RFID in Healthcare : market Size, Share, Types, Regions and Applications Research, Driver, challanges, Report Forecast by 2031

RFID in Healthcare Market" in terms of revenue was estimated to be worth $6.29 billion in 2023 and is poised to reach $20.28 billion by 2031, growing at a CAGR of 15.93% from 2024 to 2031 according to a new report by Insight Ace Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global RFID in Healthcare market are:
• Inventory Management in Pharmacies
• Rising Healthcare Costs and Demand for Efficiency
• Adoption of Automated Processes

The following are the primary obstacles to the RFID in Healthcare market's expansion:
• Cost Implementation and Interoperability
• Reliability and Accuracy Challenges
• Complexity of RFID Systems

Future expansion opportunities for the global RFID in Healthcare market include:
• Patient safety Enhancement
• Integration with Emerging Technologies
• Global Market Expansion

Market Analysis:

RFID solutions are in high demand in the healthcare sector due to the increasing adoption of advanced technologies to improve operational efficiency, patient safety, and asset tracking within healthcare facilities, as well as the necessity for real-time location services, inventory management, and patient monitoring. Additionally, healthcare providers are investing in RFID technology to improve interoperability and integration capabilities in order to comply with regulatory standards that prioritize patient safety and inventory accuracy.

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List of Prominent Players in the RFID in Healthcare Market:

• Logi-Tag Systems
• GAO RFID, Inc.
• Dolphin RFID Pvt. Ltd.
• Tagsys
• Avery Dennison Corporation
• Cardinal Health, LLC
• Grifols, S.A
• International Business Machines (IBM) Corp.
• Terso Solutions
• CenTrak
• Zebra Technologies Corporation Impinj, Inc.
• MetraTec GmbH
• Palex Medical SA
• Hurst Green Plastics Ltd
• Impinj, Inc.
• Xerafy
• Stanley Healthcare
• PervasID
• PRISYM ID Ltd.
• Litum Technologies
• Toshiba Tec Corporation
• LogiTag Ltd.
• metraTecx GmbH
• Mobiles Aspects Inc.

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Recent Developments:

• In September 2021, Fresenius Kabi AG, a renowned global healthcare company that specializes in critical medicines and technologies for infusion, transfusion, and clinical nutrition, partnered with Health Care Logistics, Inc. (HCL), a company that specializes in the manufacturing, packaging, and distribution of medical instruments. The objective of this collaboration was to improve the efficacy of drug replenishment in hospitals and to improve patient safety throughout the medication use process. The partnership facilitated the integration of Fresenius Kabi's +RFID smart-labeled medications with HCL's Stat Stock inventory control solution, resulting in streamlined operations and enhanced safety protocols for customers.
• In September 2020, International Medical Industries, Inc., a renowned medical device company, announced its membership in DoseID, the preeminent industry consortium that is member-driven and dedicated to advancing the use of radio-frequency identification (RFID) technology in the healthcare sector. DoseID is a collaborative platform that is dedicated to promoting innovation and high standards in the healthcare sector by enhancing the interoperability, quality, and performance of RFID-tagged products throughout the pharmaceutical supply chain. It is comprised of industry pioneers who are dedicated to this goal.

RFID in Healthcare Market Dynamics:

Market Drivers: Inventory Management in Pharmacies

The diverse array of medical supplies, medications, and equipment necessary for patient care presents a substantial challenge for healthcare facilities in inventory management. RFID technology offers a comprehensive solution by providing real-time visibility into inventory levels, utilization patterns, and expiration dates, thereby enabling efficient inventory management and reducing the risk of stockouts or excess inventory. Additionally, healthcare organizations, best practices, and the implementation of integrated inventory management solutions can address these obstacles and optimize their inventory management processes to guarantee timely access to essential supplies and enhance patient care outcomes.

Challenges: Cost Implementation and Interoperability

The widespread adoption and effective implementation of RFID technology in healthcare may be impeded by cost implementation and interoperability challenges. To overcome these obstacles, RFID solution providers, healthcare organizations, regulatory bodies, and standards organizations must collaborate in developing cost-effective solutions and interoperability standards that cater to the diverse requirements of the healthcare industry. Furthermore, adopting RFID technology in healthcare can be expedited by implementing innovative strategies, including cloud-based RFID platforms and open-source interoperability standards, which can help mitigate these obstacles.

North America Is Expected To Grow With the Highest CAGR during the Forecast Period

It is probable that the North American RFID market in the healthcare sector will experience a substantial revenue share and a rapid CAGR in the near future. This is a result of the necessity for medical device monitoring, the expansion of hospitals, and the implementation of more stringent patient safety laws. A well-developed healthcare infrastructure and the increasing adoption of cutting-edge technologies in healthcare are additional factors. Due to the substantial adoption of this technology in the healthcare sector in the United States. The region is expanding as a result of the increasing awareness of the advantages of incorporating RFID and the growing concern regarding the potential for medication errors.

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Segmentation of RFID in Healthcare Market-

By Product-
• Hardware
o RFID Readers and Scanners
o Tags
o RFID Antennas & accessories
o RFID Printers
o RFID Freezer (these are used in hospitals, MD comp and pharma)
o RFID Refrigerator
o RFID Cabinet
o Others
• Software

By Application-
• Asset tracking
o Surgical instruments
o Medical equipment
o Other medical supplies
• Inventory management (will include Pharmaceutical / Medicine tracking for
hospitals and overall inventory management for other end-user)
• Blood & specimen tracking
• Patient monitoring & staff tracking
• Others
• Hospital visitors tracking
o Access Control
o Prediction of patient flow and hospital admission rates
o Wait Time Monitoring

By Region-

North America-
• Mexico
• The US
• Canada

Europe-
• Spain
• The UK
• Germany
• France
• Italy
• Rest of Europe

Asia-Pacific-
• Japan
• China
• South Korea
• India
• Rest of Asia Pacific
• Southeast Asia

Latin America-
• Argentina
• Brazil
• Rest of Latin America

Middle East & Africa-
• South Africa
• GCC Countries
• Rest of Middle East and Africa

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