RFID in Healthcare Market

Report ID : 1419 | Published : 2022-10-29 | Pages: 189 | Format: PDF/EXCEL

The market size of the global RFID in healthcare market in the year 2021 is valued at 4.84 billion and is predicted to reach 17.30 billion by the year 2030 at an 15.38% CAGR during the forecast period.

RFID employs radio waves to read and collect data from a tag affixed to an object. The tag does not need to be in the reader's direct line of sight; it may be read from a distance of up to several feet. RFID technology is used for patient safety, supply chain, and quality assurance applications. The system can be used in hospitals and clinics to manage implants and inventories, prevent medical errors, and enhance asset usage rates, among other things. Increased adoption of automated processes in hospitals and pharmacies is one of the main factors propelling radio-frequency identification technology (RFID) in the healthcare market, along with increased demand for RFID in pharmacies, hospitals, and biotech companies. The other key factors are the increased need for cost-effective and superior medications among the populace and the increased adoption of automated processes in hospitals and pharmacies.

Moreover, increased demand from emerging nations and increased R&D in the healthcare industry would open up new prospects for radio-frequency identification technology (RFID) in the market for healthcare throughout the anticipated period. However, Radio-frequency identification technology (RFID) growth in the healthcare market will be further hampered over the projection period given above by the rising availability of several generic drugs, fierce rivalry, and growing popularity of sustainable chemistry, among other things.

Market Segmentation:

RFID in the healthcare market is segmented into product and application. Based on product, the market is segmented into systems & software and tags. Based on the application, the market is segmented into asset tracking, patient tracking, pharmaceutical tracking, blood tracking and others.

Based on product, the tags category is accounted as a major contributor to RFID in the healthcare market.

The tags category dominated the market in 2021, and the expansion is anticipated to be fueled by growing public knowledge of these gadgets' advantages. These systems enable simple access to inventories, quicker processing, and real-time asset monitoring because they can be utilized anywhere to track and trace many assets. Whereas, over the projected period, RFID systems & software are expected to grow significantly in the market. In hospitals and other healthcare settings, these systems are typically utilized for tracking employees, equipment, and inventories.

The pharmaceutical tracking category witnessed growth at a rapid rate.

The pharmaceutical tracking category dominated the market in 2021. One of the most important elements fueling the growth is the increasing use of technology to spot counterfeit medications. Systems for tracking medications are helpful for businesses, patients, and supply chain partners. In recent years, there has been a surge in the production and distribution of fake medications, representing a greater risk to one's health. With the aid of RFID technology, such medications may be screened for and detected, preventing their distribution in the market. Additionally, pharmaceutical businesses use this technology to control inventory and reduce labeling errors.

The North American RFID in the healthcare market holds a significant revenue share in the region.

The North American RFID in the healthcare market is expected to register the highest market share in revenue shortly, attributable to the main causes, which include increased hospitals, more stringent patient safety laws, and requirements for medical device tracking. Other factors influencing the region's expansion include a well-developed healthcare infrastructure and the high adoption of cutting-edge technologies in healthcare. Because the United States is this region's largest market, there has been a significant uptake of this technology in healthcare. The region is increasing due to increased knowledge of the benefits of integrating RFID and growing worries about the possibility of drug errors. In addition, Asia Pacific is projected to grow rapidly in the global RFID in the healthcare market. The region is home to several pharmaceutical and life science enterprises with a growing need for effective supply chain management. Increasing healthcare costs,  a sizable pharmaceutical sector, and improving healthcare infrastructure are a few of the leading causes of regional demand. Infectious and chronic diseases have a substantial patient population in the area. The prevalence of diseases is predicted to rise, increasing the need for effective healthcare services and fueling market expansion.

Competitive Landscape

Key players in the RFID in healthcare market are 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.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global RFID in the Healthcare Market Snapshot

Chapter 4. Global RFID in the Healthcare Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis

5.1. by Product Type & Market Share, 2019 & 2030

5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2030 for the following by Product Type:

5.2.1. Systems & Software

5.2.2. Tags

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis

6.1. by Application & Market Share, 2019 & 2030

6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2030 for the following by Application:

6.2.1. Asset Tracking

6.2.2. Patient Tracking

6.2.3. Pharmaceutical Tracking

6.2.4. Blood Tracking

6.2.5. Others

Chapter 7. RFID in the Healthcare Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.1.2. North America RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2030

7.1.3. North America RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.2. Europe

7.2.1. Europe RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.2.2. Europe RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2030

7.2.3. Europe RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.3. Asia Pacific

7.3.1. Asia Pacific RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.3.2. Asia Pacific RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2030

7.3.3. Asia Pacific RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.4. Latin America

7.4.1. Latin America RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.4.2. Latin America RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2030

7.4.3. Latin America RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.5. Middle East & Africa

7.5.1. Middle East & Africa RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2019-2030

7.5.2. Middle East & Africa RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2030

7.5.3. Middle East & Africa RFID in the Healthcare Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. Logi-Tag Systems

8.2.2. Cardinal Health, LLC

8.2.3. Terso Solutions

8.2.4. Hurst Green Plastics Ltd

8.2.5. CenTrak

8.2.6. Tagsys

8.2.7. Zebra Technologies Corporation Impinj, Inc.

8.2.8. MetraTec GmbH

8.2.9. Palex Medical SA

8.2.10. Other Prominent Players

Segmentation of RFID in the Healthcare Market-

By Product-

  • Systems & Software
  • Tags

By Application-

  • Asset Tracking
  • Patient Tracking
  • Pharmaceutical Tracking
  • Blood Tracking
  • Others

By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

 

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

 

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