RFID in Healthcare Market Size – USD 3.69 billion in 2019, RFID in Healthcare Market Growth - CAGR of 15.0%, RFID in Healthcare Market trends – High demand for patient safety

Vancouver, BC -- (SBWire) -- 02/11/2021 --RFID (Radiofrequency identification) can be defined as a wireless technology that is aided by radio-frequency waves to track things attached to the objects.

It is expected that high operating costs linked to the healthcare sector would accelerate the adoption of RFID technology in healthcare organizations. Pharmaceutical firms, suppliers of medical instruments, hospitals, and many other healthcare entities leverage this technology to monitor the cost of inventories. RFID technology allows these companies to manage their inventories effectively and help prevent situations of stock-out and over-stocking. 

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RFID in Healthcare Market Drivers

The factors that can be associated with the growing market demand are rising requirements for reduced operating costs and the utilisation of RFID (Radio-frequency Identification) in healthcare to increase patient safety. Rising demand for safe patient visits to hospitals and extensively built supply chain are major factors fuelling the growth.

The key companies of the market are well-equipped with large manufacturing facilities and are also engaged in various research & development activities.

Top Key participants include Logi-Tag Systems, Cardinal Health, LLC, Terso Solutions, Hurst Green Plastics Ltd, CenTrak, Tagsys, Zebra Technologies Corporation, Impinj, Inc., MetraTec GmbH, and Palex Medical SA, among others.

Adoption of RFID aids in better inventory management, avoiding overstock and stock-out situations. RFID enhances real-time data management, resulting in the prevention of theft and inventory loss. They also facilitate efficient inventory management and also enhances operational efficiency. 

In terms of revenue, the Tags product segment dominated the market with a share of 62.2% in 2019.

Product Outlook (Revenue: USD Billion; 2017-2027)
Systems & Software
Tags

Application Outlook (Revenue: USD Billion; 2017-2027)
Asset Tracking
Patient Tracking
Pharmaceutical Tracking
Blood Tracking
Others

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Regional Landscape

North America emerged as the dominator of the market in 2020, and this dominance can be associated with factors like the increasing number of hospitals, rise in rules and regulations for patient safety. Availability of innovative and well-developed healthcare facilities and rising adoption of developed and innovative technologies are other factors influencing the growth.

The research provides answers to the following key questions:

What will be the market size and growth rate of the RFID in Healthcare market for the forecast period 2020 -2027 across different regions?
What are the key driving forces expected to shape the future of the industry worldwide?
What strategies are the prominent vendors adapting to stay ahead of their competitors?
Which major trends are impacting the development of the RFID in Healthcare market worldwide?
Which factors can hinder, challenge or even restrict the expansion of the RFID in Healthcare market worldwide?
What are the opportunities or future prospect for the business owners operating in the market for the forecast period, 2020 - 2027?

The U.S. is the largest market in this region, accredited to the high adoption of this technology in healthcare services. Increased awareness regarding the advantages of incorporating RFID and the augmenting concerns regarding the risk of medication errors contributes to the regional growth.

In market segmentation by geographical regions, the report has analyzed the following regions-       

    North America (USA, Canada and Mexico)

    Europe (Germany, France, UK, Russia and Italy)

    Asia-Pacific (China, Japan, Korea, India and Southeast Asia)

South America (Brazil, Argentina, Columbia etc.)

    Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Table of Content

Chapter 1. Methodology & Sources

    1.1. Market Definition

    1.2. Research Scope

    1.3. Methodology

    1.4. Research Sources

          1.4.1. Primary

          1.4.2. Secondary

          1.4.3. Paid Sources

    1.5. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2019-2027

Chapter 3. Key Insights

Chapter 4. RFID in Healthcare Market Segmentation & Impact Analysis

    4.1. RFID in Healthcare Market Material Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers analysis

                    4.2.2.1. Rising requirement for reducing operating costs

                    4.2.2.2. Adoption of Radio-frequency Identification (RFID) in healthcare

                    4.2.2.3. Recent technological advancement

                    4.2.2.4. Improving healthcare infrastructure in emerging economies

                    4.2.2.5. Mandates for increasing patient safety

          4.2.3. Market restraints analysis

                    4.2.3.1. Industry Challenges

                    4.2.3.2. Lack of skilled labor during COVID-19

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. Porter's Five Forces Analysis

    4.6. Competitive Metric Space Analysis

    4.7. Price trend Analysis

    4.8. Covid-19 Impact Analysis

Chapter 5. RFID in Healthcare Market By Product Insights & Trends, Revenue (USD Million)

    5.1. Product Location Dynamics & Market Share, 2019 & 2027

          5.1.1. Tags

          5.1.2. Systems and Software

Chapter 6. RFID in Healthcare Market By Application Insights & Trends Revenue (USD Million)

    6.1. Application Dynamics & Market Share, 2019 & 2027

          6.1.1. Asset Tracking

          6.1.2. Patient Tracking

          6.1.3. Pharmaceutical Tracking

          6.1.4. Blood Tracking

          6.1.5. Others

Continue…!

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