RFID in Healthcare Market INFO

RFID in Healthcare Market SEG

Global RFID in healthcare market is estimated to reach over USD 17.30 billion by 2030, exhibiting a CAGR of 15.38% during the forecast period

NEW JERSEY, NJ, USA, November 1, 2022 /EINPresswire.com/ -- The Global RFID in healthcare market is estimated to reach over USD 17.30 billion by 2030, exhibiting a CAGR of 15.38% during the forecast period.

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Radio-frequency identification (RFID) technology employs radio waves to transmit data using RFID tags typically attached to objects to track and identify people. They are primarily employed in applications like patient tracking, asset tracking, and blood tracking. In both developed and developing economies, RFID technology is increasingly used to track assets and patients in the healthcare sector. As fake medications become more common, RFID technology will become more popular for drug detection and screening. The use of this technology might lessen waste and avoidance of unnecessary expenses.
Additionally, research and development efforts are anticipated to be prominent in creating novel technologies to support the use of RFID. One of the primary factors driving radio-frequency identification technology (RFID) in the healthcare market is the increased use of automated procedures in hospitals and pharmacies, along with increased demand for RFID in pharmacies, hospitals, and biotech firms. Other important considerations include rising automatic process adoption in hospitals and pharmacies and rising public desire for more affordable and quality pharmaceuticals. Additionally, radio-frequency identification technology (RFID) would have new opportunities throughout the predicted period due to increasing demand from developing countries and greater R&D in the healthcare sector.

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

Market Dynamics:
Drivers-
The market will increase faster than average throughout the forecast period because of the spike in demand for RFID systems from hospitals, pharmaceutical and biopharmaceutical firms, medical device makers, and other life sciences firms looking to reduce inventory costs. Organizations can manage their stock and avoid instances when inventory and stockouts are oversupplied. They also make real-time data management possible to stop theft and loss of inventory. Better inventory management is made possible by systems with RFID functionality, which increases operational effectiveness.

Challenges
The higher installation costs of RFID systems in healthcare and system interoperability are two factors that would likely restrain the growth of the healthcare RFID industry. Any industry adopting RFID must invest significantly in readers, tags, software, electricity, and operating replacement services. The cost of an RFID solution is increased by extra features like IoT connection, system accuracy testing, and training fees.

Regional Trends:
The North American RFID in the healthcare market is expected to register a significant market share in revenue and is projected to grow at a high CAGR shortly due to the region's increased use of automated processes in hospitals and pharmacies, as well as the existence of advanced healthcare infrastructure. Using active RFID tags and the availability of reliable healthcare infrastructure will bode well for regional expansion. RFID technology will gain momentum in the US as it improves hospital care services. Besides, Asia Pacific had a substantial share of the RFID in the healthcare market due to improvements in healthcare infrastructure, rising investments in the industry, and regional market trends. Due to the increased government emphasis on implementing breakthrough technologies and the best treatment options from developed countries, countries like China and India are also advancing the fastest.

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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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Priyanka Tilekar
Insightace Analytic Pvt. Ltd.
+1 551-226-6109
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