Pune, India -- (SBWIRE) -- 01/14/2020 -- The latest report on "RFID in Healthcare Market (Product Type - Asset Tracking Systems, Blood Monitoring Systems, Patient Tracking Systems, and Pharmaceutical Tracking Systems; End User - Hospitals, Pharmaceutical, Research Institutes and Laboratories, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024." The global RFID in the healthcare market is projected to grow at a CAGR of 13.5% over the forecast period of 2018-2024.

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RFID in Healthcare Market: Industry Insights

Radiofrequency identification (RFID) is a technology that uses electromagnetic fields and electronic chips to identify tags affixed to an object. These tags automatically track or identifies medical records, medical instruments, different types of samples, blood bags, and even patients and personnel. Tags connected to an object provides information about products or patients, their location, the expiration date of drugs and medical supplies, patient blood type or allergies that helps to prevent medical malpractice. Benefits offered by RFID in healthcare are improved overall safety and operational efficiency owing to it operates without line-of-sight, reduced time that is required to take inventory, and provides both read and write capabilities for dynamic item tracking. Applications of RFID include product tracking, patient tracking, and blood monitoring systems, pharmaceutical tracking systems, and drug counterfeiting.

Development in RFID Technology and the Growing Adoption of RFID in Healthcare Provide Beneficial Opportunities for RFID in the Healthcare Market

RFID applications offer significant benefits by ensuring patient safety and improved operational efficiency in the healthcare industry contribute to driving the growth of RFID in the healthcare market. Furthermore, the demand for RFID in healthcare is increasing as it helps in improvement in the supply chain process of pharmaceutical companies. In drug counterfeiting RFID tags used to detect products that are, counterfeit, tampered with adulterated or substituted expired. Rising demand from hospitals, distributors, and pharmaceutical companies to prevent, drug counterfeiting is expected to fuel the RFID in the healthcare market.

RFID provides a cost-effective inventory solution for single-use items that are stored in inventory rooms, shelving units, or in vending machines outfitted with RFID. The use of RFID in the inventory system propels the growth of RFID in the healthcare market. Growing adoption of RFID in healthcare owing to applications offer by RFID such as asset tracking to keep tracking of high-value assets, and inpatient tracking to verify patient information or records, and location.

However, without temperature resistant housing, current RFID tags cannot withstand extreme temperatures that in turn hinders the growth of RFID in the healthcare market. Development in RFID technology and the growing adoption of RFID in healthcare provide beneficial opportunities for RFID in the healthcare market.

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North America Dominates the Growth of RFID in Healthcare Market

North America dominates the growth of RFID in the healthcare industry owing to the rising need for operational efficiency and patient safety in the healthcare industry in the region. Furthermore, government initiatives and the presence of a large number of hospitals in this region drive demand for RFID in the healthcare market. The U.S food and drug administration (FDA) use RFID tags to verify product and eliminate counterfeiting of products such as drugs and high-cost medical devices that in turn boosts the growth of RFID in the healthcare market the Asia-Pacific is set to grow at a significant rate in the near future. 

RFID in Healthcare Market: Segmentation

The report on global RFID in the healthcare market covers segments such as product type and end-user. On the basis of product type, the sub-markets include asset tracking systems, blood monitoring systems, patient tracking systems, and pharmaceutical tracking systems. On the basis of end-user, the sub-markets include hospitals, pharmaceuticals, research institutes and laboratories, and others.

Key Players in the RFID in Healthcare Industry

The report provides profiles of the companies in the RFID in the healthcare market such as Impinj, Inc., GAO RFID, Alien Technology, LLC. CCL Industries Inc, AVERY DENNISON CORPORATION, Smartrac N.V., STANLEY Healthcare, Honeywell International Inc., RF Technologies, Inc, and Terso Solutions.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of the RFID in the healthcare.

=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.

=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.  

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.