The global RFID in Healthcare market size is expected to be worth around US$ 11. 60billion by 2028, according to a new report by Vision Research Reports.
The global RFID in Healthcare market size was valued at US$ 3.58 billion in 2020 and is anticipated to grow at a CAGR of 23.4% during forecast period 2021 to 2028.
High operational costs associated with the healthcare industry is expected to boost the adoption of RFID technology in healthcare organizations. Pharmaceutical companies, medical device manufacturers, hospitals, and various other healthcare organizations integrate this technology to control inventory costs. RFID technology enables these organizations in efficient inventory management and help avoid stock out and overstock situations. RFID tags enable the surgical staff in easy tracking of medical devices used in operation theatres, thereby improving patient safety. Growing requirement for reduction in operating costs is expected to drive the increase in adoption of RFID. This technology is also used in laboratories, blood banks, and pathology labs for efficient product tracking and better workflow management.
The use of RFID technology enables better communication, adequate patient monitoring, patient identification, and patient tracking. This method aids in decreasing medication errors and increases safety. The rising need for patient monitoring and mandates for increasing safety are also contributing to the growth. Patient tracking across different hospital sections using this technology helps reduce waiting times and is thus gaining significance in hospitals.
Pharmaceutical tracking segment generated the largest revenue of USD 778.88 million in 2020 sing adoption of the technology to identify the counterfeit drugs is among the key factors contributing to the growth. Pharmaceutical tracking systems are considered beneficial to organizations, patients, and supply chain partners.
In the recent years, there has been an increase in the proliferation and distribution of counterfeit drugs that pose an increased risk for health hazards. The RFID technology assists in screening and detection of such drugs and help in refraining from the distribution in the market. Furthermore, this technology in pharmaceutical companies helps in inventory management and minimizing the labelling errors. These advantages help reduce the wastes and thereby decreases the unwanted costs incurred.
However, the patient tracking segment is anticipated to witness the highest growth over the forecast period. Patient tracking in large and medium hospitals is a critical process for scheduling operating room and diagnostic room appointments. Tracking the movement of each patient across different sections of hospital using this technology helps reduce the turnaround and waiting time and hence the segment is expected to register the fastest CAGR owing to the associated advantages. Increasing investments by medium and large hospitals is expected to boost the growth. For instance, in 2015, Wayne HealthCare, a hundred-bed hospital in Ohio, U.S., purchased an RFID patient tracking system for better management of patient information.
The tags segment held the largest market share and is expected to register the fastest CAGR of 22.6% over the forecast period. Rising awareness regarding the benefits of these devices is expected to drive the growth. These systems can be used at any location to track and trace different types of assets, thereby enabling easy access to inventory, faster processing, and real-time asset monitoring.
North America held the largest market share of about 45% in 2018, attributed to the key factors, such as rising number of hospitals, increase in regulations for patient safety, and mandates for tracking medical devices. Presence of developed healthcare infrastructure and high adoption of advanced technologies in healthcare are some other factors contributing to the regional growth. U.S. is the largest market in this region, contributed to high adoption of this technology in healthcare services. High awareness regarding the advantages of incorporating RFID coupled with growing concerns regarding the risk of medication errors contribute to the regional growth.
Asia Pacific is anticipated to witness the fastest CAGR of 24.9% during the forecast period. The region has a large number of pharmaceutical and life science companies with an increasing demand for efficient supply chain management. Rising healthcare expenditure, presence of large pharmaceutical industry, and improving healthcare infrastructure are some of the key factors that can be attributed for to the regional demand. The region has large patient pool with chronic and infectious diseases. Increasing disease burden is expected to boost the demand for efficient healthcare services, thereby contributing to the market growth.
LogiTag, CenTrak, SpaceCode, Impinj, Zebra Technologies Corporation, Biolog-id, Terso Solutions, Carinal Health, Mobile Aspects, Tagsys RFID, Pepperl+Fuchs, and metraTec GmbH
Systems & Software
Middle East & Africa
The RFID in Healthcare market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of RFID in Healthcare market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global RFID in Healthcare market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the RFID in Healthcare market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted RFID in Healthcare market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the RFID in Healthcare capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of RFID in Healthcare by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global RFID in Healthcare market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major RFID in Healthcare market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of RFID in Healthcare market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the RFID in Healthcare industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The RFID in Healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to RFID in Healthcare market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of RFID in Healthcare market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new RFID in Healthcare market. These factors have benefited the growth of the global market for RFID in Healthcare. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for RFID in Healthcare. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of RFID in Healthcare are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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