Healthcare RFID Market - Segmented by Product, End-user, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
Healthcare RFID Market: Information By Component (Tags, Readers, Middleware, Printers), Application (Equipment Tracking, Medicine Tracking, Others), End-User (Pharmaceutical and Biotechnology Companies, Hospitals, Others) — Global Forecast till 2027
Healthcare RFID Market Highlights
Radio frequency identification (RFID) solutions in the healthcare sector are an asset favored by major organizations due to their ability in saving time and money. It plays a major role in patient safety, asset tracking, and provider satisfaction. Theglobal healthcare RFID market report by Market Research Future (MRFR) pinpoints pertinent growth drivers and challenges faced for the period of 2018 to 2023 with a suitable pulse on the latest trends.
The global healthcare RFID market is expected to exhibit a CAGR of 23.37% from 2018 to 2023 (forecast period). It stood at USD 1,154 million in 2017. The focus of hospitals in providing quality patient care as well as improvements of the inventory management system in pharmacies, hospitals, and biotechnology companies is expected to fuel market growth. Adoption of automated processes across hospitals, transition towards digitization, and the rising cancer population are other growth drivers of the market.
Supportive healthcare policies by governments for improving patient care is likely to work in favor of the market. This is evident by the Health Information Technology for Clinical Health (HITECH) Act which mandates the implementation of information technology to streamline processes in hospitals. This would prove to be a boon in reducing the overhead costs of healthcare organizations. The use of RFID in reducing patient errors, tracking of patients and equipment, and better tracking of assets are other drivers which can bolster the demand of the healthcare RFID market.
Lack of awareness of RFID systems, technical bugs, and high costs of installation are certain challenges which may pose a challenge to the market.
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The global healthcare RFID market is segmented by component, application, and end-use.
By component, it is segmented into tags, readers, middleware, printers, and others. Readers are sub-segmented into active and passive readers, while the tags segment has been similarly sub-segmented into active and passive tags. The tags segment can dominate during the forecast period due to its application in pharmaceutical tracking, asset tracking, and patient tracking.
By application, it is segmented into medicine tracking, equipment tracking, people identification and tracking, medical report and blood samples tracking, and others.
By end-use, it is segmented into research institutes, pharmaceutical and biotechnology companies, hospitals, and others. Research institutes, on the other hand, can register an impressive CAGR during the forecast timespan due to considerable investment by players to better track the movements of their assets.
Asia Pacific (APAC), the Americas, the Middle East & Africa (MEA), and Europe are regions taken into consideration in the compilation of the global healthcare RFID market report.
The Americas is slated to dominate the global market due to the sophisticated healthcare infrastructure, cases of counterfeit drugs, and rising number of cancer patients. The region is marked by rising interest of non-profit organizations in research and development and alliances between market players.
The European region is the largest after the Americas due to ample government funding for the healthcare sector, awareness of innovative technologies, and infrastructural changes. The APAC region can showcase rapid growth due to rising prevalence of chronic diseases, awareness of novel technologies, implementation of healthcare IT, and expansion plans by local players.
Major industry participants in the global healthcare RFID market include Stanley Healthcare, CAEN RFID S.r.l., Motorola Solutions, Inc., Honeywell International Inc., Invengo Information Technology Ltd. Co., Mobile Aspects, Inc., RF Technologies, STid Group, Radianse, Alien Technology Corporation, Impinj Inc., Applied Wireless Identifications Group, Inc., Gao RFID, Inc., and others. Mergers, collaborations, and expansions are strategies employed by these players to gain a headstart in the intense competition in the market.
Adventist Health White Memorial, a hospital in Los Angeles, U.S., has partnered with Tagnos for improving mobile communications between patients and hospital staff. The platform employs RFID tags for tracking patients within the facility for improving the operation room (OR) workflow and ensuring transparency to the families of patients.
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