Medication Shortages in Pharmacies to Augment Growth of Global RFID in Healthcare Market

A radio frequency identification (RFID) tag typically uses electromagnetic radiation to identify and track tags, which are then attached to specific objects. RFID tags are a simple way of identifying things and have become increasingly popular for both business and personal use. The use of RFID offers many benefits to the healthcare industry related to patient safety, tracking, efficiencies in patient care, and provider satisfaction.

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Market Dynamics

Medication shortages in pharmacies is expected to propel growth of the global RFID in healthcare market. For instance, according to an annual survey published in August 2020 by Kit Check, around 60% of pharmacy staff reported dealing with up to 20 medication shortages at a time. More than 72 of respondents reported spending up to 15 staff hours to reconcile each medication shortage.

Moreover, launch of medical devices with RFID scanners is also expected to propel growth of the global RFID in healthcare market. For instance, in January 2020, Dentsply Sirona launched CEREC Primemill, a grinding and milling machine with 7-inch touch interface, an integrated camera for scanning blocks with compatible data matrix code, and an RFID scanner for reading tool information.

High cost of the system is expected to hinder growth of the global RFID in healthcare market. The cost of an RFID tag can range from four cents per tag to upwards of US$ 50.00 per tag depending on the capabilities. The RFID tag readers can range from US$ 1,000.00 to US$ 3,000.00 per reader.

Among regions, North America is expected to witness significant growth in the global RFID in healthcare market, owing to increasing launch of medicines with RFID tags. For instance, in October 2020, Sandoz Inc. announced the availability of its first two injectable medicines with Radio Frequency Identification (RFID) tags in the U.S. through its collaboration with Kit Check, Inc.

Major players in the global RFID in healthcare market are focused on adopting partnership strategies to enhance their market share. For instance, in September 2020, Kit Check, a provider of automated and intelligent medication management solutions, signed an agreement with SCA Pharmaceuticals that allows SCA to add an
embedded RFID tag to all of its products.

Competitive Analysis

Major players operating in the global RFID in healthcare market include, Microchip Technology, Hitachi, IBM, 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare.

September 2020: Kit Check signed an agreement with SCA Pharmaceuticals that allows SCA to add an embedded RFID tag to all of its products.

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