Wilmington, Delaware, United States, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global radiofrequency identification (RFID) market in healthcare is projected to flourish at a CAGR of 9.5% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 2.6 billion is anticipated for the market in 2031. As of 2023, the demand for radiofrequency identification (RFID) market in healthcare is expected to close at US$ billion.
Rising demand for radiofrequency identification (RFID) in healthcare for accurate patient care, also in asset management, patient tracking, pharmaceutical counterfeiting, blood and sample tracking, device and supply tracking, etc. drive the market demand.
The highly advanced technology and the use of integrated technologies in healthcare have increased the popularity of RFID systems. The Radiofrequency Identification (RFID) market in healthcare is improving patient experience, managing tracking assets, and helping in drug inventory management.
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The increasing need for RFID in the pharmaceutical industry to manage inventory drives the global radiofrequency identification (RFID) market in healthcare. The vast supply of pharmaceutical drugs on a daily basis, from warehouses and pharmacies to various customers across the globe is driving the rising sales of RFID.
RFID technology is used to automate inventory tracking, monitor expiration dates, and streamline supply chain management, reducing waste and cost. Efficient inventory management is crucial in healthcare to prevent shortages or overstock of medications and supplies.
Competative Landscape
Key providers of RFID solutions, such as Impinj, Inc., are focused on improving the customer experience, ease of using the technology, and cost-effective solutions to attract more customers. Other key developments in the global radiofrequency identification (RFID) market in healthcare have been highlighted below
Key players operating in the global radiofrequency identification (RFID) market in healthcare include
- Alien Technology
- Applied Wireless Inc.
- Avery Dennison Corporation
- CAEN RFID S.R.L.
- Honeywell International Inc.
- Checkpoint Systems, Inc.
- Impinj, Inc.
- Invengo Information Technology Co. Ltd
- Savi Technologyand
- Motorola Solutions, Inc. etc.
Key Takeaways from the Market Study
- Based on type of tag, the active segment dominated the global radiofrequency identification (RFID) market in healthcare during the forecast period.
- Based on component, tag segment to account for high revenue in the market.
Radiofrequency Identification (RFID) Market in Healthcare: Key Trends and Opportunistic Frontiers
- Companies in the global radiofrequency identification (RFID) market in healthcare are accelerating product development and unlocking revenue opportunities to obtain competitive benefits.
- Ongoing technological advancements in RFID systems, such as developing smaller, more cost-effective RFID tags and improved wireless communication, have made RFID solutions more accessible and practical for healthcare organizations.
- Increasing application of RFID technology in clinical trials, research, and development in healthcare for tracking and monitoring study participants, specimens, and research equipment boosts the market demand.
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Radiofrequency Identification (RFID) Market in Healthcare – Regional Analysis
- The North American radiofrequency identification (RFID) market in healthcare is expected to account for the largest market share of the global market. This is due to increasing advancements in healthcare, rising healthcare expenditures, and rapidly rising healthcare institutes in the region. Growth and advancement in clinical laboratories and the pharmaceutical industry are driving the RFID market in the North American region.
- The Asia-Pacific region is witnessing significant growth in the RFID healthcare market. The adoption of RFID technology is driven by the need to improve healthcare infrastructure, enhance patient safety, and combat counterfeit drugs in the pharmaceutical supply chain. Growing healthcare investments, government initiatives, and a large patient population contribute to market expansion.
Key Developments in the radiofrequency identification (RFID) Market
- Honeywell provides various RFID solutions for healthcare, including asset tracking, inventory management, and patient identification. Honeywell's technology is used to improve the efficiency of healthcare supply chains and reduce the risk of errors.
- Avery Dennison Corporation provides RFID solutions for healthcare supply chain management, including tracking pharmaceuticals and medical supplies. Their solutions help combat counterfeit drugs and improve the visibility of products in the supply chain.
Global Radiofrequency Identification (RFID) Market
Type of Tag
- Active
- Passive
- Component
- ICs
Tag
- Reader
- Antenna
- Software
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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