Pune, India -- (SBWIRE) -- 05/10/2019 -- Our latest research report entitled RFID In Healthcare Market (by 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)) provides complete and deep insights into the market dynamics and growth of RFID in healthcare. Latest information on market risks, industry chain structure RFID in healthcare cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential RFID in healthcare growth factors. According to the report, 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: Insight

Radio frequency 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, a different type 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.

RFID In Healthcare Market: Drivers and Restraints

RFID applications offer significant benefits by ensuring patient safety and improved operational efficiency in 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. Use of RFID in 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 in patient 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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RFID In Healthcare Market: Regional Analysis

North America dominates the growth of RFID in healthcare market 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 drives demand for RFID in the healthcare market. 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 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 the end user, the sub-markets include hospitals, pharmaceutical, research institutes and laboratories, and others.

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RFID In Healthcare Market: Competitive Landscape

The report provides profiles of the companies in the 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.

Report Findings

1. Drivers

- The Growing Use of RFID Technology for Patient Medication Administration and Blood Sampling.

- Use of RFID Technology to Track Medical Supplies and Avoid Overstocking.

- Compliance Monitoring and Data Collection to Provide Real-Time Information on Individual Health Indicators.

2. Restraints

- Limited Adoption of the RFID in Healthcare.

3. Opportunities

- Awareness Campaigns Concerning the Benefits of the RFID Technology to Improve Patient Safety, Reduce Medical Error, Save Costs and Overall Contribution to the Quality of Care Delivered to Patients to Help Adoption of RFID in the Healthcare System.