Healthcare RFID Market: Industry Share, Size, Emerging Technologies, Future Trends, Competitive Analysis and Segments Poised for Strong Growth in Future 2027
Healthcare
RFID Market: Information By Component (Tags, Readers, Middleware, Printers),
Application (Equipment Tracking, Medicine Tracking, Others), End-User
(Pharmaceutical and Biotechnology Companies, Hospitals, Others) — Global
Forecast till 2027
Healthcare RFID Market Highlights
The healthcare radiofrequency identification
(RFID) market was evaluated at USD 1,154 million in 2017 and
can achieve a CAGR of 23.37% during the forecast period (2018-2023), states
Market Research Future (MRFR).
Growth
Boosters and Top Barriers
The fundamental reasons backing
market growth could be the increasing focus on the reduction of operational
costs and streamlining the workflow. Other than this, rising demand for an
organized supply chain management and the need for enhancing the quality and
efficiency of care also favor the market.
High operational costs in the
healthcare industry boost the adoption of RFID technology within healthcare
organizations. Medical device manufacturers, pharmaceutical companies,
hospitals, and various other healthcare organizations extensively use this
technology to curb inventory costs. RFID technology allows organizations to
efficiently manage inventory and also helps prevent stock out and overstock
situations. RFID tags aid the surgical staff to easily track medical devices
used in operation theatres, which enhances patient safety. Growing need to
reduce operating costs fuel the adoption rate of RFID. This technology also
finds use in blood banks, pathology labs and laboratories for better workflow
management and efficient product tracking.
RFID technology gives rise to
sufficient patient monitoring, better communication, patient identification, as
well as patient tracking. This helps in bringing down medication errors and
elevate safety. Thus, the growing need for patient monitoring and mandates to
elevate safety contribute to market growth.
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Market
Segmentation
The global market for
healthcare RFID has been segmented on the basis of components, applications,
and end-user.
Components-based segments in
the market are tags, readers, middleware, printers, and others.
The applications of healthcare
RFID are people identification and tracking, equipment tracking, medicine
tracking, medical report and blood samples tracking, and others.
The end-users covered in the
report include pharmaceutical and biotechnology companies, hospitals, research
institutes, and others. The tags segment expects to cover the maximum share in
the market, based on its wide application in pharmaceutical tracking and asset
tracking. Meanwhile, the growth of the user research institutes segment could
be the highest in the market, on account of the surge in research and
development by significant vendors in the upcoming years.
Regional
Analysis
The primary markets for
healthcare RFID are Europe, Asia Pacific, Middle East & Africa, and the
Americas.
Americas could expect to reign
over other regions in the global healthcare RFID market, due to increasing
strategic alliance by well-established companies and the rising number of
non-profit organizations giving a hand in research & development. On top of
this, highly developed healthcare infrastructure in the region further
stimulates the market growth. The US Department of Health and Human Services
reports that in 2018, at least 1,735,350 cases of cancer were diagnosed in the
country, which could lead to around 609,640 deaths.
Europe can expect to be the
second-most lucrative healthcare RFID market. The regional market profits from
favorable government support in the form of funding as well as the support of
the healthcare sector. Furthermore, increasing research and development in the
region paves the way for further market expansion in the near future.
Expanding at the fastest rate
in the healthcare RFID market, Asia Pacific can expect strong growth backed by
rising investments in healthcare and improving healthcare infrastructure. The
market growth in India and China is believed to be the fastest, based on the
rising focus on adopting new technology by the government, along with the
availability of advanced treatment options. The World Health Organization noted
that in 2010, India’s healthcare expenditure was about 3.27% of GDP, which
increased to 3.89% in 2015.
Middle East & Africa could
be the smallest healthcare RFID market in the coming years, owing to the
substandard healthcare sector, dearth in technical knowledge, and poor medical
facilities.
Key
Companies
The companies currently leading
the worldwide healthcare RFID market include Mobile Aspects, Inc., CAEN RFID
S.r.l., Gao RFID, Inc., Honeywell International Inc., RF Technologies, Invengo
Information Technology Ltd. Co., STiD RFID, Applied Wireless Identifications
Group, Inc., Motorola Solutions, Inc., Radianse, Impinj Inc., Stanley
Healthcare, Alien Technology Corporation, to name a few.
Industry
Update
June 2019
Reports suggest that after the
use of an RFID-backed cabinet system that manages catheter labs as well as
medical supplies, Sheba Medical Center has managed to cut costs. With RFID, the
hospital gets real-time data regarding which medical supplies are in stock and
which are being used for procedures, among other things.
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