Press release
RFID in Healthcare Market to Benefit from Increasing Technological Advancements and Rising Investments in Healthcare Infrastructure and Life Sciences
RFID in Healthcare Market
The global RFID in healthcare market is estimated to reach over USD 33.4 Billion by the year 2034, exhibiting a CAGR of 17.0% during the forecast period.
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Radio-frequency identification (RFID) technology utilizes radio waves to transmit data via RFID tags, which are typically attached to objects for tracking and identification purposes. It is increasingly being employed in critical healthcare applications such as patient tracking, asset management, and blood tracking. Both developed and emerging economies are increasingly adopting RFID technology to enhance asset and patient tracking within the healthcare sector. The rising prevalence of counterfeit medications further drives the adoption of RFID for drug detection and screening, with the potential to reduce waste and eliminate unnecessary costs.
Moreover, ongoing research and development efforts are expected to play a significant role in advancing RFID technologies to better support their integration in healthcare. One of the key factors propelling the growth of RFID in the healthcare market is the rising implementation of automated processes in hospitals and pharmacies, coupled with growing demand for RFID solutions in these settings, as well as in biotech firms. Additionally, the growing public demand for affordable and high-quality pharmaceuticals further fuels the adoption of RFID technology. As a result, RFID is anticipated to present new opportunities in the healthcare sector throughout the forecast period, driven by the increasing demand from emerging markets and enhanced R&D initiatives in the industry.
List of Prominent Players in the RFID in Healthcare Market:
Logi-Tag Systems
Cardinal Health, LLC
Terso Solutions
Hurst Green Plastics Ltd
CenTrak, Tagsys
Zebra Technologies Corporation Impinj, Inc.
MetraTec GmbH
Palex Medical SA
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Market Dynamics:
Drivers:
The RFID healthcare market is expected to experience above-average growth during the forecast period, driven by the increasing demand for RFID systems from hospitals, pharmaceutical and biopharmaceutical companies, medical device manufacturers, and other life sciences organizations seeking to reduce inventory costs. These systems enable organizations to effectively manage their inventory, preventing issues related to overstocking and stockouts. Additionally, RFID systems facilitate real-time data management, which helps prevent theft and inventory loss, thereby improving operational efficiency.
Challenges:
The adoption of RFID technology in healthcare is hindered by several challenges, notably the high installation costs and issues related to system interoperability. Healthcare organizations must make substantial investments in RFID readers, tags, software, power infrastructure, and ongoing maintenance services. Furthermore, the overall cost of RFID solutions increases with additional features such as IoT connectivity, system accuracy testing, and staff training expenses.
Regional Trends:
The North American RFID healthcare market is anticipated to capture a significant share of the market in terms of revenue and is projected to grow at a high compound annual growth rate (CAGR) in the near future. This growth can be attributed to the region's increased adoption of automated processes in hospitals and pharmacies, coupled with the presence of advanced healthcare infrastructure. The use of active RFID tags and the availability of reliable healthcare infrastructure are expected to further enhance market growth in this region. In addition, the RFID healthcare market in Asia-Pacific is experiencing significant expansion, driven by improvements in healthcare infrastructure, increased investments in the sector, and evolving regional market trends. Countries such as China and India are advancing rapidly, propelled by government initiatives to implement cutting-edge technologies and provide superior treatment options, leading to accelerated market development in these regions.
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Recent Developments:
• In August 2021, cost-effective RFID labels into the healthcare market by SATO and Xerafy. Through its selection of RFID-enabled printers, it might offer asset management transparency and real-time traceability.
• In February 2021, Impinj announced the shipment of approximately 50 billion tag chips and 3 million reader ICs and readers. RAIN RFID, according to the business, will assist raise inventory, labor efficiency, and omnichannel functioning.
Segmentation of RFID in the Healthcare Market-
By Product-
• Systems & Software
• Tags
By Application-
• Asset Tracking
• Patient Tracking
• Pharmaceutical Tracking
• Blood Tracking
• Others
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
• South East 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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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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