The market for RFID in Healthcare is expected to grow at a CAGR of around 21% during the forecast period 2020 to 2027 and is expected to reach US$ 12 billion by 2027. This research report evaluates the RFID in Healthcare market on a global and regional level. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global RFID in Healthcare market for the period from 2016 to 2027.
The report provides the overall revenue of the global RFID in Healthcare market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year. The study includes drivers and restraints of the global RFID in Healthcare market. The main goal of this research study is to offer a clear picture and a better understanding of the market to the manufacturers, traders, and suppliers operational in it. The readers can gain a deep insight into this market from this piece of information that can enable them to convey and develop critical approaches for the further growth of their businesses.
Radio Frequency Identification or RFID is the next generation technology for data-collection and tracking and has effectively been employed in numerous sectors such as retail, manufacturing, and logistics. RFID technology is also viewed as the next revolution in healthcare sector and signifies numerous prospects for improved safety, cost savings and operational effectiveness by means of tagging assets, inventory, personnel, and patients. The application of RFID presents many paybacks to the healthcare sector linked to patient tracking, safety, proficiencies in patient care, and satisfaction. As the cost of RFID technology is presenting a continual downfall, its requirement has been widely growing in both government and private hospitals.
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RFID technology in healthcare sector is anticipated to observe a remarkable growth in during years to come. Improvement of inventory management system within hospitals, pharmacies, and biotechnology firms and augmented focus for patient safety are together driving market growth. Further, high efficiency of the RFID systems, intensifying population of cancer patients, and implementation of automated process in pharmacies and hospitals are likely to offer push to the market demand during near future. RFID technology gives rise to improved communication, adequate patient monitoring, patient identification, along with patient tracking. This aids in lessening medication errors and uplift safety.
Consequently, the rising requirement for patient monitoring and directives to lift safety subsidize to market growth. Further, progress of the market is bolstered by the cumulative implementation of RFID in manufacturing units for productivity enhancement, and augmented applications of access control application are accelerating demand. Also snowballing government initiatives, high implementation of RFID technology in retail sector and expansion in the RFID ecosystem over organic growth strategies like partnerships and mergers are flourishing market demand.
However, issues in the development of the healthcare RFID market are great installation cost of RFID systems in healthcare and systems interoperability. RFID acceptance in any industry needs huge investment for readers, tags, software, electricity and running replacement services. Further additional features like IoT integration, accuracy checking of system, and training charges increases expenses for RFID solution.
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- Pharmaceutical tracking application sector grasp the prevalent market share in 2019, on account for growing needs to find forged drugs and mandate for inventory management
- In 2019, North America conquered the global market place due to rising number of hospitals and occurrence of guidelines on patient safety
- Asia Pacific is anticipated to be the promising healthcare RFID market during the estimate period on account of refining healthcare infrastructure, cumulative investments in healthcare sector and developments by market participants in the region
- Motivated by lower prices of radio-frequency identification tags, and cumulative proliferation of RFID technology in different areas, the RFID in healthcare market is likely to observe substantial growth in coming years.
- Increasing research and development accomplishments by non-profit organizations and rigorous strategies by leading firms such as expansion, mergers, and collaboration for the expansion of novel technologies to underpin RFID in healthcare sector
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North America is expected to grab the largest chunk of the healthcare RFID market in terms of market size. The players in this region are stressing on research and development happenings, to ease operational competence via advanced technologies. Besides, the implementation of RFID technologies and a noteworthy number of recognized players in the region are flourishing the growth of RFID tags in the North America. Further, regional market benefits from promising government backing in terms of funding and the rigorous support of for the development of healthcare sector. Increasing number of alliances in the medical device sector, research by non-profits firms and existence of sophisticated healthcare infrastructure subsidize to the governance of North America in the global healthcare RFID market.
Asia Pacific is likely to record the firmest growth throughout the estimate period. This high progress is credited to the enlightening healthcare infrastructure in China, India, and Japan. Additionally, mounting concern for patient safety, tracking expensive medical devices, and hospital up-gradation is expected to push the market development in the region.
Key Players & Strategies
On account of upsurge in rivalry in this marketplace, a number of corporations are entering into tactical partnerships with software corporations to escalate the total product profit and withstand their market foothold.
Certain significant players in the RFID in Healthcare market include:
- metraTec GmbH
- Zebra Technologies Corporation
- Terso Solutions
- Tagsys RFID
- Carinal Health
- Mobile Aspects
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of product, application and region as follows:
- Systems & Software
- Pharmaceutical Tracking
- Asset Tracking
- Patient Tracking
- Blood Tracking
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Latin America
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The RFID in Healthcare report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
Why should you invest in this report?
If you are aiming to enter the global RFID in Healthcare market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for RFID in Healthcare are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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