Press release
Healthcare RFID Market Expansion Continues, with Forecast Valuation of $8.04 Billion by 2029
Healthcare RFID Market
Healthcare RFID Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the healthcare RFID market has seen a swift expansion over recent years. Projected to escalate from $3.38 billion in 2024 to $3.89 billion in 2025, the market's compound annual growth rate (CAGR) is expected to be 15.0%. Factors contributing to the growth during the historic period include decreased medication error rates, improved patient experiences, more efficient supply chain operations, better inventory management, and superior workflow automation.
Healthcare RFID Market Size Forecast: What's the Projected Valuation by 2029?
A significant expansion is projected in the healthcare RFID market size over the coming years. The market is expected to surge to $8.04 billion in 2029, with a compound annual growth rate (CAGR) of 19.9%. The growth during this forecast period is linked to the integration of RFID with electronic health records, wider application of RFID in laboratories, telemedicine, and remote patient monitoring, as well as tailor-made RFID solutions. Predominant trends for the forecast period encompass the incorporation of burgeoning technologies, enhancement of RFID usage in patient tracking, wearable RFID technology, real-time location systems, and RFID solutions based in the cloud.
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What Are the Drivers Transforming the Healthcare RFID Market?
The escalating strict regulations within the pharmaceutical industry significantly contribute to the expansion of the healthcare RFID market. Different countries' governments and regulatory authorities are beginning to enforce stringent measures within the pharmaceutical sector to lessen the impact of counterfeit problems and other healthcare-related issues. To illustrate, in June 2023, the German government announced the Health Data Use Act (GDNG) and a preliminary Digital Act (DigiG). The Health Data Use Act intends to provide industry firms the entitlement to access patient health data for research objectives. It benefits the healthcare RFID market as it permits firms to utilize RFID tags to monitor patient health data, thus safeguarding the information from potential threats like hackers. The information procured from RFID tags is usable for research purposes.
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What Long-Term Trends Will Define the Future of the Healthcare RFID Market?
The rise of technological innovation stands out as a significant trend in the healthcare RFID industry. Major enterprises active in this sector are pouring resources into crafting modern technological solutions to cement their hold on the market. Take, for example, Avery Dennison, an American materials science and manufacturing corporation, which in May 2022 unveiled their new product, AD Medio Web DF EM4425. This dual frequency RFID item is tailored for medical purposes such as product verification and inventory control. These tags are conveniently designed in a smaller format for ease of conversion for end-use and offered in a paper tag delivery system.
Which Segments in the Healthcare RFID Market Offer the Most Profit Potential?
The healthcare rfidmarket covered in this report is segmented -
1) By Product: Tags And Labels, RFID Systems
2) By End-User: Hospitals, Pharmaceuticals, Research Institutions And Laboratories, Other End Users
3) By Application: Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, Other Applications
Subsegments:
1) By Tags And Labels: Active RFID Tags, Passive RFID tags, Semi-Passive RFID Tags, RFID labels
2) By RFID Systems: RFID Readers, RFID Middleware, RFID Software Solutions
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Which Firms Dominate the Healthcare RFID Market by Market Share and Revenue in 2025?
Major companies operating in the healthcare rfid market include 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., CenTrak Inc., Cardinal Health Inc., LogiTag Systems Ltd., Biolog-id SAS, metraTec GmbH, Zebra Technologies Corporation, Smartrac N. V., S3Edge Inc., Champion Healthcare Technologies, SpaceCode Pty. Ltd., Pepperl-Fuchs Pvt. Ltd., PALEX MEDICAL S. A., Applied Wireless Identifications Group Inc., CAEN RFID S. r. l., Invengo Information Technology Ltd. Co., Motorola Solutions Inc., Avery Dennison Corporation, Bartronics India Ltd.
Which Regions Offer the Highest Growth Potential in the Healthcare RFID Market?
North America was the largest region in the healthcare RFID market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare RFID market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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