According to a new report by Emergent Research, the global RFID in Healthcare Market is expected to reach USD 12.89 billion by 2027. Growing emphasis on reducing operating costs and streamlining the process, demand for effective supply chain management, and improving care quality and performance are some of the market’s growth drivers. The high operating costs associated with the healthcare sector are expected to accelerate RFID adoption in healthcare organizations. Pharmaceutical companies, medical instrument suppliers, hospitals, and a variety of other healthcare organizations use this technology to track inventory costs.
Patient tracking, call-up records, waste management, asset/document/record tracking, medicine disposals, and real-time location systems are all examples of RFID applications in the healthcare and pharmaceutical industries. RFID chips and readers installed in hospitals monitor temperature, blood products, drugs, and even other clinical trials regularly. RFID technology is also being used more frequently in the pharmaceutical industry to prevent counterfeiting various prescription drugs, with added supply chain and operational benefits. Manufacturers can now accurately analyze consumption and inventory data thanks to ongoing technological advancements in data analytics and RFID technology.
The growing need to prevent expired, spoiled, and counterfeit products from entering the market, as well as the cumulative need to aid adherence to the FDA’s Drug Supply Chain Security Act, the MHRA, and other regulatory establishments. This market is expanding due to the increasing use of RFID in manufacturing units to improve efficiency, the expanded use of access and security control applications, and the expansion of government initiatives. Massive RFID technology implementation in the retail sector, as well as growth in the RFID ecosystem through organic growth strategies such as acquisitions and mergers, and collaborations, are all aiding in market progression.
Some of the Report’s Key Findings
- Increased use of tags for monitoring various properties, patients, staff, drug products, and supported blood is expected to drive the market during the forecast period. In 2019, the segment had a market share of 62.2 percent.
- The pharmaceutical monitoring application segment is the leader in RFID technology adoption due to the growing need to identify counterfeit drug products and the demand for inventory management. During the forecast period, the segment is expected to grow at a CAGR of 15.1%.
- North America has dominated the global market due to the increasing number of hospitals and the presence of patient safety laws. Because the United States is the region’s largest market, this technology is becoming more popular in healthcare. The regional expansion is being driven by high awareness of the benefits of incorporating RFID, as well as growing concern about the risk of medication errors.
- 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 are among the key participants.
For this report, Emergen Research has segmented the global RFID in Healthcare Market based on product, application, and region:
Product Outlook (Revenue: USD Billion; 2017-2027)
- Systems & Software
Application Outlook (Revenue: USD Billion; 2017-2027)
- Asset Tracking
- Patient Tracking
- Pharmaceutical Tracking
- Blood Tracking
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- the UK
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA