The global healthcare RFID market is estimated to be over US$ 3.5 billion in 2019. It is anticipated to grow at a CAGR of 22.0% from 2019 to 2030.
Healthcare RFID (Radio Frequency Identification) is a technology that runs on a tag system. Specific type of tag is fixed on any device or an item and the radio waves are used to track the specified tag. Radio frequency identification is divided into three sections antenna, radar, and transponder. The antenna transfers radio-frequency signal that paves the way for interaction with the RFID tag. When RFID passes through the frequency of the scanning antenna, it also detects the signal and maintains the data collected precisely by the antenna. There are similarities between the RFID technology and the Barcode technology, but both are not the same.
Nonetheless, the key difference is that RFID performs comparatively faster than the Barcode. Another difference between the RFID and the Barcode is that one must essentially scan any item or a product through the barcode scanner to track its information. On the other hand, RFID makes use of radio waves to track the information of the product. RFID in healthcare, helps to improve patient outcome and safety in multiple and complex cases. RFID in healthcare can be efficiently used for patient tracking and his maintaining his medical history records. RFID in healthcare can also track the equipment, and medicine and pharmaceutical.
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The prominent players in the global healthcare RFID market are Alien Technology, LLC., GAO Group, Honeywell International Inc., Impinj, Inc., Mobile Aspects, Inc., STiD RFID, Radianse, RF Technologies, Inc., STANLEY Healthcare, Solstice Medical, LLC.
The significant growth of the market can be attributed to factors such as growing adoption of automated process in hospitals and pharmacies. High efficacy of the RFID systems for inventory management in hospitals and to improved patient safety are anticipated to boost the growth of the healthcare RFID market over the forecast period. Extensive research and development by major companies or universities across the globe to introduce healthcare RFID technology with maximum safety and precision is expected to contribute to the market expansion. In 2019, The Kingdom of Saudi Arabia, adopted RFID technology vaccination cards for Saudi children to improve vaccination process and avoid the delays and mistakes committed during vaccination.
In healthcare industry RFID technology can be used in supply chain application, quality assurance application and for patient safety. These RFID technology can be deployed in hospitals and clinics to improve patient flow, reduce medial errors, improve asset utilization rates, mange inventories & implants, and among others. Many hospitals, Pharmacies and clinic adopted RFID technology to improve patient safety. Hospitals use RFID technology for patient tracking provide wrist bands to the patients with their complete information. These bands hold information about their medical history, treatment regimen, and details of the ailment. RFID readers and software enables surgeons to understand background of patients and provide a suitable treatment. This in turn aids to substantial growth of the healthcare RFID market.
RFID technology is also used in blood banks, laboratories, and pharmaceutical companies for better workflow management. These system enable organizations manage stock, prevent stock out, overstock situations and also enable real-time data management to prevent inventory loss & theft. Moreover, increasing demand for these systems among medical device manufacturers, pharmaceutical companies, biopharmaceutical companies, hospitals, and other life sciences companies to control inventory costs, is expected to propel the growth of healthcare RFID market.
The global healthcare RFID market has primarily been segmented into the following categories, viz. By Product, By Application and By End User
- Software and Others
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North America is estimated to account for the highest CAGR in healthcare RFID market over forecast period. Increasing awareness regarding the advantages of incorporating RFID coupled with growing concerns regarding the risk of medication errors which create lucrative opportunity for growth of the market in this region. For instance, in the U.S., rising number of hospitals, increasing regulations for patient safety, and mandates for tracking medical devices and high adoption of advanced technologies in healthcare services. The U.S. represents one of the largest markets for healthcare RFID in North America region.
Table of Contents
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2016 & 2017; Base Year – 2018; Forecasted Years – 2019 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Methodology
- Bottom Up Approach
- Top Down Approach
- Data Validation and Triangulation
- Market Forecasting Model
- Limitations/Assumptions of the Study
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESMENT
- GLOBAL HEALTHCARE RFID MARKET- ANALYSIS & FORECAST, BY PRODUCT
- GLOBAL HEALTHCARE RFID MARKET- ANALYSIS & FORECAST, BY APPLICATION
- GLOBAL HEALTHCARE RFID MARKET- ANALYSIS & FORECAST, BY END USERS
- Pharmaceutical and Biotechnology Companies
- Research Institutes
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