RFID system is being broadly employed in automobile and retail sector as it makes inventory management very hassle-free and convenient. The employment of RFID in the healthcare industry is also attaining popularity. Precision and time have a very outstanding significance in the healthcare industry as it handles human lives. Global RFID in healthcare market is likely to create income of almost USD 5.2 Billion by end of 2024, increasing at a CAGR of almost 21.54% from 2018 to 2024.
The RFID technology has the potential to save time and money of the healthcare agencies. The capability of RFID in offering real-time traceability, identification, location, communication, and temperature data for resources and individuals can be very advantageous. The usage of RFID tech in clinics and hospitals can simplify patient and equipment tracking, reduce inaccuracies in patient care, improve audit processes, and enable better healthcare asset management.
Factors such as inventory management advancements in hospitals, pharmacies, and biotech firms, low-cost and high accuracy of RFID systems, rising concern related to drug security, increasing automation of procedures in hospitals and pharmacies, requirement for avoiding medical device theft, increasing requirement for lowering healthcare operational prices, broad application range of RFID in healthcare, and various government plans will act as boosting factors in the development of global RFID in healthcare market. R&D activities are performed by not for profit organizations aimed for the development of improved and new techs. Elevating the acceptance of RFID in healthcare will act as a catalyst for the market players in the RFID in healthcare market. On the other hand, the absence of awareness related to RFID, absence of standardization, and lack of barcode systems will hinder the development of global RFID in healthcare market.
The global RFID in healthcare market has been divided into application, components, region, and end user. The components section of RFID in healthcare market has been segregated into tags, readers, cabinets, and printers. Tags sub-section of RFID in healthcare market holds the majority share in the components segment owing to its high penetration all over myriad segments. On the basis of application, RFID in healthcare market has been divided into the blood transfer and samples tracking, medical report and supply chain, medicine tracking, people tracking and identification, and equipment tracking. Samples and blood transfer tracking sub-section of RFID in healthcare market has the majority share of the application section owing to the rising need of blood products inventory management. On the basis of end user, RFID in healthcare market has been divided into biotechnology companies, hospitals, and pharmaceutical firms.
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North America will be the leading area in RFID in healthcare market in the year to come. Rising collaborations in the medical device sector, the presence of enhanced healthcare infrastructure, and intensive R&D activities performed by “not for profit” organizations will drive the RFID in healthcare market growth in this area. Europe will be the 2nd biggest are for RFID in healthcare market. The major factors for the regional development can be credited to programs conducted by the governments, high operational competence in healthcare, and rising requirement for lowering the costs. Asia Pacific market will develop at a swift rate in the years to come. Availability of services such as OEM (original equipment manufacturing) in China at affordable costs and rising acceptance of RFID systems in the area will increase the growth of RFID in healthcare market in this region. Latin America market will develop at a modest rate in the years to come. The Middle Eastern and African nations are likely to experience obvious development in the years to come.
Some of the major players in the RFID in healthcare market comprise 3M, Hitachi, Ltd, IBM, AdvantaPure, Siemens, Aaid Security Solutions Inc., Alvin Systems, Motorola, American RFID Solutions, BearingPoint, and ACC Systems Inc.