RFID, or radio-frequency identification, is a non-contact method that uses radio waves to transmit information from a tag affixed to an object, allowing for automatic identification and tracking among other uses. In contrast to bar codes, RFID allows for distant identification.
Statistics
By the end of 2027, the value of the worldwide market for RFID in healthcare is projected to reach US$ 16,756.6 Mn.
Global RFID in Healthcare Market: Drivers
The worldwide market for RFID in healthcare is likely to grow slowly in the predicted period due to worries about medicine counterfeiting. Fake drugs and biologics are becoming more of a threat to patient safety. To combat this problem of fake pharmaceuticals, we require specialized equipment. The potential for fake, unsafe, adulterated, tampered with, or diverted pharmaceuticals is reduced using RFID technology.
In addition, RFID’s ability to boost operational efficiency in the healthcare sector is anticipated to contribute to the expansion of the worldwide RFID in healthcare market. Manufacturers and retailers alike will benefit from enhanced supply chain visibility when it comes to stock counts. Although healthcare providers routinely hold buffer stocks to avoid stocks out situations, a lack of exposure into client requests and available stock would lead to greater inventory and locks finances unnecessarily. Due to RFID’s enhanced inventory visibility, buffer inventories can be reduced by replacing ignorance with information.
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Statistics
In 2019, North America accounted for 49.5% of the worldwide for RFID in healthcare market’s value, making it the region’s dominating player. Europe and Asia-Pacific followed.
Global RFID in Healthcare Market: Restraints
It is anticipated that the high price of the system will slow the expansion of the global RFID in healthcare market. Depending on its functionality, the price of an RFID tag can range from a few cents to fifty dollars or more. The cost of an RFID tag reader can vary from US$ 1,000 to US$ 3,000.
Lack of technological standardization is also anticipated to restrain market expansion.
Statistics
With a CAGR of 19.6% between 2020 and 2027, the worldwide market RFID in healthcare is expected to grow from a 2019 valuation of US$ 4,004.0 Mn to a 2027 valuation of US$ 16,756.6 Mn.
Market Trends/Key Takeaways
The worldwide market for RFID in healthcare is anticipated to increase as a result of pharmacy medication shortages. For example, sixty percent of pharmacists in a 2020 poll conducted by Kit Check reported having to deal with twenty or more simultaneous medicine shortages. Seventy-two percent or more said it took till 15 hours of staff time to settle each drug discrepancy.
The worldwide market for RFID in healthcare is projected to expand thanks to the introduction of RFID scanners integrated into medical devices. For instance, the HS-1RS Secure Access Handheld Barcode Scanner, powered by software from Imprivata and HID, was released in August 2020 by JADAK, a business subsidiary of Novanta Corporation. The HS-1RS is capable of reading both 1D and 2D barcodes, as well as prox cards, contactless smart cards, and LF/HF RFID smartcards.
For studies that meet all of the following criteria, FDA plans to use enforcement discretion as outlined below.
- There is no restriction on the number of tags or readers that may be used in this study; however, only immediate containers, secondary packaging, shipping containers, and/or pallets of drugs being placed into commerce will have RFID tags (chips and antennae) attached to them by the manufacturer, repackager, relabeler, distributor, retailer, or others acting at their direction.
- Prescription and OTC medications are the only ones that will be considered. Protein medicines covered by a New Drug Application and biologics approved under a BLA will not be included. Except for the completion of tag implantation for the study on December 31, 2007, the study can last as long as necessary.
- RFID will only be utilized for inventory management, product monitoring and tracing, shipping and receiving confirmation, and final product identification.
- To satisfy the current FDA regulatory standards, RFID will not be employed (examples include meeting regulatory requirements for labeling or Current Good Manufacturing Practices, providing information on the product’s chemistry, manufacturing, and control, and storing data to meet those requirements).
- To guarantee proper labeling procedures, RFID will not replace existing control systems.
- Methods will include “passive,” “semi-active,” or “active” tags.3
- Information will be written to the tag at the time of manufacturing (e.g., “read only” tags), after manufacturing but before affixing to a drug container (e.g., “read-write tags”), or after affixing to a drug container. 4 Serial numbers (e.g., electronic product codes) and other information, such as storage and handling instructions, information from the FDA-approved label and labeling, lot numbers, and expiration dates, will be included on the tags.
- The tags will not store or transmit any data that could be useful to a medical professional.
- Consumer information will not be stored on or transmitted from the tags.
- The tags will not include or communicate any promotional content or data regarding product indications or off-label uses.
- The RFID tag and other parts of a drug’s primary container, secondary packing, and/or shipping container may be sealed with a logo, an unrelated inventory control message (such as a message telling the custodians that the pack includes an RFID tag), and/or a unique serial number.
- Information displayed on the product’s approved labels will remain unchanged, and this includes the RFID tag and seal.
- The RFID label will not replace the linear bar code mandated by 21 CFR Part 201.25, nor will it conflict with it in any way.
- Individuals will “read” the tags to learn product details and/or proceed with the research.
- The electromagnetic energy emitted by the tag readers, which will be 13.56 megahertz, 902-928 megahertz, or 2.4 gigahertz, will be of a sufficient strength to meet all FCC regulations (i.e., 1-4 watts effective isotropically radiated power).
Global RFID in Healthcare Market: Competitive Landscape
Some of the most important companies in the worldwide RFID in healthcare market are: Microchip Technology, Accenture plc, Hitachi, IBM, 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare.
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Global RFID in Healthcare Market: Key Developments
To increase their foothold in the RFID in healthcare industry, several of the industry’s biggest names are forging strategic alliances with smaller firms. For example, Premier Inc. has extended its sole source collaboration with Kit Check for the latter’s Bluesight for Controlled Substances (BCS) solution and Kit Check’s own kit and tray processing system, both of which were announced by the former in September of 2020.
| The market size value in 2023 |
Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Market Overview
- Definition of RFID in Healthcare Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global RFID in Healthcare Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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