Overview and Scope
The healthcare RFID is a form of wireless communication to transfer data from an electronic tag attached to an object to a reader. RFID helps reduce drug counterfeiting, streamline the clinical trial process, facilitate better identification accuracy, simplify inventory management, consolidate patient tracking, improve caregiver-patient communication, and eliminate the risk of giving the wrong medication.
Sizing and Forecast
The healthcare rfid market size has grown rapidly in recent years. It will grow from $2.95 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to reduction of medication errors, enhanced patient experience, streamlined supply chain processes, inventory management optimization, enhanced workflow automation.
The healthcare rfid market size is expected to see rapid growth in the next few years. It will grow to $6.76 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to integration with electronic health records, expansion of rfid in laboratory settings, telehealth and remote patient monitoring, customization of rfid solutions.. Major trends in the forecast period include integration with emerging technologies, expansion of rfid in patient tracking, wearable rfid technology, real-time location systems , cloud-based rfid solutions.
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Segmentation & Regional Insights
The healthcare rfid market covered in this report is segmented –
1) By Product: Tags and Labels, RFID Systems
2) By End-User: Hospitals, Pharmaceuticals, Research Institutions and Laboratories, Other End Users
3) By Application: Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, Other Applications
North America was the largest region in the healthcare RFID market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare rfid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing stringent regulations in the pharmaceutical sector are significantly driving the growth of the healthcare RFID market. Governments and other regulatory bodies across various countries have started implementing stringent measures in the pharmaceutical sector to minimize counterfeiting problems and other medical-related issues. For example, In June 2023, the government of Germany announced the Health Data Use Act (GDNG) and a draft Digital Act (DigiG). The Health Data Use Act plans to grant industry companies access to the right to patient health data for research purposes. This will help healthcare RFID market by allowing companies to use RFID tags to track patient health data and secure the data from hackers. The data collected from RFID tags can be used for research purposes.
Key Industry Players
Major companies operating in the healthcare rfid market report are Impinj Inc., Alien Technology Corporation, GAO RFID Inc., Honeywell International Inc., STANLEY Healthcare Pvt. Ltd., Mobile Aspects India Private Limited, RF Technologies Inc., STiD SAS, Terso Solutions Inc., Radianse Inc., CCL Industries Inc., CenTrak Inc., Cardinal Health Inc., LogiTag Systems Ltd., Biolog-id SAS, metraTec GmbH, TAGSYS RFID, Zebra Technologies Corporation, Smartrac N. V., S3Edge Inc., Champion Healthcare Technologies, SpaceCode Pty. Ltd., Pepperl-Fuchs Pvt. Ltd., Hurst Green Ltd., PALEX MEDICAL S. A., Applied Wireless Identifications Group Inc., CAEN RFID S. r. l., Invengo Information Technology Ltd. Co., Motorola Solutions Inc., Solisitice Medicine Company, Avery Dennison Corporation, Bartronics India Ltd., Intermec Inc.
The healthcare rfid market report table of contents includes:
1. Executive Summary
2. Healthcare RFID Market Characteristics
3. Healthcare RFID Market Trends And Strategies
4. Healthcare RFID Market – Macro Economic Scenario
5. Global Healthcare RFID Market Size and Growth
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26. South America Healthcare RFID Market
27. Brazil Healthcare RFID Market
28. Middle East Healthcare RFID Market
29. Africa Healthcare RFID Market
30. Healthcare RFID Market Competitive Landscape And Company Profiles
Top Major Players:
- Impinj Inc.
- Alien Technology Corporation
- GAO RFID Inc
- Honeywell International Inc
- STANLEY Healthcare Pvt. Ltd
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