LOS ANGELES, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The Global Radio Frequency Identification (RFID) In Healthcare Market is expected to grow at a CAGR of around 22.3% from 2020 to 2027 and reach the market value of over US$ 6,435.7 Mn by 2027.
North America is dominating the global radio frequency identification (RFID) in healthcare regional market from the past and will continue its trend in the forecast period. The factors that contribute to regional growth involve the rising number of healthcare service providers coupled with hospitals, improvement in regulatory framework, patient safety on top priority, and tracking medical devices.
On the other hand, Asia Pacific is projected to record a significant CAGR of 23.9% during the forecast period. Large presence of pharmaceutical and life sciences companies, surge in efficient supply chain management. Additionally, rising healthcare expenditure, improvement in healthcare infrastructure are the prominent factors that have positive influence on the regional market growth. Moreover, the region has large patient pool suffering from chronic and infectious disease condition. Rising burden of diseases is expected to fuel the demand for efficient healthcare related services, impacting positively on the regional growth for APAC.
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Market Driver:
Rising incorporation of computers and software in the global market has gained significant attention in the global market for RFID in healthcare. Due to integration, it has reduced errors significantly assisted in decision making, and offering better care to the patients. RFID enables better communication, adequate patient monitoring, patient identification, and patient tracking. Such method of tracking helps in reducing medication errors resulting in improvement in patient safety. The RFID software allows surgeons to better understand the background of patients and provide suitable treatment.
Additionally, surge in demand for these systems among medical device manufacturers, pharmaceutical companies, and other life sciences companies focus on controlling inventory costs, is anticipated to boost market growth during the forecast period. These systems enable organizations to manage stocks and prevent overstock situations. Such real-time management focuses on prevention of inventory loss and theft. RFID-enabled systems facilitate better inventory management and operational efficiency.
RFID technology integration in blood banks, laboratories, and pharmaceutical companies manage better workflow. For records, in June 2016, a blood bank at Liverpool Hospital announced adoption of an RFID SpaceCode Smart Fridge that was designed to identify RFID-tagged blood products that are stored in it and ensures blood bags are not used beyond prolonged time out of refrigeration. Such factors bolster the growth of radio frequency identification (RFID) in healthcare market globally.
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Segmental Outlook
Radio frequency identification (RFID) in healthcare market is segmented by product and application. By product, the market is bifurcated as systems & software and tags. Further, application is segregated as asset tracking, patient tracking, pharmaceutical tracking, blood tracking, and among others.
Based on product, tags segment will hold largest market share in the forecast period. Rising awareness regarding the benefits associated with the devices is projected to drive the growth of this segment. Such tags can be used at any location to track and trace different types of assets, thereby enabling easy access to inventory, faster processing, and real-time asset monitoring.
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Competitive Landscape
Some of the leading competitors are LogiTag, CenTrak, SpaceCode, Impinj, Zebra Technologies Corporation, Biolog-id, Terso Solutions, Cardinal Health, Mobile Aspects, Tagsys RFID, Pepperl+Fuchs, and metraTec GmbH., and among others.
Some of the key observations regarding Radio Frequency Identification (RFID) In Healthcare industry include:
- In March 2016, The Australian National Blood Bank (NBA), announced endorsement with Spacecode’s RFID system at Liverpool Hospital in Sydney, NSW. With a vision of saving and improving Australian lives through a world class body supply the NBA conducted a case study at the Liverpool Hospital to determine how RFID tracking of blood and blood products improves confidence towards cold chain compliance.
- In February 2015, Hilden a partner with Tagsys RFID a UK’s leading supplier of linen products and related services announced a revolutionary solution to the hospitality industry, offering ultra-high frequency RFID technology to track linen.
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