RFID in Healthcare Market Trends, Market Demands, Top Manufactures, Industry Growth Analysis and Forecast to 2030

Global RFID in Healthcare Market Size is projected to be reach at USD 12,064 million by 2030, with a CAGR of 22.2% over the appropriate years of 2022-2030, as per the Acumen Research and Consulting

Radio frequency identification (RFID) technology is expected to increase rapidly in the healthcare sector in the near future. Inventory management in pharmaceuticals, institutions, and biotechnology businesses, as well as growing demand for patient tracking by medical professionals, are some of the prominent factors driving the growth of radio frequency identification (RFID) in healthcare market size. Also, the RFID technology's high efficiency and affordability, and the deployment of automated procedures in medical infrastructure are driving market demand. Furthermore, the implementation of computerized systems in healthcare facilities, as well as the high effectiveness and low cost of RFID systems, are increasing market demand.

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RFID In Healthcare Market Overview

RFID technology has become widespread in the healthcare business for patients and inventory tracking in both emerging and advanced economies. With the abundance of counterfeit medications, RFID technology for drug screening and detection will gain popularity. The technology could aid in the reduction of waste and the avoidance of unnecessary costs. Furthermore, technological innovations in products are expected to be significant for the discovery and development of new technologies to increase RFID adoption.

In today's fast-paced environment, RFID would be used to categorize and organize inventory in hospitals and pharmacies to assure efficiency and minimize waste. The benefits go beyond a return on investment since it has the ability to save lives. As a result, industry participants are developing a portfolio of high-quality products, like tamper-evident RFID tags and luminous labels that provide critical information to drug stores, hospitals, and individuals. These critical RFID-enabled technologies save costs, improve accuracy, and streamline processes, all while avoiding pharmaceutical trademark counterfeiting.

RFID In Healthcare Market Trends

Rising emphasis on lowering the cost of operation and improving processes, desire for inbound logistics, and enhancing care performance and quality are some of the major factors drive the radio frequency identification in healthcare (RFID) market growth. The significant operating costs associated with the healthcare industry are projected to promote RFID adoption in healthcare businesses. Pharmaceutical companies, medical instrument providers, clinics, and a variety of other healthcare facilities use this technology to track inventory costs. RFID technology enables these businesses to successfully manage their inventories and avoid stock-out as well as overstocking issues. RFID tags enable operational staff to readily track the medical equipment used in operating rooms, improving patient safety. A significant operating expense reduction demand is predicted to induce an increase in RFID usage. This technology is also utilized in clinics, healthcare institutions, and pathological labs to improve patient surveillance and workflow control.

Besides this, higher infrastructure costs for RFID technology in medical and system compatibility are two issues limiting the radio frequency identification in healthcare (RFID) market value. RFID requires a considerable investment in sensors, labels, software, power, and maintenance repair work in each industry that adopts it. Additional features such as IoT connection, system reliability testing, as well as training fees raise the price of an RFID system.

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RFID In Healthcare Market Segmentation

The global RFID in healthcare market has been segmented by Acumen Research and Consulting based on product, and application.

• By product, the market is divided into tags, and systems & software. RFID tags will see a significant increase until 2030, driven by demand for patient and pharmaceutical tracking.

• By application, the market is classified into asset tracking, blood tracking, pharmaceutical tracking, patient tracking, and others. As per the RFID in healthcare market forecast, the pharmaceutical tracking segment is predicted to develop considerably in the next few years.

RFID In Healthcare Market Regional Overview

Geographically, the worldwide RFID in healthcare market segmentation is into Europe, Asia Pacific, North America, Middle East and Africa, and Latin America. The RFID in healthcare industry analysis shows that the Asia-Pacific region is projected to grow significantly in the market over the forecasting years. Increasing healthcare expenses and improved healthcare facilities are important factors driving regional market expansion. The rapidly increasing burden of disease is expected to increase demand for efficient health-related amenities and have a positive impact on growth factors contributing to the region's development, such as growing the number of healthcare professionals affiliated with health facilities, a continued improved regulatory structure, prioritizing the safety of patients, and tracking medical devices.

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RFID In Healthcare Market Players

The RFID in healthcare industry is extremely competitive, with both domestic and global competitors. Some of the prominent RFID in healthcare market companies are CenTrak, LogiTag, Biolog-id, SpaceCode, Tagsys RFID, Zebra Technologies Corporation, Terso Solutions, Mobile Aspects, Pepperl+Fuchs, Impinj, Cardinal Health, and metraTec GmbH.

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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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