Press release
Radiofrequency Identification - A Wireless Technology Changing the Face of Healthcare
Radiofrequency identification, or RFID, is a wireless technology utilized to receive data with the help of radio signals emanating from a tag attached to a certain object to keep track of it. The global RFID market accounted for US$1.9 billion in 2013. Backed by extensive demand from various end users such as the public sector, retail, supply chain management, and manufacturing, the market is estimated to rise at an impressive CAGR of 13.9% between 2014 and 2040 and reach a total value of US$5.3 billion by 2020.Download Free PDF: http://bit.ly/2ag6AiC
Owing to the exceptional accuracy of radiofrequency identification systems in identifying counterfeit drugs, the global RFID market has found a potential consumer in the pharmaceutical industry. In addition, the rise in the functional efficacy of hospitals post installation of RFID systems is triggering the growth of this market across the globe. However, medical and healthcare professionals have now become habituated to the preexisting barcode systems and are reluctant to adopt RFID technology, limiting the growth of the global RFID market.On the other hand, the low-cost OEM services offered by Chinese manufacturers, loaded with huge potential for RFID technology, are projected to provide ample growth opportunities for the global RFID market.
RFID Market to Exhibit Rapid Development in Healthcare Industry
The medical and healthcare sector controls a smaller portion of the global RFID market compared to the government, supply chain, logistics, and retail industries. However, the RFID market is predicted to exhibit rapid development in the medical and healthcare industry in the coming years.
The rising prevalence of counterfeiting of drugs, increase in the demand for efficient supply chain management and growing incidence of medical device thievery from hospitals and pharmaceutical firms are the major factors driving demand for RFID systems.
Among all the components of the global RFID market in the healthcare industry, the market for printers and cabinets is witnessing healthy growth. Printing tags with patient information and engraving shipment details on medication boxes are some of the functions for which printers are utilized, whereas cabinets are utilized to store medicines, blood bags, medical samples, or documents that require strict monitoring. Another usage of RFID cabinets is in the logistics industry, where they are utilized for maintaining a log of temperature, humidity, and other significant parameters.
Asia Pacific Radiofrequency Identification Market to Report Sluggish Growth
The global RFID market is distributed into the regional markets in North America, Asia Pacific, Europe, and the Rest of the World. The economic crisis in 2008 has slashed hospital expenses in Europe. However, the gradual recovery of the global economy is expected to fuel the European RFID market in the near future. On the other hand, the RFID markets in Asia Pacific and the Rest of the World are projected to continue on their slow growth path in the coming years on account of the extensive usage of cheaper barcode systems.
The RFID market is highly fragmented and has numerous market players such as Alien Technology Corp., Applied Wireless Identifications Group Inc., Intermec Inc., Invengo Information Technology Ltd. Co., Impinj Inc., Sato Holdings Corp., and STiD. However, analysts expect the market to consolidate in the coming years owing to major mergers and acquisitions taking place in the global industry.
Browse Full Global RFID Market Research Report With Complete TOC @ http://www.transparencymarketresearch.com/rfid-in-healthcare.html
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