Healthcare Radiofrequency Identification (RFID) Market is expected to register 23.37% by 2023 | Global Industry Trends, COVID-19 Analysis & Insights, Growth rate, biotechnology companies, Adoption of automated process, Regional Demand and Forecast
Healthcare Radiofrequency Identification (RFID) Industry Overview
Healthcare radiofrequency identification (RFID) is a technology which helps in the effective management of inventory, overstock and out of stock situations. RFID technology is a wireless system, where a label is attached to an item with an embedded code. The emergence and adoption of new technologies are driving the global RFID market and is expected to dhow nearly 24 % annual growth globally. RFID labels help keep track of medical equipment, hence increasing the chances of patient’s safety.
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Healthcare-related companies like pharmaceuticals, medical equipment manufacturers and hospitals have found this technology in the easy tracing of patient data, document tracking, laundry management and others. Manual arrangement of blood, urine and other samples always possess a danger of human errors which can damage the entire process of treatment and directly damage the patient. Through RFID, this procedure becomes easy and then narrows down space for related errors.
The increasing global count of patients has helped the global healthcare RFID market to attain robust growth and definite place in the medical healthcare system. The rising research & development investments, the introduction of newer medicines and other factors are also playing a significant role in the development of this industry. Apart from its extensive usage and applications, the RFID technology is facing some friction from factors like limited awareness and higher costs. This technology is still out of reach for economies with struggling financial structures and lagging healthcare structure.
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Segments of the Healthcare Radiofrequency Identification (RFID) global market
The global healthcare RFID market is segmented into three parts:
Component-based: The RFID technology has tags, printers, readers, system, software and others as its essential components.
Application-based: The RFID technology is used in patient tracking, pharmaceuticals, sample tracking, equipment tracking and other vital functions.
End-Users: Hospitals & clinics, pharmaceutical companies, research institutes and others are the primary end-users of RFID.
The Healthcare RFID market is observes based on four major regions, namely, America, Europe, Asia Pacific and The Middle East & Africa.
The American region is the largest global market of RFID technology in production and consumption of this technology, with North American holding the major part of this industry. The demand for efficient healthcare equipment and effective management is held responsible for the same. The European region is the next in line because of the increasing patient count, adoption of fast & easy management systems and increased investments in research & development programs.
The Asia Pacific region is in third place but will emerge out as the fastest-growing market in the world. Large population share, increasing patients count, improving healthcare systems and urge for newer technologies are some of the factors responsible for this massive growth in this region. Rapidly developing economies like India and China are the major shareholder in this market.
The Rest of the regions are showing a slower pace due to struggling healthcare systems and lack of awareness.
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Recent Industry News
The global RFID market has become an instant hit in the healthcare industry, but he factors like lack of awareness and higher equipment costs are damaging the growth pace of this market. The American region is the largest market in presently, whereas Asia Pacific region will emerge as the fastest-growing market.
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