory, staff and patients. The application of RFID has many benefits to the healthcare industry related to patient monitoring, safety, patient care skills and satisfaction. As the cost of RFID technology continues to decline, its need has grown dramatically in both public and private hospitals.
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Growth factors
RFID technology in the healthcare sector is expected to experience significant growth in the years to come. The improvement of the inventory management system within hospitals, pharmacies and biotech companies and greater attention to patient safety are together driving the growth of the market. In addition, the high efficiency of RFID systems, the intensification of the cancer patient population and the implementation of automated processes in pharmacies and hospitals are likely to boost market demand in the near future. RFID technology allows for improved communication, adequate patient monitoring, patient identification and patient monitoring. This helps reduce medication errors and increase safety.
As a result, the growing demand for patient monitoring and directives to raise safety subsidies to market growth. In addition, the advancement of the market is supported by the cumulative implementation of RFID in production units for productivity improvement and the increased applications of the access control application are accelerating the demand. Avalanche government initiatives, high implementation of RFID technology in the retail sector, and the expansion of the RFID ecosystem on organic growth strategies such as partnerships and mergers are also a thriving market demand.
However, the problems in the development of the healthcare RFID market are the large costs of installing RFID systems in the healthcare sector and the interoperability of the systems. Accepting RFID in any industry requires huge investments in readers, tags, software, electricity, and replacement services. Additional additional features such as IoT integration, system accuracy checking, and training expenses increase your RFID solution expense.
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Highlights of the report
- Pharmaceutical Tracking Applications Industry Acquires Prevailing Market Share in 2019, Due to Increasing Needs to Find Counterfeit Drugs and Inventory Management Mandate
- In 2019, North America conquered the global market due to the increase in the number of hospitals and the occurrence of patient safety guidelines
- Asia Pacific is expected to be the promising healthcare RFID market during the estimation period due to refinement of healthcare infrastructure, cumulative healthcare industry investments and developments by market participants in the region
- Motivated by the lower prices of radio frequency identification tags and the cumulative proliferation of RFID technology in several areas, RFID in the healthcare market is likely to see substantial growth in the coming years.
- Increased research and development results by nonprofits and rigorous strategies by leading companies such as expansion, mergers and collaboration to expand new technologies to support RFID in the healthcare sector
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Regional snapshots
North America is expected to capture the largest share of the healthcare RFID market in terms of market size. Actors in this region are highlighting research and development events, to facilitate operational competence through advanced technologies. Furthermore, the implementation of RFID technologies and a significant number of recognized players in the region are driving the growth of RFID tags in North America. In addition, the regional market benefits from promising government support in terms of financing and rigorous support for health sector development. The growing number of medical device alliances, research by nonprofits, and the existence of sophisticated healthcare infrastructures are subsidizing North American governance in the global healthcare RFID market.
Asia Pacific is likely to experience the strongest growth during the estimation period. This high progress is attributed to the enlightening healthcare infrastructure in China, India and Japan. In addition, growing concern for patient safety, monitoring of expensive medical devices, and improving hospitals are expected to spur market development in the region.
Key players and strategies
Due to the increased rivalry in this market, a number of companies are forging tactical partnerships with software companies to increase the total profit of the product and resist their foothold in the market. Some crucial players operating effectively in the global healthcare RFID market are Applied Wireless Identifications Group, Inc., Gao RFID, Inc., Honeywell International Inc., STiD RFID. CAEN RFID Srl, Alien Technology Corporation, Impinj Inc Mobile Aspects, Inc., Motorola Solutions, Inc., Radianse, Invengo Information Technology Ltd. Co., RF Technologies, Stanley Healthcare and others.
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