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RFID in Healthcare Market was valued at US $1.9 Billion in 2022 and is expected to grow at US$ 4.53 Billion at a CAGR of 13.2% during the forecast period 2023 to 2029. 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.
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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.
The RFID in Healthcare Market size was valued at USD 1.9 Billion in 2022
The RFID in Healthcare Market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Asia Pacific is the fastest-growing for RFID in Healthcare Market