Global RFID in Healthcare Market
Using RFID system provides multiple advantages to the healthcare sector in terms of safety of patients, traction and efficiency in patient care, and customer satisfaction. RFID system can aid in improving safety of patients, automating billing and replenishment, and authenticating sterilization and quality processes.
Statistics:
The global RFID in healthcare market is expected to be valued at US$ 4,784 million by 2020.
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Drivers
Rising use of RFID systems in healthcare sector is expected to aid growth of the global RFID in healthcare market during the forecast period. In August 2020, Fresenius Kabi revealed its plans to include new medicines with RFID embedded in their labels.
Restraints
Technical disadvantages such as tag readability, interference, errors in system, and inter-operability with health IT sector is expected to hamper growth of the global RFID in healthcare market.
Key Takeaways:
In 2019, the global RFID in healthcare market was worth at US$ 4,004 million and is estimated to attain a market valuation of US$ 16,756.6 Mn by 2027 and is expected to manifest a CAGR of 19.6% over the forecast period of 2020-2027.
In 2019, the tag segment had maintained its dominating position in the global RFID in healthcare market with an overall market share of 61.0%, owing to the technical advancements in development of products.
Market Trends
Approvals of medical devices with RFID scanner feature is expected to boost growth of the global RFID in healthcare market. In January 2020, Dentsply Sirona had launched the CEREC Primemill, a milling and grinding machine with a 7-inch touch interface, an integrated camera for scanning blocks with compatible data matrix code, and an RFID scanner for reading tool information.
The focus of the key companies operating in the global RFID in healthcare market on adopting inorganic strategies to increase their shares in the market. In September 2020, Kit Check came into an agreement with SCA Pharmaceuticals which permits SCA to include an embedded RFID tag to all the products.
Regulations
U.S.
- If a study is in compliance with all of the parameters listed above, FDA intends to exercise enforcement discretion by not initiating a regulatory action on the basis that the study fails to comply with any of the following regulatory or statutory requirements (to the extent they apply) of the Federal Food, Drug, and Cosmetic Act (the Act) when those requirements are triggered by the use of RFID in the study. The agency intends to limit its exercise of enforcement discretion to those regulatory issues that are specifically triggered by RFID (that is, triggered by the use of RFID readers, the addition of RFID tags, or the placement of seals):
- Any RFID-triggered requirements of 21 C.F.R. & 314.70 and section 506A of the Act.
- Any RFID-triggered submission requirements under 21 C.F.R. part 314 and section 505 of the Act, except for field alert report requirements.
- Any RFID-triggered requirements of 21 C.F.R. part 11.5
- Any RFID-triggered requirements of 21 C.F.R. parts 210 and 211 and section 501(a)(2)(B) of the Act (current Good Manufacturing Practices).6
- Any RFID-triggered requirements of 21 C.F.R. part 207 and section 510 of the Act (Registration and Listing).
- FDA expects that all of the drugs included in these studies will comply with all applicable provisions of the Act in all other respects, and they will initiate regulatory action if not complied. This policy expires automatically on December 31, *2012*, they may change policy sooner or deviate from it in particular cases in order to protect the public health. The *December 2012* date should provide sufficient time for industry to gain experience with RFID technology. When RFID is used outside of the parameters described above, they expect full compliance with all applicable FDA requirements. If RFID technology is used outside of those parameters and does not comply with applicable requirements, they do not expect to exercise enforcement discretion.
Competitive Landscape
Key companies contributing in the global RFID in healthcare market are AeroScout Inc., Hitachi, Siemens Healthcare IBM, Fresenius Kabi, 3M, Inc., Microchip Technology, Accenture plc, Kit Check, and Know Labs.
Key Developments
The focus of the key companies operating in the global RFID in healthcare market on adopting inorganic strategies to increase their shares in the market. In July 2020, Know Labs, Inc., came into an agreement with Mayo Clinic for testing and updating its patented Bio-RFID platform technology. The former also intends to initially implement its Bio-RFID platform in its wearable UBAND as a non-invasive Continuous Glucose Monitor.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- Product launch
- PEST Analysis
- Technological Advancements
- Regulatory Scenario
- Mergers and Acquisitions
- Impact of COVID19 on the market
- Market Dynamics
- Global RFID in Healthcare Market, By Product Type, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Tags
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Passive
- Active
- Readers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Middleware
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
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