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The RFID in Healthcare Market Size is valued at USD 6.29 Billion in 2023 and is predicted to reach USD 20.28 Billion by the year 2031 at a 15.93 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the report:
- The advent of this market has ushered in maintaining transparency in healthcare delivery, offering opportunities to optimize processes and improve patient outcomes.
- The increasing healthcare costs and demand for efficiency are expected to boost the market.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant factors restraining industry growth is the reliability and accuracy challenges.
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.
Recent Developments:
- In February 22, 2024, MAYASAN Food Industries AS, the process of making REN-NA® entails repeatedly extracting and purifying the bobby calf’s' stomach membranes. The two active enzymes in REN-NA® are chymosin and bovine pepsin. REN-NA® does not contain pork pepsin, microbial coagulant, or DNA recombinant chymosin. This is why REN-NA® is the best rennet to use when creating traditional cheeses.
- In May 2023, At RFID Journal 2023, Xerafy unveiled its most recent technological platform for Connected Assets. The occasion took place in Orlando, Florida, in May 2023. The most accurate description of Connected Assets was "smart products" tailored to particular industries.
Competitive Landscape
Some major key players in the RFID in Healthcare Market:
- Avery Dennison Corporation
- Logi-Tag Systems
- Cardinal Health, LLC
- Dolphin RFID Pvt. Ltd.
- GAO RFID, Inc.
- Grifols, S.A
- International Business Machines (IBM) Corp.
- Terso Solutions
- Hurst Green Plastics Ltd
- CenTrak
- Tagsys
- Zebra Technologies Corporation Impinj, Inc.
- MetraTec GmbH
- Palex Medical SA
- Impinj, Inc.
- PervasID
- PRISYM ID Ltd.
- Litum Technologies
- Xerafy
- LogiTag Ltd.
- metraTecx GmbH
- Mobiles Aspects Inc.
- Toshiba Tec Corporation
RFID in Healthcare Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 6.29 Billion |
|
Revenue Forecast In 2031 |
USD 20.28 Billion |
|
Growth Rate CAGR |
CAGR of 15.93 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Product, Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
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 |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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