Global RFID In Healthcare Market Set For Rapid Growth, To Reach Around USD 5.2 Billion By 2024

01-Nov-2018 | Zion Market Research

Zion Market Research has published a new report titled “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”. According to the report, global RFID in healthcare market was valued at approximately USD 1.3 billion in 2017 and is expected to generate revenue of around USD 5.2 billion 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. The information is stored electronically in the tags. There are two main types of tags that are used in the RFID system: passive tags and active tags. Passive tags use the radio wave energy of the interrogator to convey the stored information to the interrogator. The active tags are implanted with a battery that enables the information transfer. The radiofrequency identification (RFID) systems have multiple advantages over the traditional tracking methods. One of the most important advantages is the ability of RFID systems to work even when the components aren’t placed in direct sight. The active RFID tags can transmit data from more than a hundred meters. The RFID tag can be planted on the object and used to manage the movement of that object. The RFID tags can be read inside the box or cases. Hundreds of RFID tags can be read at a time. The price of RFID components has gone down, while their accuracy has increased over the years. This has resulted in a steep rise of RFID usage in the healthcare sector.

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Global RFID in Healthcare Market

The approval by the United States Food and Drugs Administration in 2004 for the use of RFID chips in humans has further boosted the use of RFID in healthcare sector. As per the data published by the National Institutes of Health in 2013, each year around 98,000 deaths take place in hospitals as a result of medical errors.RFID systems help healthcare providers to ensure patient safety. The RFID tags can help in reducing the misidentification problems that happen in the healthcare systems. The RFID technology is widely used to authenticate medical staff and patients during blood sampling, administration of medicines, and other interventions. Precise patient tracking can be achieved using RFID systems to enhance patient safety. The RFID technology also has the capability to advance hand hygiene tracing compliance and practices. This feature of the RFID systems can help in preventing hospital-acquired infection. 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.

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 the driving factors in the growth of global RFID in healthcare market. Research activities 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. Tags sub-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. The Middle East and Africa 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.

This report segments the global RFID in healthcare market as follows:

Global RFID in Healthcare Market: By Components

  • Readers
  • Tags
  • Printers
  • Cabinets

Global RFID in Healthcare Market: By Application

  • Supply Chain and Medical Report
  • Samples and Blood Transfer Tracking
  • People Identification and Tracking
  • Medicine Tracking
  • Equipment Tracking

Global RFID in Healthcare Market: By End User

  • Hospitals
  • Biotechnology Companies
  • Pharmaceutical Companies

Global RFID in Healthcare Market: By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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