New York, NY, Nov. 05, 2018 (GLOBE NEWSWIRE) -- According to the report, global demand for RFID in healthcare market was valued at approximately USD 1.3 billion in 2017, and is expected to generate revenue of around USD 5.2 billion by end of 2024, growing at a CAGR of around 21.54% between 2018 and 2024.
Radiofrequency identification (RFID) is a wireless technology that uses radio waves to collect information from a tag that is attached to an article for a variety of purposes. RFID is most frequently used to track objects and their automatic identification. Logistics and supply chain, government, and retail are the main application areas of RFID. The use of RFID technology in the healthcare sector has seen an upward trend in the recent past. The applications of RFID in healthcare market include supply chain and medical report, samples and blood transfer tracking, people identification and tracking, medicine tracking, and equipment tracking. The end user of RFID in Healthcare Market are hospitals, biotechnology companies, and pharmaceutical companies among others. RFID technology helps in enhancing inventory management in pharmacies, hospitals, and biotechnology industries. It also enables healthcare providers to advance patient safety. The deployment of RFID systems in hospitals can enhance patient flow, regulate implants & inventories, enhance the utilization rate of assets, and lessen medical faults.
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Factors such as inventory management enhancement in pharmacies, hospitals, and biotech companies, high accuracy and low-cost of RFID systems, growing automation of processes in pharmacies and hospitals, increasing concern regarding drug safety, rising need for reduction of healthcare operational costs, need for prevention of medical device theft, multiple government initiatives, and wide application range of RFID in healthcare will act as the driving factors for the growth of global RFID in healthcare market. Research activities undertaken by not for profit organizations intended for the development of new and improved technologies and increasing adoption of RFID in healthcare will act as an opportunity for the market players in the RFID in healthcare market. However, the absence of awareness regarding RFID, lack of barcode systems, and absence of standardization will restrict the growth of global RFID in the healthcare market.
The global RFID in healthcare market has been segmented into components, application, end user, and region. The components segment has been divided into readers, tags, printers, and cabinets. Tags sub-segment holds the majority share in the components segment due to its high penetration across myriad sectors. Based on application, RFID in healthcare market has been segmented into supply chain and medical report, samples and blood transfer tracking, people identification and tracking, medicine tracking, and equipment tracking. Samples and blood transfer tracking sub-segment holds the majority share of the application segment due to growing requirement of blood products inventory management. Based on end user, RFID in healthcare market has been segmented into hospitals, biotechnology companies, and pharmaceutical companies. North America represents the established regional market for RFID in healthcare and will show fast growth in the near future. The U.S. is the leading RFID in healthcare market by country in North America. The U.S. will advance at topmost CAGR during the anticipated timeframe. This growth can be attributed to increasing collaborations in medical device industry, intensive research and developments activities conducted by not for profit organizations, and the presence of advanced healthcare infrastructure. Moreover, rise in government funding on healthcare is likely to motivate the growth of RFID in healthcare market.
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Europe will display a remarkable growth in the near future. The growth is majorly due to high operational efficiency in healthcare, initiatives taken by the governments, and increasing demand for reduction in costs.
The Asia Pacific region is expected to progress at the paramount rate during the estimated period. Japan, India, and China are expected to take forward the growth for RFID in the healthcare market. Development in Asia Pacific is expected to be driven by the availability of services like original equipment manufacturing (OEM) in China at cost-effective rates and increasing adoption of RFID systems.
The Middle East & Africa region is anticipated to demonstrate restricted growth due to dearth of government spending, and absence of latest infrastructure. Latin America will record noticeable growth over the estimated period due to rise in government initiatives, and growing awareness about RFID and its applications.
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This report segments the global RFID in healthcare market as follows:
Global RFID in Healthcare Market: By Components
- Readers
- Tags
- Printers
- Cabinets
Global RFID in Healthcare Market: By Application
- Supply Chain and Medical Report
- Samples and Blood Transfer Tracking
- People Identification and Tracking
- Medicine Tracking
- Equipment Tracking
Global RFID in Healthcare Market: By End User
- Hospitals
- Biotechnology Companies
- Pharmaceutical Companies
Global RFID in Healthcare Market: By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- The Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Qatar
- Rest of the Middle East and Africa
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