RFID in Healthcare Market Report Latest Trends and Future Opportunities Analysis

The RFID in Healthcare Market Size is valued at USD 6.29 Billion in 2023 and is predicted to reach USD 20.28 Billion by the year 2031 at a 15.93 % CAGR during the forecast period for 2024-2031.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global RFID in Healthcare market are:

Inventory Management in Pharmacies
Rising Healthcare Costs and Demand for Efficiency
Adoption of Automated Processes

The following are the primary obstacles to the RFID in Healthcare market’s expansion:

Cost Implementation and Interoperability
Reliability and Accuracy Challenges
Complexity of RFID Systems

Future expansion opportunities for the global RFID in Healthcare market include:

Patient safety Enhancement
Integration with Emerging Technologies
Global Market Expansion

Market Analysis:

The rise in adoption of advanced technologies to enhance operational efficiency, patient safety, and asset tracking within healthcare facilities and other factors such as the need for real-time location services, inventory management, and patient monitoring are propelling the demand for RFID solutions in healthcare. Furthermore, regulatory standards focusing on inventory accuracy and patient safety are driving healthcare providers to invest in RFID technology including enhanced interoperability and integration capabilities.

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.
metraTecx GmbH
Mobiles Aspects Inc.
Toshiba Tec Corporation
Stanley Healthcare

Recent Developments:

In September 2021, Fresenius Kabi AG, a renowned global healthcare company specializing in critical medicines and technologies for infusion, transfusion, and clinical nutrition, joined forces with Health Care Logistics, Inc. (HCL), a company specializing in medical instrument manufacturing, packaging, and distribution. This collaboration aimed to enhance drug replenishment efficiency in hospitals and elevate patient safety throughout the medication-use process. The partnership facilitated the integration of Fresenius Kabi’s +RFID smart-labeled medications with HCL’s Stat Stock inventory control solution, benefitting customers with streamlined operations and improved safety protocols.
In September 2020, International Medical Industries, Inc., a notable medical device company, announced its membership in DoseID, the premier member-driven industry consortium dedicated to advancing the utilization of radio-frequency identification (RFID) technology within the healthcare domain. Comprising industry pioneers committed to enhancing RFID-tagged product interoperability, quality, and performance across the pharmaceutical supply chain, DoseID serves as a collaborative platform to drive innovation and elevate standards within the healthcare sector.

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RFID in Healthcare Market Dynamics:

Market Drivers: Inventory Management in Pharmacies

Healthcare facilities face significant challenges in managing inventory due to the diverse range of medical supplies, medications, and equipment required for patient care. RFID technology provides a comprehensive solution by offering expiration dates, real-time visibility into inventory levels, and usage patterns, enabling efficient inventory management and reducing the risk of stockouts or excess inventory. Moreover, best practices, healthcare organizations, and implementing integrated inventory management solutions can overcome these challenges and optimize their inventory management processes to ensure timely access to critical supplies and improve patient care outcomes.

Challenges: Cost Implementation and Interoperability

These challenges with cost implementation and interoperability can hinder the widespread adoption and effective implementation of RFID technology in healthcare. Addressing these challenges requires collaborative efforts from RFID solution providers, healthcare organizations, regulatory bodies, and standards organizations to develop cost-effective solutions and interoperability standards that meet the different needs of the healthcare industry. Additionally, innovative approaches such as cloud-based RFID platforms and open-source interoperability standards can help mitigate these challenges and accelerate the adoption of RFID technology in healthcare.

North America Is Expected To Grow With the Highest CAGR during the Forecast Period

The North American RFID in the healthcare market is likely to record a significant revenue share and develop at a rapid CAGR shortly. This is due to more stringent patient safety laws, increased hospitals, and the need for medical device tracking. Other factors include a well-developed healthcare infrastructure and the increasing adoption of cutting-edge technologies in healthcare. Because the U.S. holds a significant uptake of this technology in healthcare. The region is growing owing to growing worries about the possibility of drug errors and increased knowledge of the benefits of integrating RFID.

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Segmentation of RFID in 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-

The US
Canada
Mexico

Europe-

Germany
The UK
France
Italy
Spain
Rest of Europe

Asia-Pacific-

China
Japan
India
South Korea
Southeast 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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