Published: Sep-2022|  Format: PDF | MBI Research |  Number of pages: 140 | Code: MBI-3927836

RFID in Healthcare Market Size, Share, Growth & Demand Analysis Report By Product (RFID tags and RFID systems) By Application (Tracking prescription drugs, Infection control, Injection safety, and Others) Forecast Report By 2022-2030

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Market Overview:

The Global RFID in Healthcare Market size was valued at USD 2.02 billion in 2021 and is projected to reach a value of USD 12.06 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 21.5% over the forecast period (2022-2030).

Market Introduction:

The adoption of Radio Frequency Identification technology (RFID) is increasing these days. It has been successful in a wide variety of industries including manufacturing, retail, and logistics. Although it is not a new technology, it has evolved a lot. RFID is now a powerful business technology for asset tracking, data collection, and equipment movement. There is a number of benefits of using Radio Frequency Identification technology (RFID) in hospital. These include the ability to provide real-time traceability of medical equipment, the location of your staff, and even your patients.

RFID technology, which uses wireless communication to identify and track people and devices, has gained strong adoption in healthcare in recent years. When paired with RTLS or indoor positioning systems, RFID tags allow healthcare providers to track not only newborns but older patients with dementia or other cognitive issues. Hospitals also use Radio Frequency Identification technology (RFID) devices to monitor hand hygiene for infection control and measure temperature. In addition to improving patient safety, this technology can help hospitals save money by enabling staff to work more efficiently and productively.

What is the Global RFID in Healthcare Market Drivers?

The growing need for patient monitoring due to an aging population, progress in product development, and increased support by the government for the adoption of RFID technology. Furthermore, the future of RFID in the healthcare market is expected to be favorable due to the increasing demand due to R&D activities being carried out in the companies, expansion of internet connectivity with an increasing rate of mobile adoption.

Increasing operational efficiency in healthcare management systems and the advantages of RFID over common tags are driving the global RFID in healthcare market.

In addition, privacy concerns and difficulties in measuring production may hinder the overall growth rate of the global RFID in healthcare market.

What are the Benefits of the RFID in Healthcare Industry?

  • RFID in your healthcare organization provides immediate or real-time tracking and management of employees and even patients. It is useful for tracking productivity in a busy hospital.
  • RFID technology in hospitals, laboratories, and across supply chains provides real-time traceability of each blood sample or drug palette on your inventory as well as real-time visibility.
  • RFID allows hospitals to monitor the temperature of heat-sensitive drugs all over the supply chain and take the essential measures to maintain standards and compliance.

Who are the Major Players in RFID in Healthcare Market?

Top companies are focusing on innovating product promotions and strategies such as expansion, advances, contracts, and partnerships to enhance their product offerings and grow their business. Similarly, they have introduced advanced technologies in tags and gateways which are currently stimulating the growth of Radio Frequency Identification technology (RFID) in healthcare market.

  • Alien Technology Corp.
  • Awarepoint
  • Gao RFID
  • Honeywell Scanning and Mobility
  • Impinj Inc.
  • LLC
  • Mobile Aspects
  • RF Technologies
  • Radianse
  • Solstice Medical
  • Stanley Healthcare
  • Tagsys
  • Terso Solutions
  • Versus Technology
  • Vizbee RFID Systems
  • Zebra Technologies

Global RFID in Healthcare Market Segmentation:

The global RFID in healthcare market is segmented on the basis of product, application, and region.

Product Analysis:

On the basis of product, the market is segmented as, RFID tags and RFID systems.

The RFID systems segment is anticipated to capture the major market share in the forecast period. These systems are commonly employed in equipment, personnel, and inventory tracking healthcare settings and hospitals. Additionally, these systems are used to monitor patients and prevent the delivery of counterfeit devices and drugs.

Application Analysis:

On the basis of application, the market is segmented as, tracking prescription drugs, infection control, injection safety, and others.

The Tracking segment is anticipated to capture the major market share during the forecast period. The tracking application generates major revenue due to the increasing acceptance of technology to detect counterfeit drugs. RFID in healthcare tracking systems is recognized to be helpful for patients, organizations, and supply chain partners

Regional Analysis by Market Business Insights:

North America dominated the market in 2021 and is projected to continue the same during the estimated years. The growing adoption of RFID-based products is dominated by the North American region due to features such as low power consumption and high efficiency.

Asia-Pacific is expected to propel Market Growth.

Asia-Pacific is anticipated for the fastest growing region for RFID in the healthcare market. The support from the government in terms of tax exemptions, huge investment in R&D, increasing expenditure on the healthcare sector as well as support from private entities for the installation of RFID-based technology in healthcare. In addition, the presence of several developing countries with their own emerging markets in the region. The Chinese market has a major share in this region.

Regions Covered by MBI:

  • North America (United States, Canada)
  • Latin America (Argentina, Brazil, Mexico, Rest of LATAM)
  • Europe (U.K., Germany, Spain, France, Italy, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Denmark, Sweden, Norway, Finland), Russia, Poland, Rest of Europe)
  • The Middle East and Africa (Israel, GCC (Saudi Arabia, Bahrain, Kuwait, UAE, Qatar, Oman), South Africa, North Africa, Rest of the Middle East and Africa)
  • Asia-Pacific (China, South Korea, India, Japan, Malaysia, Hong Kong, Australia, Indonesia, Taiwan, New Zealand, Rest of Asia-Pacific)

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