RFID in Healthcare Market by Components (Readers, Tags, Printers, and Cabinets), by Application (Supply Chain and Medical Report, Samples and Blood Transfer Tracking, People Identification and Tracking, Medicine Tracking, and Equipment Tracking), and by End User (Hospitals, Biotechnology Companies, and Pharmaceutical Companies): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024

Global RFID in healthcare market expected to generate revenue of around USD 5.2billion by end of 2024, growing at a CAGR of around 21.54% between 2018 and 2024. The radiofrequency identification (RFID) technology makes use of electromagnetic fields to mechanically track and identify tags fixed to the objects.

01-Nov-2018 | Number of pages: 110 | Report Code: ZMR-270 | Report Format : | Status : Published

Analysis

Radiofrequency identification (RFID) is a technology that employs electromagnetic fields for identifying and tracking tags fixed to objects automatically. The tags consist of data that is stored electronically. The passive tags gather energy from interviewing radio waves of the closely placed RFID reader. Active tags, on the other hand, consist of a native power source that enables it to operate far away from the RFID reader. The radiofrequency identification (RFID) technology differs from the barcode system due to the wide distance range. The RFID tag can function even if it is far from the reader’s line of sight. RFID tags are employed in a wide variety of industries ranging from automobiles to pharmaceutical and logistics to livestock management. RFID tags and readers are the two main components of the RFID system. The tags are implanted with a receiver and transmitter. There are two parts of the tags: a microchip and an antenna. The microchip stocks and processes data, whereas the antenna receives and conveys the signal. The tags also have a protective material that safeguards it from environmental conditions. The usage determines what type of protective material is used in the tag.

RFID system is being widely used in retail and automobile industry as it makes inventory management very convenient and hassle-free. The use of RFID in the healthcare sector is also gaining popularity. Time and precision have a very prominent significance in the healthcare sector as it deals with human lives. When human lives are at stake, the availability of instantaneous data at hand is very vital. RFID systems can make all the data available to the healthcare providers when it matters the most. The increasing demand for RFID in healthcare can be attributed to the low cost and high effectiveness of these systems. The RFID tag is the most important factor that makes the RFID system popular among the players operating in the healthcare sector.

Global RFID in Healthcare Market

The RFID technology has the capability to save money and time of the healthcare organizations. The ability of RFID in providing real-time identification, traceability, communication, location, and temperature data for individuals and resources can be very beneficial. The implementation of RFID technology in hospitals and clinics can decrease inaccuracies in patient care, simplify patient and equipment tracking, enable better healthcare asset management, and improve audit processes. 

Factors such as inventory management enhancement in pharmacies, hospitals, and biotech companies, high accuracy and low-cost of RFID systems, growing automation of processes in pharmacies and hospitals, increasing concern regarding drug safety, rising need for reduction of healthcare operational costs, need for prevention of medical device theft, multiple government initiatives, and wide application range of RFID in healthcare will act as driving factors in the growth of global RFID in healthcare market. Research activities are undertaken by not for profit organizations intended for the development of new and improved technologies and increasing adoption of RFID in healthcare will act as an opportunity for the market players in the RFID in healthcare market. However, the absence of awareness regarding RFID, lack of barcode systems, and absence of standardization will restrict the growth of global RFID in healthcare market.

The global RFID in healthcare market has been segmented into components, application, end user, and region. The components segment has been divided into readers, tags, printers, and cabinets. Tagssub-segment holds the majority share in the components segment due to its high penetration across myriad sectors. Based on application, RFID in healthcare market has been segmented into the supply chain and medical report, samples and blood transfer tracking, people identification and tracking, medicine tracking, and equipment tracking. Samples and blood transfer tracking sub-segment holds the majority share of the application segment due to the growing requirement of blood products inventory management. Based on the end user, RFID in healthcare market has been segmented into hospitals, biotechnology companies, and pharmaceutical companies.

North America will be the leading region during the forecast period. Increasing collaborations in the medical device industry, intensive research and developments activities conducted by not for profit organizations, and the presence of advanced healthcare infrastructure will boost the RFID in healthcare market growth in this region. Europe will be the second largest market. The major reasons for the regional growth can be attributed to high operational efficiency in healthcare, initiatives taken by the governments, and increasing demand for reduction in costs. Asia Pacific market will propagate at a speedy rate over the forecast period. Availability of services such as original equipment manufacturing (OEM) in China at reasonable costs and increasing adoption of RFID systems in the region will lift the RFID in healthcare market growth in this region. Latin America market will grow at a modest rate during the forecast period. Africa and the Middle Eastern countries are expected to experience noticeable growth in the near future.

Some of the key players in the RFID in healthcare market include Hitachi, Ltd, 3M, AdvantaPure, IBM, Aaid Security Solutions Inc., Siemens, Motorola, Alvin Systems, BearingPoint, American RFID Solutions, and ACC Systems Inc.among others.


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