Healthcare RFID Market Overview and Introduction

Healthcare Radio-frequency identification (RFID) is a wireless technology that enables transfers data from an electronic tag attached to an object through a reader using radio waves. This technology enables to simplify clinical trial process, improves the accuracy of patient identification, and simplifies the clinical trial process tracking. RFID also plays an important role during surgical procedures as it helps surgeons and operation theatre staff to track all required devices in a matter of seconds. Also RFID technology can be used in supply chain applications, patient safety, and to improve patient flow, asset utilization rates and among others.

The global healthcare RFID market is driven by rising the adoption of automated process in hospitals and pharmacies. Moreover, improvement of inventory management in hospitals, pharmacies, and biotechnology companies and to improve patient safety healthcare providers use  low-cost and high efficacy RFID systems, have been pivotal in contributing to the extensive growth of the global healthcare RFID market. However, lack of awareness about RFID, high cost of the system, and installed based barcode systems and standardization are likely to restrain the market to a certain extent.

The global healthcare RFID market has primarily been segmented into the following categories, viz. By Product, By Application and By End User

Healthcare RFID Market By Product

The segment of RFID product can be majorly classified into RFID tags, readers, printers, software and among others. The RFID tags segment is estimated to account for the largest share in the global healthcare RFID market. Rising awareness regarding the benefits of these devices is expected to drive the growth. Moreover, tags are used at any location to track and trace different types of assets and enables the easy access to inventory also for faster processing and real-time asset monitoring.

Healthcare RFID Market By Application

On the basis of application, market is segmented into tracking and monitoring. In terms of market share, the segment of tracking is estimated to account for the largest market share. There are different types of tracking such as asset tracking, pharmaceutical tracking, patient identification or tacking, blood monitoring and among others. The pharmaceutical tracking segment generated the largest revenue, owing to increasing adoption of the technology to identify the counterfeit drugs patients’ identification, and supply chain partners. However, the patient tracking segment is anticipated to witness the highest growth over the forecast period. Tracking the movement of each patient across different sections of hospital using this technology helps to reduce the turnaround and waiting time and hence the segment is estimated to grow at a robust CAGR during the forecast period.

Healthcare RFID Market By End Users

Based on the end users, the market is segmented into hospitals, pharmaceutical and biotechnology companies, and research institutes. The research institutes segment is estimated the highest share owing to rising R&D by major players during the forecast period.

Healthcare RFID Market by Region

The global healthcare RFID market can be segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). North America dominated the market of healthcare RFID market, followed by Asia Pacific and Europe. North America will continue to dominate the global healthcare RFID market in the forecast period owing to factors such increasing number of collaboration in the medical device industry, research by non-profits organizations and presence of sophisticated healthcare infrastructure contribute to the dominance of North American healthcare RFID market. However, Asia Pacific is expected to witness the highest CAGR, with the growth of the market centered at China, Japan and India. Factors such as rising concern to track expensive medical devices, patient safety, and up-gradation of hospitals and improving advanced hospital infrastructure are likely to drive the growth of the market.

Healthcare RFID Market Prominent Players

The prominent players in the global healthcare RFID market are Alien Technology, LLC., GAO Group, Honeywell International Inc., Impinj, Inc., Mobile Aspects, Inc., STiD RFID, Radianse, RF Technologies, Inc., STANLEY Healthcare, Solstice Medical, LLC and Aamong others.