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Global RFID Market in Healthcare Set for Robust Growth at a 9.5% CAGR, Reaching US$ 2.6 Billion by 2031 - TMR Study
RFID Market in Healthcare
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Market Overview and Growth Potential
RFID technology has emerged as a transformative solution in the healthcare sector. It is being increasingly implemented to track patients, manage critical medical equipment, and streamline inventory processes across hospitals, laboratories, and pharmaceutical supply chains. The surge in telemedicine and the rising volume of patient visits have further accelerated the adoption of RFID systems, which offer low-cost and highly efficient tracking and data collection capabilities.
Key factors fueling this growth include:
• Enhanced Patient Safety & Experience: RFID enables accurate patient tracking, thereby improving the overall quality of care.
• Efficient Asset Management: Hospitals and healthcare facilities are leveraging RFID to manage and locate critical medical devices, reducing search times and operational costs.
• Improved Inventory Control: In the pharmaceutical sector, RFID ensures real-time tracking of medications and biologic samples, curbing counterfeiting and reducing wastage.
Top Market Trends
• Enhanced Asset and Equipment Tracking: Healthcare institutions are leveraging RFID to effectively monitor medical devices and equipment, significantly reducing the time and cost associated with manual tracking.
• Optimized Inventory Management in Pharmaceuticals: The pharmaceutical sector is adopting RFID for real-time tracking of drug inventories, improving stock accuracy, managing expiration dates, and combating counterfeiting.
• Integration with Advanced Healthcare Technologies: Combining RFID with integrated circuit (IC) technologies and real-time location systems (RTLS) is propelling the development of sophisticated, scalable solutions that enhance patient safety and operational transparency.
• Streamlined Patient and Sample Tracking: RFID applications in clinical settings are also improving the management of patient information and biological samples, leading to faster diagnostics and treatment processes.
Competitive Landscape and Latest Developments
The competitive landscape of the RFID healthcare market is marked by continuous product innovation and strategic expansions. Key players in the industry include:
• Alien Technology
• Applied Wireless Inc.
• Avery Dennison Corporation
• CAEN RFID S.R.L.
• Honeywell International Inc.
• Checkpoint Systems, Inc.
• Impinj, Inc.
• Invengo Information Technology Co. Ltd
• Motorola Solutions, Inc.
• NXP Semiconductors
• Savi Technology
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Recent developments have further underscored the market's dynamism:
• October 12, 2021: AmerisourceBergen launched its Universal RFID-Tagging & Mobile App for its Acute Care Medication Tray Solution, enhancing traceability and safety.
• May 2021: CAEN RFID S.R.L. announced full support of its RFID readers by the Nebula platform, simplifying the implementation of track-and-trace solutions.
• December 4, 2019: Impinj, Inc. introduced the high-performance Impinj M730 and M750 integrated circuits, setting a new benchmark for RFID efficiency in healthcare.
• December 2018: Homerton University Hospital NHS Foundation Trust implemented the Impinj Speedway R420 RAIN RFID reader, significantly improving the visibility and management of critical medical assets.
Regions Covered
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Market Segments Covered
Type of Tag
• Active
• Passive
Component
• ICs
• Tag
• Reader
• Antenna
• Software
Future Outlook and Market Growth
Looking ahead, the RFID market in healthcare is expected to further expand, especially in North America, which is poised to capture the largest market share due to rapid technological advancements, increased R&D activities, and rising healthcare expenditures. As organizations strive to enhance operational efficiencies and reduce costs, the adoption of RFID technology will be a key differentiator, offering substantial opportunities for innovation and revenue growth.
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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