RFID in Healthcare Market Know the Scope and Trends

"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:
The rise in adoption of advanced technologies to enhance operational efficiency, patient safety, and asset tracking within healthcare facilities and other factors such as the need for real-time location services, inventory management, and patient monitoring are propelling the demand for RFID solutions in healthcare. Furthermore, regulatory standards focusing on inventory accuracy and patient safety are driving healthcare providers to invest in RFID technology including enhanced interoperability and integration capabilities.

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

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Recent Developments:
• In September 2021, Fresenius Kabi AG, a renowned global healthcare company specializing in critical medicines and technologies for infusion, transfusion, and clinical nutrition, joined forces with Health Care Logistics, Inc. (HCL), a company specializing in medical instrument manufacturing, packaging, and distribution. This collaboration aimed to enhance drug replenishment efficiency in hospitals and elevate 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, benefitting customers with streamlined operations and improved safety protocols.
• In September 2020, International Medical Industries, Inc., a notable medical device company, announced its membership in DoseID, the premier member-driven industry consortium dedicated to advancing the utilization of radio-frequency identification (RFID) technology within the healthcare domain. Comprising industry pioneers committed to enhancing RFID-tagged product interoperability, quality, and performance across the pharmaceutical supply chain, DoseID serves as a collaborative platform to drive innovation and elevate standards within the healthcare sector.

RFID in Healthcare Market Dynamics:
Market Drivers: Inventory Management in Pharmacies
Healthcare facilities face significant challenges in managing inventory due to the diverse range of medical supplies, medications, and equipment required for patient care. RFID technology provides a comprehensive solution by offering expiration dates, real-time visibility into inventory levels, and usage patterns, enabling efficient inventory management and reducing the risk of stockouts or excess inventory. Moreover, best practices, healthcare organizations, and implementing integrated inventory management solutions can overcome these challenges and optimize their inventory management processes to ensure timely access to critical supplies and improve patient care outcomes.

Challenges: Cost Implementation and Interoperability
These challenges with cost implementation and interoperability can hinder the widespread adoption and effective implementation of RFID technology in healthcare. Addressing these challenges requires collaborative efforts from RFID solution providers, healthcare organizations, regulatory bodies, and standards organizations to develop cost-effective solutions and interoperability standards that meet the different needs of the healthcare industry. Additionally, innovative approaches such as cloud-based RFID platforms and open-source interoperability standards can help mitigate these challenges and accelerate the adoption of RFID technology in healthcare.

North America Is Expected To Grow With the Highest CAGR during the Forecast Period
The North American RFID in the healthcare market is likely to record a significant revenue share and develop at a rapid CAGR shortly. This is due to more stringent patient safety laws, increased hospitals, and the need for medical device tracking. Other factors include a well-developed healthcare infrastructure and the increasing adoption of cutting-edge technologies in healthcare. Because the U.S. holds a significant uptake of this technology in healthcare. The region is growing owing to growing worries about the possibility of drug errors and increased knowledge of the benefits of integrating RFID.

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Segmentation of RFID in Healthcare Market-
By Product-
• Hardware
o Tags
o RFID Readers and Scanners
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 Medical equipment
o Surgical instruments
o Other medical supplies
• Inventory management (will include Pharmaceutical / Medicine tracking for hospitals and overall inventory management for other end-user)
• Patient monitoring & staff tracking
• Blood & specimen tracking
• Others
• Hospital visitors tracking
o Prediction of patient flow and hospital admission rates
o Access Control
o Wait Time Monitoring
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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