The global RFID in Healthcare market size is expected to reach around US$ 12 billion by 2027 and predicted to grow at a CAGR of 21% during forecast period 2020 to 2027.
OTTAWA, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Precedence Research, Announced Latest Research Study on “RFID In Healthcare Market (By Product: Systems & Software And Tags; End-User: Asset Tracking, Pharmaceutical Tracking, Patient Tracking, Blood Tracking, Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
Radio Frequency Identification or RFID is the next generation technology for data-collection and tracking and has effectively been employed in numerous sectors such as retail, manufacturing, and logistics. RFID technology is also viewed as the next revolution in healthcare sector and signifies numerous prospects for improved safety, cost savings and operational effectiveness by means of tagging assets, inventory, personnel, and patients. The application of RFID presents many paybacks to the healthcare sector linked to patient tracking, safety, proficiencies in patient care, and satisfaction. As the cost of RFID technology is presenting a continual downfall, its requirement has been widely growing in both government and private hospitals.
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Growth Factors
RFID technology in healthcare sector is anticipated to observe a remarkable growth in during years to come. Improvement of inventory management system within hospitals, pharmacies, and biotechnology firms and augmented focus for patient safety are together driving market growth. Further, high efficiency of the RFID systems, intensifying population of cancer patients, and implementation of automated process in pharmacies and hospitals are likely to offer push to the market demand during near future. RFID technology gives rise to improved communication, adequate patient monitoring, patient identification, along with patient tracking. This aids in lessening medication errors and uplift safety.
Consequently, the rising requirement for patient monitoring and directives to lift safety subsidize to market growth. Further, progress of the market is bolstered by the cumulative implementation of RFID in manufacturing units for productivity enhancement, and augmented applications of access control application are accelerating demand. Also snowballing government initiatives, high implementation of RFID technology in retail sector and expansion in the RFID ecosystem over organic growth strategies like partnerships and mergers are flourishing market demand.
However, issues in the development of the healthcare RFID market are great installation cost of RFID systems in healthcare and systems interoperability. RFID acceptance in any industry needs huge investment for readers, tags, software, electricity and running replacement services. Further additional features like IoT integration, accuracy checking of system, and training charges increases expenses for RFID solution.
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Report Highlights
- Pharmaceutical tracking application sector grasp the prevalent market share in 2019, on account for growing needs to find forged drugs and mandate for inventory management
- In 2019, North America conquered the global market place due to rising number of hospitals and occurrence of guidelines on patient safety
- Asia Pacific is anticipated to be the promising healthcare RFID market during the estimate period on account of refining healthcare infrastructure, cumulative investments in healthcare sector and developments by market participants in the region
- Motivated by lower prices of radio-frequency identification tags, and cumulative proliferation of RFID technology in different areas, the RFID in healthcare market is likely to observe substantial growth in coming years.
- Increasing research and development accomplishments by non-profit organizations and rigorous strategies by leading firms such as expansion, mergers, and collaboration for the expansion of novel technologies to underpin RFID in healthcare sector
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Regional Snapshots
North America is expected to grab the largest chunk of the healthcare RFID market in terms of market size. The players in this region are stressing on research and development happenings, to ease operational competence via advanced technologies. Besides, the implementation of RFID technologies and a noteworthy number of recognized players in the region are flourishing the growth of RFID tags in the North America. Further, regional market benefits from promising government backing in terms of funding and the rigorous support of for the development of healthcare sector. Increasing number of alliances in the medical device sector, research by non-profits firms and existence of sophisticated healthcare infrastructure subsidize to the governance of North America in the global healthcare RFID market.
Asia Pacific is likely to record the firmest growth throughout the estimate period. This high progress is credited to the enlightening healthcare infrastructure in China, India, and Japan. Additionally, mounting concern for patient safety, tracking expensive medical devices, and hospital up-gradation is expected to push the market development in the region.
Key Players & Strategies
On account of upsurge in rivalry in this marketplace, a number of corporations are entering into tactical partnerships with software corporations to escalate the total product profit and withstand their market foothold. Certain 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 S.r.l., 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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