The global RFID in Healthcare Market is predicted to garner a market revenue of USD 12.89 billion by 2027, expanding at a CAGR of 15.0%, according to the latest report by Emergen Research. The market growth is majorly driven by growing need to reduce expenditure, streamlining the processes, the requirement of efficient SCM and improving the quality of care and performance,
RFID technology is anticipated to be rapidly adopted across the healthcare industry due to the high costs associated with the day-to-day operations in the sector. Pharmaceutical companies, medical device manufacturers, hospitals, and other corporations extensively deploy RFID technology to manage inventory costs, prevent stock-out, and overstock situations. RFID enabled tags to allow the surgical staff to conveniently monitor the equipment used in operating theatres, thereby enhancing patient safety. RFID also enables effective patient monitoring and a controlled workflow in hospitals, pathology labs, and blood banks.
RFID for efficient patient monitoring and tracking also reduces drug errors and ensures the right patient is receiving the proper treatment. It also reduces the waiting times in hospitals, thereby increasing its adoption across the healthcare sector.
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Key Highlights from the Report:
- The tags segment occupied a significant share of the industry in 2019, accounting for 62.2% industry share in 2019. The growth can be attributed to its increased usage in monitoring properties, staff, patients, drugs, and in blood banks.
- Attributed to the growing need to identify counterfeit drug products and the efficient management of the inventory, the pharmaceutical monitoring application accounted for a significant share of the industry and is anticipated to lead the market growth with a CAGR of 15.1%.
- North America commanded the market share owing to the accelerated development of hospitals and the existence of patient safety laws. The United States dominates the market growth, and the increase can be attributed to the increasing awareness about the benefits of RFID technology and the rising concern regarding medical errors.
- Major participants of the industry include Cardinal Health, Logi-Tag Systems, LLC, MetraTec GmbH, Hurst Green Plastics Ltd, Terso Solutions, Palex Medical SA, Zebra Technologies Corporation, Impinj, Inc., Tagsys, and CenTrak, among others.
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For the purpose of this report, Emergen Research has segmented the global RFID in Healthcare Market on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Systems & Software
Application Outlook (Revenue, USD Billion; 2017-2027)
- Patient Tracking
- Asset Tracking
- Blood Tracking
- Pharmaceutical Tracking
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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