RFID in Healthcare Market by Product Type (Systems & Software, Tags and Others), By Application (Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, Equipment Tracking, Supply Chain and Others), End User (Hospitals, Biotechnology Companies and Pharmaceutical Companies, Others) and Geography (North America, Latin America, Europe, Asia Pacific and Middle East and Africa)
RFID in Healthcare Market was valued at US $1.9 Billion in 2020 and is expected to grow at US$ 4.53 Billion at a CAGR of 13.2% by 2027 over the forecast period. The growth factors include focusing on reducing operational costs and workflow, demand for efficient supply chain management, and need to improve the quality and efficiency of care these factors contribute as the key drivers. Legal policies and ethical issues which is consider as a key challenge which act as restrain towards the global RFID in healthcare market. Pharmaceutical companies, medical device manufacturers, hospitals, and various other healthcare organizations integrate this technology to control inventory costs hence contributing the vast opportunity so that we can see immense growth in Market.
The market report gives comprehensive outlook across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes on the basis of product type, application, end user and region. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global RFID in healthcare market
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Base Year
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Largest Market
Fastest Growing Market
It is noticed that the global RFID in healthcare market is influenced mainly by the number of cancer patients which is the key factor causing the RFID in healthcare market to grow. Accordingly, RFID technology enables a wide range of opportunity to the healthcare which include better communication, adequate patient monitoring, patient identification, and patient tracking. This method aids in helping to decrease the medication related errors and increases safety. The rising need for patient monitoring and mandates for increasing safety are also contributing to the growth of global RFID in healthcare market. Patient tracking across different hospital sections using this technology helps in communication of doctors to patients who are isolated hence there is a significant growth in global RFID in healthcare market.
North America contributed major revenue followed by Europe and Asia Pacific. In 2019, North America region accounted huge growth rate and is anticipated to grow with a forecast year. For instance, North America leads the market in terms of increasing number of hospitals, high demand to identify counterfeit drug and high inventory management with collaborations. Europe sustain in the market with the help of technology advancement with rising concern to track expensive medical devices, patient safety, and up-gradation of hospitals is likely to drive the market fastest in this region. Asia Pacific is growing faster because of the large pharmaceutical industry and high growth is attributed by the improving healthcare infrastructure in India, China, and Japan which boost the global RFID in healthcare market.
Latin America
Europe
Asia Pacific
Middle East
North America
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.