RFID in Healthcare Market to Cross US$ 16,756.6 Million with a CAGR of 19.6% by 2030

June 7th, 2023 Coherent Market Insights Releases

RFID, or radio-frequency identification, is a non-contact method that uses radio waves to transmit information from a tag affixed to an object, allowing for automatic identification and tracking among other uses. In contrast to bar codes, RFID allows for distant identification.

Statistics

By the end of 2027, the value of the worldwide market for RFID in healthcare is projected to reach US$ 16,756.6 Mn.

Global RFID in Healthcare Market: Drivers

The worldwide market for RFID in healthcare is likely to grow slowly in the predicted period due to worries about medicine counterfeiting. Fake drugs and biologics are becoming more of a threat to patient safety. To combat this problem of fake pharmaceuticals, we require specialized equipment. The potential for fake, unsafe, adulterated, tampered with, or diverted pharmaceuticals is reduced using RFID technology.

In addition, RFID's ability to boost operational efficiency in the healthcare sector is anticipated to contribute to the expansion of the worldwide RFID in healthcare market. Manufacturers and retailers alike will benefit from enhanced supply chain visibility when it comes to stock counts. Although healthcare providers routinely hold buffer stocks to avoid stocks out situations, a lack of exposure into client requests and available stock would lead to greater inventory and locks finances unnecessarily. Due to RFID's enhanced inventory visibility, buffer inventories can be reduced by replacing ignorance with information.

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Statistics

In 2019, North America accounted for 49.5% of the worldwide for RFID in healthcare market's value, making it the region's dominating player. Europe and Asia-Pacific followed.

Global RFID in Healthcare Market: Restraints

It is anticipated that the high price of the system will slow the expansion of the global RFID in healthcare market. Depending on its functionality, the price of an RFID tag can range from a few cents to fifty dollars or more. The cost of an RFID tag reader can vary from US$ 1,000 to US$ 3,000.

Lack of technological standardization is also anticipated to restrain market expansion.

Statistics

With a CAGR of 19.6% between 2020 and 2027, the worldwide market RFID in healthcare is expected to grow from a 2019 valuation of US$ 4,004.0 Mn to a 2027 valuation of US$ 16,756.6 Mn.

Market Trends/Key Takeaways

The worldwide market for RFID in healthcare is anticipated to increase as a result of pharmacy medication shortages. For example, sixty percent of pharmacists in a 2020 poll conducted by Kit Check reported having to deal with twenty or more simultaneous medicine shortages. Seventy-two percent or more said it took till 15 hours of staff time to settle each drug discrepancy.

The worldwide market for RFID in healthcare is projected to expand thanks to the introduction of RFID scanners integrated into medical devices. For instance, the HS-1RS Secure Access Handheld Barcode Scanner, powered by software from Imprivata and HID, was released in August 2020 by JADAK, a business subsidiary of Novanta Corporation. The HS-1RS is capable of reading both 1D and 2D barcodes, as well as prox cards, contactless smart cards, and LF/HF RFID smartcards.

For studies that meet all of the following criteria, FDA plans to use enforcement discretion as outlined below.

Global RFID in Healthcare Market: Competitive Landscape

Some of the most important companies in the worldwide RFID in healthcare market are: Microchip Technology, Accenture plc, Hitachi, IBM, 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare.

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Global RFID in Healthcare Market: Key Developments

To increase their foothold in the RFID in healthcare industry, several of the industry's biggest names are forging strategic alliances with smaller firms. For example, Premier Inc. has extended its sole source collaboration with Kit Check for the latter's Bluesight for Controlled Substances (BCS) solution and Kit Check's own kit and tray processing system, both of which were announced by the former in September of 2020.

Table of Contents with Major Points:

Executive Summary

Market Overview

Key Insights

Qualitative Insights Impact of COVID-19 on Global RFID in Healthcare Market

Conclusion

Appendix

TOC Continued…!

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