Richmond, Feb. 28, 2024 (GLOBE NEWSWIRE) -- According to a research report "US RFID in healthcare Market”, by Component Type (Tags, Readers, Middleware, and Services), RFID Type (Passive RFID, Active RFID), Frequency (LF (Low-Frequency) RFID, HF (High-Frequency) RFID, and UHF (Ultra-High-Frequency) RFID), Integration Level (Integrated RFID Systems, Standalone RFID Systems ), Application (Asset Tracking, Patient Tracking, Medical Staff Tracking, Medication Management, Inventory Management, Surgical Instrument Tracking, Blood and Specimen Tracking, Access Control and Monitoring), End User (Hospital and clinics, Pharmaceutical Companies, Biotechnology Companies, Laboratories and Others) and Region - Global Forecast to 2030.
Global US RFID in healthcare Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.80 Billion |
| Market size value in 2030 | USD 5.4 Billion |
| CAGR (2023-2030) | 16.9% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Component Type, RFID Type, Frequency, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on US RFID in healthcare Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Radio-frequency identification (RFID) technology has emerged as a transformative solution in the healthcare sector, revolutionizing processes related to asset management, patient tracking, inventory control, and medication administration. RFID systems utilize radio waves to automatically identify and track objects equipped with RFID tags or labels, enabling real-time visibility and data capture throughout the healthcare supply chain.
The U.S. RFID in healthcare market is driven by several key dynamics shaping its growth and adoption. One significant driver is the increasing emphasis on patient safety and regulatory compliance, leading healthcare facilities to invest in technologies like RFID to enhance medication management, patient tracking, and inventory control. Additionally, the need to improve operational efficiency and reduce costs is propelling the adoption of RFID systems for streamlined asset management and inventory optimization. Moreover, technological advancements in RFID technology, including the development of smaller, more affordable RFID tags and readers, are making RFID solutions more accessible and cost-effective for healthcare organizations. This, coupled with the growing demand for real-time visibility and data accuracy in healthcare operations, is fueling the expansion of RFID applications across various healthcare settings.
Major vendors in the global US RFID in healthcare market are
- 3M COMPANY
- Alien Technology, LLC
- Avery Dennison Corporation
- GAO Tek Inc.
- Honeywell International
- IMPINJ Inc.
- Invengo Technology Pte. Ltd.
- Motorola Solutions, Inc.
- Siemens AG
- Terso Solutions, Inc.
- Zebra Technologies Corp
- Others
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Improved Patient Safety
RFID technology enhances patient safety in healthcare by ensuring accurate medication administration. RFID-tagged medication containers and patient wristbands enable automated medication verification processes, reducing the risk of medication errors such as incorrect dosages or administration to the wrong patient. By utilizing RFID-enabled systems for medication management, healthcare providers can verify medication details, including dosage, expiration date, and patient-specific information, in real-time. This automation not only improves patient safety but also enhances workflow efficiency by minimizing the time and effort required for manual medication verification processes. Overall, RFID's role in improving medication safety underscores its importance in safeguarding patient well-being and reducing the incidence of preventable medication errors in healthcare settings.
Market Dynamics
Drivers:
- Improved Patient Safety
- Enhanced Operational Efficiency
- Inventory Management and Cost Reduction
- Streamlined Workflow and Operational Efficiency
Opportunities:
- Enhanced Medication Management
- Patient Flow Optimization
- Incorporation into Healthcare Information Systems
- Growing Utilization in Telemedicine Settings
Enhanced Medication Management
The RFID technology presents a significant opportunity to enhance medication management in healthcare settings. By leveraging RFID-tagged medication containers, healthcare facilities can automate medication verification processes, ensuring accurate dosage administration and minimizing the risk of medication errors. RFID-enabled systems enable healthcare providers to track medication usage in real-time, monitor expiration dates, and verify patient-specific information, enhancing medication safety and compliance with regulatory requirements. Additionally, RFID technology facilitates efficient inventory management by enabling automatic stock replenishment and reducing the likelihood of stockouts or expired medications. Overall, enhanced medication management through RFID technology presents healthcare facilities with the opportunity to improve patient safety, streamline workflow efficiency, and optimize medication utilization.
The Canned Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global US RFID in the healthcare market, the Component segment comprises various categories such as Tags, Readers, Middleware, and Services. RFID tags are fundamental components of RFID technology in healthcare, enabling automatic identification and tracking of medical assets, supplies, and patients. These tags contain unique identifiers and store relevant data associated with the tagged items, such as medication details, expiration dates, and patient information. In healthcare settings, RFID tags are commonly attached to medication containers, medical equipment, patient wristbands, and other critical items to facilitate real-time visibility and data capture throughout healthcare facilities. RFID tags come in various forms, including passive and active tags, depending on their power source and communication capabilities. The widespread adoption of RFID tags in healthcare is driven by their ability to improve patient safety, streamline inventory management, enhance operational efficiency, and comply with regulatory requirements related to medication tracking, patient identification, and inventory control.
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