RFID in healthcare Market Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2024

Global RFID in healthcare market is valued approximately USD 1.3 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 21.54 % over the forecast period 2018-2025. The advent of the NFC capable mobile phones that allows electronic patient tracking and identification across multiple provides is a key trend that is responsible for the wide adoption of the RFID products in healthcare globally. As, it allows patients to be identified by a unique radio frequency identification RFID tag on their person when they visit a clinic. Global RFID in healthcare market is significantly driven by the growing stringency in pharmaceutical sector about medicine labelling. For instance: as per the Australian Commission, the commission has introduced a standard named National Standard for user-applied Labelling of Injectable Medicines in which the contents of the containers and line used for the fluids and injectable medicines and the patients for whom the fluid or medicine are intended. Similarly, in 2016 the Medical Council of India MCI has issued orders to all central and state government hospitals to ensure that doctors generic and labelled drugs. Hence, government efforts to promote the adoption of RFID products is likely to promote the demand as it improves the visibility of the many distribution centers, entire process and warehouses have been in an effort to increase the efficiency of the processes as a part of reported improvement programs. As a result, the demand & adoption of RFID technology would increase in healthcare sector thereby, aiding the growth of the market over the forecast period. However, development of alternative labelling methods is expected to hinder the growth of the market during the forecast period.

Based on segmentation, the RFID in healthcare market is segmented into product, application and end-user. The product segment of global RFID in healthcare market is classified into software, tags, readers and printers. Based on the application segment, global RFID in healthcare market is diversified into tracking and monitors. Further, the end-user segment includes pharmaceutical and biopharmaceutical companies, hospitals, research institutes and others of which 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 of 2018-2025.
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The regional analysis of RFID in healthcare market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America dominates the RFID in healthcare market owing to the well-established medical infrastructure along with the increasing healthcare expenditure. Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing to government efforts to improve healthcare infrastructure and unmet medical needs in emerging economies along with the rising concern to track expensive medical devices, patient safety. As a result, the adoption of RFID in healthcare would increase across Asia-Pacific region over the forecast period.

The leading market players mainly include–

Alien Technology Corporation
Gao RFID, Inc.
Honeywell International Inc.
Impinj Inc.
Mobile Aspects, Inc.
RF Technologies
Radianse
STiD RFID
Solstice Medical, LLC
Stanley Healthcare

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product
Software
Tags
Readers
Printers

By Application:
Tracking
Monitoring

By End-User:
Pharmaceutical and Biopharmaceutical Companies
Hospitals
Research Institutes
Others

By Regions:
North America
U.S.
Canada
Europe
UK
Germany
ROE
Asia Pacific
China
India
Japan
ROAPEC
LAMEA
Brazil
Mexico
ROW
Middle East & Africa

Furthermore, years considered for the study are as follows:

Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025

Target Audience of the Global RFID in healthcare Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers VARs
Third-party knowledge providers
Investment bankers
Investors

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