Growth at a CAGR of over 20% in the RFID Market in Healthcare during the forecast period 2018 – 2023|Key Vendors – SMARTRAC N.V., CCL INDUSTRIES, INC., GAO RFID INC, IMPINJ INC., MOBILE ASPECTS INC., RF TECHNOLOGIES, STID GROUPE, amongst others

Market Analysis:

China to Hold the Largest Market Share in Asia-Pacific
China is the second largest spender on health care in Asia Pacific region after Japan. This scenario coupled with new interpretation of China’s criminal code, implemented from April 2017, which imposes strong rules on submission and authenticity of new drugs and related clinical trial data are driving the demand for RFID in the country.

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RFID improves the visibility of the entire process and many distribution centers and warehouses have been in an effort to increase the efficiency of the processes as a part of reported improvement programs. A major driver of the RFID market is the growing need to prevent spoilage, expiry, or counterfeit products from reaching the market as well as the increasing need to aiding adherence to like FDA's DSCSA, MHRA and other regulatory authorities among others. Further, with the advent of NFC capable mobile phones that allow electronic patient identification and tracking across multiple providers, have offered a greater opportunity for the RFID market, as tools allow patients to be identified by a unique radio frequency identification (RFID) tag on their person when they visit a clinic. Hospitals are faced with a variety of incidents such as missing patients, incorrect medicine or dosage being administered and babies being swapped among others. These factors have been instrumental in driving the adoption of RFID labels on medicines and RFID enabled wrist bands for patients.

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Market Segments:
RFID Market in Healthcare is segmented by:
1. Type: Active, Passive
2. Application: Tracking, Monitoring
3. End User: Hospitals, Pharmaceutical, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments
• March 2018 - CCL Industries Inc. acquired a privately specialty manufacturer of high performance labels and marking systems for the Israeli high technology sector, Nortec International Ltd. based near Tel Aviv, Israel for approximately USD 9 million in cash.
• January 2018 - American company Smart Label Solutions (SLS) signed a partnership with Mozaiko, a Brazilian developer of radio frequency identification (RFID) and Internet of Things (IoT) solutions.
• October 2017 - CCL Industries Inc. announced it has acquired the remaining 37.5% minority interest in its Acrus CCL venture for approximately $6.3 million in cash.

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