Radio Frequency Identification Devices in Healthcare Market worth US$ 29.3 Billion 2020 with a CAGR of 13.10%.

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Published Date: April 2023

The report "Global Radio Frequency Identification Devices in Healthcare Market, , By Product (RFID Tags, RFID Readers, and RFID Printers), By Application (Tracking, and Monitoring), By End User (Pharmaceutical and Biotechnology Companies, and Hospitals),and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030.”

Key Highlights:

In January 2020, hospital prevents contamination and gains efficiency via RFID.
In February 2018, The Terso Solutions and Ingenica Solutions announced their partnership leading to a combination of leading software with leading RFID enabled storage systems. The Terso solutions, automated inventory solution can be integrated with Ingenica’s 360/Atticus. This deal is expected to increase the number of type of products that can be stored and managed in a hospital and other healthcare facilities.

Analyst View:

Growing Policy Focus of government

The stricter government policy in quality assurance in the healthcare sector indirectly assists the RFID market and creates an opportunity for the new entrants in the market. For instance, the government of India released the National Health Policy (NHP) 2017 to serve as a guiding document for the policymakers in the achievement of India's national goals and international commitments. The capital requirements are moderate, making it competitive for the businesses to quit easily.

Security and Privacy Concern

Even with such enormous growth, RFID technology in healthcare market is facing a number of challenges which include security and privacy concerns, large amount of initial installation costs and lack of skilled professionals.

The growing stringency in the pharmaceutical sector with regard to medicine labelling is creating growth opportunity for introduction of RFID.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Radio Frequency Identification Devices in Healthcare Market”, By Product (RFID Tags, RFID Readers, and RFID Printers), By Application (Tracking, and Monitoring), By End User (Pharmaceutical and Biotechnology Companies, and Hospitals), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Key Market Insights from the report:

The global radio frequency identification devices in healthcare market accounted for US$ 29.3 billion in 2020 and is projected to register a moderate CAGR of 13.10% over the forecast period. The market report has been segmented on the product, application, end user, and region.

By product, 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.
By application, pharmaceutical tracking in tracking segment generated the largest revenue of US$ 778.88 million. Rising adoption of the technology to identify the counterfeit drugs is among the key factors contributing to the growth.
By end user, hospital segment holds the largest market share as hospitals are faced with a variety of incidents such as incorrect medicine, missing patients, or dosage being administered and babies being swapped among others. Hence, there has been a robust increase in the adoption of electronic medical records in private practices and hospitals, promoting the growth of the segment over the forecast period.
By region, the market in North America dominates the global market in terms of revenue and is projected to continue its dominance in the coming years. The regional growth is due to the rising demand for smart industries, incorporation of RFID solutions in supply chain management.

Competitive Landscape:

The prominent player operating in the global radio frequency identification devices in healthcare market includes includes Alien Technology Corporation, Gao RFID, Inc., Honeywell International Inc., Impinj Inc., Mobile Aspects, Inc., RF Technologies, Radianse, STiD RFID, Solstice Medical, LLC, and Stanley Healthcare.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period.