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.
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.
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.