The report explains the current RFID in Healthcare market scenario through diagrams, pictures, charts, tables, and other pictorial representations. The statistical data is obtained through extensive primary and secondary research that offers exhaustive breakdown of the RFID in Healthcare market and its key factors. The report also covers the key market drivers, factors restraining the market growth, and the existing and potential market trends. The study covers essential data related to these products’ application landscape, the demand for and market share held by each application type, and their growth rate analysis over the estimated period.
It is expected that high operating costs linked to the healthcare sector would accelerate the adoption of RFID technology in healthcare organizations. Pharmaceutical firms, suppliers of medical instruments, hospitals, and many other healthcare entities leverage this technology to monitor the cost of inventories. RFID technology allows these companies to manage their inventories effectively and help prevent situations of stock-out and over-stocking. RFID tags allow surgical staff to easily monitor the medical devices used in operation theatres, thereby increasing patient safety. A growing operating cost reduction requirement is expected to cause a rise in RFID adoption. This system is also used for effective patient monitoring and better control of the workflow in hospitals, blood banks, and pathology labs.
Using RFID technology allows for improved communication, effective patient monitoring, patient recognition, and tracking of patients. This approach helps to decrease drug errors and increases health. Growth is also driven by the growing need for patient care and legislation to improve health. With this technology, patient monitoring through various parts of the hospital helps minimize waiting times and is, therefore, gaining popularity in hospitals.
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Increased use of tags is expected to boost the market during the projected period for monitoring various properties, patients, staff, drug products, and supported blood. The segment held a market share of 62.2% in the year 2019.
Due to the growing need to identify fake drug products and demand for inventory management, the pharmaceutical monitoring application segment is the leader in the adoption of RFID technology. The segment is forecasted to grow with a CAGR of 15.1% during the forecast period.
Due to the growing number of hospitals and the presence of patient safety laws, North America has dominated the global market. The US is the region’s biggest market, helping to make this technology more popular in healthcare. The regional growth is driven by high awareness of the advantages of incorporating RFID together with growing concern about the risk of medication errors.
Key participants include Logi-Tag Systems, Cardinal Health, LLC, Terso Solutions, Hurst Green Plastics Ltd, CenTrak, Tagsys, Zebra Technologies Corporation, Impinj, Inc., MetraTec GmbH, and Palex Medical SA, among others.
Radical Highlights of the RFID in Healthcare Market Report:
Comprehensive overview of the RFID in Healthcare market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the RFID in Healthcare market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
Regional Analysis of the RFID in Healthcare Market:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
For the purpose of this report, Emergen Research has segmented into 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)
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The report strives to present the reader with deep insights of the market that can assist them in making fruitful business decisions and strategic investment plans. It highlights the lucrative investment opportunities and growth prospects to help key companies and new entrants capitalize on the emerging opportunities and gain a robust footing in the market.
The report further segments the market on the basis of product types and application spectrum offered in the market. The report also offers insights into the segment expected to show significant growth over the forecast period.
Key Objectives of the Report:
Analysis and estimation of the RFID in Healthcare market size and share for the projected period of 2020-2027
Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global RFID in Healthcare market
Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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