RFID in Healthcare Market Expanding Robustly and Expected to Grow at a 15.75 % CAGR to 2031

Companies covered in this study are 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

Jersey City, NJ, June 06, 2023 (GLOBE NEWSWIRE) -- The RFID in Healthcare Market Size is valued at 5.51 Billion in 2022 and is predicted to reach 20.28 Billion by the year 2031 at a 15.75 % CAGR during the forecast period for 2023-2031.

Radio-frequency identification (RFID) technology employs radio waves to transmit data using RFID tags typically attached to objects to track and identify people. They are primarily employed in applications like patient tracking, asset tracking, and blood tracking. In both developed and developing economies, RFID technology is increasingly used to track assets and patients in the healthcare sector. As fake medications become more common, RFID technology will become more popular for drug detection and screening. The use of this technology might lessen waste and avoidance of unnecessary expenses.

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Additionally, research and development efforts are anticipated to be prominent in creating novel technologies to support the use of RFID. One of the primary factors driving radio-frequency identification technology (RFID) in the healthcare market is the increased use of automated procedures in hospitals and pharmacies, along with increased demand for RFID in pharmacies, hospitals, and biotech firms.

Other important considerations include rising automatic process adoption in hospitals and pharmacies and rising public desire for more affordable and quality pharmaceuticals. Additionally, radio-frequency identification technology (RFID) would have new opportunities throughout the predicted period due to increasing demand from developing countries and greater R&D in the healthcare sector.

Recent Developments:

In August 2021, cost-effective RFID labels into the healthcare market by SATO and Xerafy. Through its selection of RFID-enabled printers, it might offer asset management transparency and real-time traceability.

In February 2021, Impinj announced the shipment of approximately 50 billion tag chips and 3 million reader ICs and readers. RAIN RFID, according to the business, will assist raise inventory, labor efficiency, and omnichannel functioning.

List of Prominent 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.

metraTec GmbH

Mobile Aspects Inc.

STANLEY Healthcare

TOSHIBA TEC CORPORATION

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RFID in Healthcare Market Report Scope:

Report Attribute

Specifications

Market Size Value In 2022

USD 5.51 Billion

Revenue Forecast In 2031

USD 20.28 Billion

Growth Rate CAGR

CAGR of 15.75 % from 2023 to 2031

Quantitative Units

Representation of revenue in US$ Billion and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

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

Market Dynamics:

Drivers:

The market will increase faster than average throughout the forecast period because of the spike in demand for RFID systems from hospitals, pharmaceutical and biopharmaceutical firms, medical device makers, and other life sciences firms looking to reduce inventory costs. Organizations can manage their stock and avoid instances when inventory and stockouts are oversupplied. They also make real-time data management possible to stop theft and loss of inventory. Better inventory management is made possible by systems with RFID functionality, which increases operational effectiveness.

Challenges:

The higher installation costs of RFID systems in healthcare and system interoperability are two factors that would likely restrain the growth of the healthcare RFID industry. Any industry adopting RFID must invest significantly in readers, tags, software, electricity, and operating replacement services. The cost of an RFID solution is increased by extra features like IoT connection, system accuracy testing, and training fees.

Regional Trends:

The North American RFID in the healthcare market is expected to register a significant market share in revenue and is projected to grow at a high CAGR shortly due to the region's increased use of automated processes in hospitals and pharmacies, as well as the existence of advanced healthcare infrastructure. Using active RFID tags and the availability of reliable healthcare infrastructure will bode well for regional expansion. RFID technology will gain momentum in the US as it improves hospital care services.

Besides, Asia Pacific had a substantial share of the RFID in the healthcare market due to improvements in healthcare infrastructure, rising investments in the industry, and regional market trends. Due to the increased government emphasis on implementing breakthrough technologies and the best treatment options from developed countries, countries like China and India are also advancing the fastest.

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Segmentation of RFID in the Healthcare Market:

By Product-

Hardware

Tags

RFID Readers and Scanners

RFID Antennas & accessories

RFID Printers

RFID Freezer (these are used in hospitals, MD comp and pharma)

RFID Refrigerator

RFID Cabinet

Others

Software

By Application-

Asset tracking

Medical equipment

Surgical instruments

Other medical supplies

Inventory management (will include Pharmaceutical / Medicine tracking for hospitals and overall inventory management for other end-user)

Patient monitoring & staff tracking

Blood & specimen tracking

Others

Hospital visitors tracking

Prediction of patient flow and hospital admission rates

Access Control

Wait Time Monitoring

By Region-

North America-

The US

Canada

Mexico

Europe-

Germany

The UK

France

Italy

Spain

Rest of Europe

Asia-Pacific-

China

Japan

India

South Korea

South East Asia

Rest of Asia Pacific

Latin America-

Brazil

Argentina

Rest of Latin America

Middle East & Africa-

GCC Countries

South Africa

Rest of Middle East and Africa

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