Healthcare RFID Market is anticipated to grow at a CAGR of 22.0% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Healthcare RFID Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global healthcare RFID market is estimated to be over US$ 3.5 billion in 2019. It is anticipated to grow at a CAGR of 22.0% from 2019 to 2030.
The significant growth of the market can be attributed to factors such as growing adoption of automated process in hospitals and pharmacies. High efficacy of the RFID systems for inventory management in hospitals and to improved patient safety are anticipated to boost the growth of the healthcare RFID market over the forecast period. Extensive research and development by major companies or universities across the globe to introduce healthcare RFID technology with maximum safety and precision is expected to contribute to the market expansion. In 2019, The Kingdom of Saudi Arabia, adopted RFID technology vaccination cards for Saudi children to improve vaccination process and avoid the delays and mistakes committed during vaccination.
In healthcare industry RFID technology can be used in supply chain application, quality assurance application and for patient safety. These RFID technology can be deployed in hospitals and clinics to improve patient flow, reduce medial errors, improve asset utilization rates, mange inventories & implants, and among others. Many hospitals, Pharmacies and clinic adopted RFID technology to improve patient safety. Hospitals use RFID technology for patient tracking provide wrist bands to the patients with their complete information. These bands hold information about their medical history, treatment regimen, and details of the ailment. RFID readers and software enables surgeons to understand background of patients and provide a suitable treatment. This in turn aids to substantial growth of the healthcare RFID market.
RFID technology is also used in blood banks, laboratories, and pharmaceutical companies for better workflow management. These system enable organizations manage stock, prevent stock out, overstock situations and also enable real-time data management to prevent inventory loss & theft. Moreover, increasing demand for these systems among medical device manufacturers, pharmaceutical companies, biopharmaceutical companies, hospitals, and other life sciences companies to control inventory costs, is expected to propel the growth of healthcare RFID market.
Browse key industry insights spread across 190 pages with market data tables & figures & charts from the report, Healthcare RFID Market by Product (Tags, Readers, Printers, Software and Others), Application (Tracking and Monitoring), End Users (Pharmaceutical and Biotechnology Companies, Hospitals and Research Institutes) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/healthcare-RFID-market/199
However, high investment cost for installing RFID system and requirements of maintenance as batteries would have to be changed occasionally. Also RFID system require the installation of tags, readers and antennas throughout the hospital to work in real-time. Which creates hurdles for hospitals, research institute during installation of complete new system. Moreover, lack of awareness about RFID system and technical limitation may hamper the growth of the healthcare RFID market.
North America is estimated to account for the highest CAGR in healthcare RFID market over forecast period. Increasing awareness regarding the advantages of incorporating RFID coupled with growing concerns regarding the risk of medication errors which create lucrative opportunity for growth of the market in this region. For instance, in the U.S., rising number of hospitals, increasing regulations for patient safety, and mandates for tracking medical devices and high adoption of advanced technologies in healthcare services. The U.S. represents one of the largest markets for healthcare RFID in North America region.
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.
Market Industry Reports is a global leader in market measurement and advisory services. It is a 100% subsidiary of ExlTech. The firm has always been at the forefront of innovations to address worldwide industry trends and opportunities. We offer our clients a unique depth of market intelligence in an actionable format to move their business forward. Our analysis incorporates consumer study in more than 100 countries, providing a tactical approach to drive sustained business growth. We continue to pioneer state-of-the-art approach in research & analysis that will help you to overcome complexities and stay ahead of the curve. By nurturing the perception of genius and optimized market intelligence, we unfold contingencies for our clients in the evolving world of technology, mega-trends, and industry convergence. We inspire our clients to empower and shape their businesses and to build world-class products.