Healthcare RFID Market Overview
The healthcare radiofrequency identification (RFID) market was evaluated at USD 1,154 million in 2017 and can achieve a CAGR of 23.37% during the forecast period (2018-2023), states Market Research Future (MRFR).
Growth Boosters and Top Barriers
The fundamental reasons backing market growth could be the increasing focus on the reduction of operational costs and streamlining the workflow. Other than this, rising demand for an organized supply chain management and the need for enhancing the quality and efficiency of care also favor the market.
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High operational costs in the healthcare industry boost the adoption of RFID technology within healthcare organizations. Medical device manufacturers, pharmaceutical companies, hospitals, and various other healthcare organizations extensively use this technology to curb inventory costs. RFID technology allows organizations to efficiently manage inventory and also helps prevent stock out and overstock situations. RFID tags aid the surgical staff to easily track medical devices used in operation theatres, which enhances patient safety. Growing need to reduce operating costs fuel the adoption rate of RFID. This technology also finds use in blood banks, pathology labs and laboratories for better workflow management and efficient product tracking.
RFID technology gives rise to sufficient patient monitoring, better communication, patient identification, as well as patient tracking. This helps in bringing down medication errors and elevate safety. Thus, the growing need for patient monitoring and mandates to elevate safety contribute to market growth.
Healthcare RFID Market Segmentation
The global market for healthcare RFID has been segmented on the basis of components, applications, and end-user.
Components-based segments in the market are tags, readers, middleware, printers, and others.
The applications of healthcare RFID are people identification and tracking, equipment tracking, medicine tracking, medical report and blood samples tracking, and others.
The end-users covered in the report include pharmaceutical and biotechnology companies, hospitals, research institutes, and others. The tags segment expects to cover the maximum share in the market, based on its wide application in pharmaceutical tracking and asset tracking. Meanwhile, the growth of the user research institutes segment could be the highest in the market, on account of the surge in research and development by significant vendors in the upcoming years.
Healthcare RFID Market Regional Analysis
The primary markets for healthcare RFID are Europe, Asia Pacific, Middle East & Africa, and the Americas.
Americas could expect to reign over other regions in the global healthcare RFID market, due to increasing strategic alliance by well-established companies and the rising number of non-profit organizations giving a hand in research & development. On top of this, highly developed healthcare infrastructure in the region further stimulates the market growth. The US Department of Health and Human Services reports that in 2018, at least 1,735,350 cases of cancer were diagnosed in the country, which could lead to around 609,640 deaths.
Europe can expect to be the second-most lucrative healthcare RFID market. The regional market profits from favorable government support in the form of funding as well as the support of the healthcare sector. Furthermore, increasing research and development in the region paves the way for further market expansion in the near future.
Expanding at the fastest rate in the healthcare RFID market, Asia Pacific can expect strong growth backed by rising investments in healthcare and improving healthcare infrastructure. The market growth in India and China is believed to be the fastest, based on the rising focus on adopting new technology by the government, along with the availability of advanced treatment options. The World Health Organization noted that in 2010, India’s healthcare expenditure was about 3.27% of GDP, which increased to 3.89% in 2015.
Middle East & Africa could be the smallest healthcare RFID market in the coming years, owing to the substandard healthcare sector, dearth in technical knowledge, and poor medical facilities.
Healthcare RFID Market Studied by Key Companies
The companies currently leading the worldwide healthcare RFID market include Mobile Aspects, Inc., CAEN RFID S.r.l., Gao RFID, Inc., Honeywell International Inc., RF Technologies, Invengo Information Technology Ltd. Co., STiD RFID, Applied Wireless Identifications Group, Inc., Motorola Solutions, Inc., Radianse, Impinj Inc., Stanley Healthcare, Alien Technology Corporation, to name a few.
Reports suggest that after the use of an RFID-backed cabinet system that manages catheter labs as well as medical supplies, Sheba Medical Center has managed to cut costs. With RFID, the hospital gets real-time data regarding which medical supplies are in stock and which are being used for procedures, among other things.
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