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RFID in Healthcare: Market Insights and Innovation Forecast 2024
Healthcare RFID Market Research
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According to The Business Research Company's, The healthcare rfid market size has grown rapidly in recent years. It will grow from $2.95 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to reduction of medication errors, enhanced patient experience, streamlined supply chain processes, inventory management optimization, enhanced workflow automation..
The healthcare rfid market size is expected to see rapid growth in the next few years. It will grow to $6.76 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to integration with electronic health records, expansion of rfid in laboratory settings, telehealth and remote patient monitoring, customization of rfid solutions.. Major trends in the forecast period include integration with emerging technologies, expansion of rfid in patient tracking, wearable rfid technology, real-time location systems , cloud-based rfid solutions..
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Market Drivers and Trends:
The increasing stringent regulations in the pharmaceutical sector are significantly driving the growth of the healthcare RFID market. Governments and other regulatory bodies across various countries have started implementing stringent measures in the pharmaceutical sector to minimize counterfeiting problems and other medical-related issues. For example, In June 2023, the government of Germany announced the Health Data Use Act (GDNG) and a draft Digital Act (DigiG). The Health Data Use Act plans to grant industry companies access to the right to patient health data for research purposes. This will help healthcare RFID market by allowing companies to use RFID tags to track patient health data and secure the data from hackers. The data collected from RFID tags can be used for research purposes.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Impinj Inc., Alien Technology Corporation, GAO RFID Inc., Honeywell International Inc., STANLEY Healthcare Pvt. Ltd., Mobile Aspects India Private Limited, RF Technologies Inc., STiD SAS, Terso Solutions Inc., Radianse Inc., CCL Industries Inc., CenTrak Inc., Cardinal Health Inc., LogiTag Systems Ltd., Biolog-id SAS, metraTec GmbH, TAGSYS RFID, Zebra Technologies Corporation, Smartrac N. V., S3Edge Inc., Champion Healthcare Technologies, SpaceCode Pty. Ltd., Pepperl-Fuchs Pvt. Ltd., Hurst Green Ltd., PALEX MEDICAL S. A., Applied Wireless Identifications Group Inc., CAEN RFID S. r. l., Invengo Information Technology Ltd. Co., Motorola Solutions Inc., Solisitice Medicine Company, Avery Dennison Corporation, Bartronics India Ltd., Intermec Inc.
Healthcare RFID Market 2024 Key Insights:
• The healthcare rfid market size is expected to see rapid growth in the next few years. It will grow to $6.76 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%.
• Stringent Pharmaceutical Regulations Drive Healthcare Rfid Market Growth
• Technological Advancements Drive Innovation In The Healthcare Rfid Market
• North America was the largest region in the healthcare RFID market in 2023
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