(MENAFN- GlobeNewsWire - Nasdaq) 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-
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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