Radiofrequency Identification (RFID) Market Development Strategy, Future Plans and Industry Growth with High CAGR by Forecast 2021
The global market for radiofrequency identification market in the healthcare sector is currently fragmented in nature with several players operating in it, states a new research report by Transparency Market Research. However, with a significant rise in the number of mergers and collaborations, the market is expected to get consolidated throughout the forecast period. The acquisition of Motorola Solutions by Zebra Technology and the collaboration of Intermec by Honeywell are among the key takeovers, which have significantly changed the competitive scenario of the overall market. The leading players operating in the radiofrequency identification market in the healthcare sector across the globe are Motorola Solutions (now Zebra Technologies), Alien Technology, GAO RFID, Inc., STiD, Sato Holdings, Intermec, Invengo, Applied Wireless Identifications Group, Impinj, and CAEN RFID.
According to the research study by TMR, in 2013, the global market for radiofrequency identification in the healthcare sector was worth US$1.9 bn and is projected to reach a value of US$5.3 bn by the end of 2020. The market is further estimated to register a 13.90% CAGR between 2014 and 2020.
China to Lead Global Radiofrequency Identification Market in Near Future
The global market for radiofrequency identification market for the healthcare sector has been divided on the basis of geography into five segments. At present, North America led the global market and is estimated to witness high growth in the next few years. On the flip side, the emergence of low-cost radiofrequency identification components in China is projected to enhance the growth of the market in the next few years. Thus, North America and Europe are expected to face a stiff competition in the coming few years and Asia Pacific is likely to witness high growth in the coming few years.
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The global market for radiofrequency identification has been classified on the basis of application into equipment tracking, medical report, samples and blood transfer tracking, medicine tracking, supply chain, and people identification and tracking. Among these, the medical report and medicine tracking are projected to witness high growth in the next few years. The rise in the use of radiofrequency identification is projected to rise, thanks to the increasing consumer awareness is estimated to enhance the market growth throughout the forecast period.
Rising Investment in Healthcare Sector to Drive Global Market
In the last few years, the healthcare sector has been making use of radiofrequency identification, thus accelerating the market growth in the next few years. The increasing use of radiofrequency identification for access and security control and the rising government initiatives are anticipated to enhance the market growth in the near future. In addition to this, the emergence of Internet of Things based radiofrequency identification labeling is projected to support the market growth in the near future.
On the flip side, the issues related to the device interoperability and the high cost of radiofrequency identification are expected to act as key challenges, thus restricting the growth of the overall market in the coming few years. Nonetheless, the increasing investments for the enhancement of the healthcare sector and the rising government support are projected to offer opportunities for the market players throughout the forecast period.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Radiofrequency Identification (RFID) Market in Healthcare (RFID Components – Tags, Readers, Middleware, Printers and Cabinets; Applications – Equipment Tracking, People Identification and Tracking, Medical Report, Samples and Blood Transfer Tracking, Medicine Tracking, and Supply Chain) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”