The global rfid in healthcare market size is expected to reach USD 10.65 Billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 22.4% during the forecast period. Some of the key contributors to the growth include rising focus on reducing operational costs and streamline the workflow, demand for efficient supply chain management, and need to improve the quality and efficiency of care.
RFID in Healthcare Market Report Highlights
- RFID tags product segment held majority of the market share in 2018 due to rising awareness regarding the benefits of these devices
- Increasing use of tags for tracking various assets, patients, staff, pharmaceuticals, and donated blood is expected to boost the market during the forecast period
- Pharmaceutical tracking application segment held the largest market share in 2018, owing to rising needs to identify counterfeit drugs and demand for inventory management
- North America led the global market owing to increasing number of hospitals and presence of regulations on patient safety
- Asia Pacific is anticipated to witness the fastest CAGR owing to the presence of a large pharmaceutical industry requiring this technology for process streamlining
- Some of the key players operating in the RFID in healthcare market include LogiTag, CenTrak, SpaceCode, Impinj, Zebra Technologies Corporation, Biolog-id, Terso Solutions, Carinal Health, Mobile Aspects, Tagsys RFID, Pepperl+Fuchs, and metraTec GmbH
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Radio Frequency Identification (RFID) is a technology that uses radio waves to automatically identify and track objects. In healthcare, RFID is being increasingly used for asset tracking, patient monitoring, medication management, and supply chain management. RFID tags can be attached to medical equipment, patient wristbands, and medication packaging to provide real-time information about their location, usage, and status. This technology enables healthcare providers to improve patient safety, reduce costs, and enhance efficiency by streamlining processes, reducing errors, and automating data collection. For instance, RFID-enabled medication management systems can reduce medication errors by ensuring that the right medication is administered to the right patient at the right time. The use of RFID technology in healthcare is expected to continue to grow as more healthcare organizations recognize its benefits and as the technology becomes more affordable and accessible.
The global RFID in healthcare market has been growing steadily in recent years, driven by the increasing need for better healthcare management systems, improving healthcare infrastructure, and rising healthcare expenditure. The latest developments include the introduction of advanced RFID systems with improved accuracy, range, and functionality. For instance, the use of ultra-wideband (UWB) technology in RFID systems has enabled greater precision and accuracy in location tracking, which is particularly useful for asset tracking and patient monitoring applications. Additionally, the integration of RFID technology with other healthcare information systems such as electronic health records (EHRs) and hospital information systems (HIS) has enabled more efficient and automated data collection and management. Another major development is the increasing adoption of RFID-enabled medical devices, such as smart infusion pumps, patient monitoring systems, and implantable devices. These devices can communicate with RFID tags to automatically update patient records, monitor patient vitals, and track the usage and status of medical equipment and supplies. Moreover, the COVID-19 pandemic has further accelerated the adoption of RFID technology in healthcare, as it has highlighted the need for efficient and reliable healthcare management systems. The use of RFID technology for contact tracing, vaccine management, and personal protective equipment (PPE) tracking has become increasingly important in the current healthcare environment.
High operational costs associated with the healthcare industry is expected to boost the adoption of RFID technology in healthcare organizations. Pharmaceutical companies, medical device manufacturers, hospitals, and various other healthcare organizations integrate this technology to control inventory costs. RFID technology enables these organizations in efficient inventory management and help avoid stock out and overstock situations. RFID tags enable the surgical staff in easy tracking of medical devices used in operation theatres, thereby improving patient safety. Growing requirement for reduction in operating costs is expected to drive the increase in adoption of RFID. This technology is also used in laboratories, blood banks, and pathology labs for efficient product tracking and better workflow management.
The use of RFID technology enables better communication, adequate patient monitoring, patient identification, and patient tracking. This method aids in decreasing medication errors and increases safety. The rising need for patient monitoring and mandates for increasing safety are also contributing to the growth. Patient tracking across different hospital sections using this technology helps reduce waiting times and is thus gaining significance in hospitals.
RFID in Healthcare Market Insights By Region
North America held the largest market share, attributed to the key factors, such as rising number of hospitals, increase in regulations for patient safety, and mandates for tracking medical devices. Presence of developed healthcare infrastructure and high adoption of advanced technologies in healthcare are some other factors contributing to the regional growth. U.S. is the largest market in this region, contributed to high adoption of this technology in healthcare services. Asia Pacific is anticipated to witness the fastest growth. The region has a large number of pharmaceutical and life science companies with an increasing demand for efficient supply chain management. Rising healthcare expenditure, presence of large pharmaceutical industry, and improving healthcare infrastructure are some of the key factors that can be attributed for to the regional demand.
Competitive Analysis By Major Players
Due to increase in competition in this market, a number of companies are entering into strategic partnerships with software companies to increase the overall product benefit and sustain their market position. New product launches and collaborations are the key strategies adopted by the players to gain competitive edge. Some of the key market players include LogiTag, CenTrak, SpaceCode, Impinj, Zebra Technologies Corporation, Biolog-id, Terso Solutions, Carinal Health, Mobile Aspects, Tagsys RFID, Pepperl+Fuchs, and metraTec GmbH.
Grand View Research has segmented the global RFID in healthcare market on the basis of product, application, and region.
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Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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