Global RFID in Healthcare Market:
The global RFID in healthcare market is expected to be valued at US$ 10,456.5 million in market and growing at a CAGR of 15.4 % over the forecast period by 2026. 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 an immense growth in global RFID in Healthcare Market.
Rising Need for Patient Monitoring:
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 dominates the market share in the 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.
Key player’s profiles in the global RFID in healthcare market include:
- Zebra Technologies Corporation
- Terso Solutions
- Carinal Health
- Mobile Aspects
- Tagsys RFID
- metraTec GmbH
- Market players have witnessed the strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company.
- In May 2020, Blockchain company SUKU partnered with Smartrac, an Avery Dennison company, to digitally verify and authenticate COVID-19 test kits and PPE using a near field communication (NFC) RFID tag. The data feeds into Avery Dennison’s Digital Identity Platform, which integrates with SUKU’s blockchain-based supply chain application.
- In July 2020, apiJect Systems America, a packaging manufacturer contracting with the government, is offering space for an NFC RFID chip on individual prefilled syringes. The chip links to a health worker’s phone, and administrators can remotely track each injection in real time.
Global RFID in Healthcare Market Report Description:
Global RFID in healthcare market report gives comprehensive outlook on RFID in healthcare market 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 on global RFID in healthcare market gives historical, current, and future market sizes on the basis of product type, application, end user and region. This report studies global RFID in healthcare market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global RFID in healthcare market 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
Key Findings of the Report:
- Global RFID in healthcare market expanding at significant CAGR over 2020 to 2026 owing due to raising need for patient monitoring
- Based on region, North America accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of new products and collaboration strategies to retain market position in global market.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Product Type
- System & Software
- Asset Tracking
- Patient Tracking
- Pharmaceutical Tracking
- Blood Tracking
- Equipment Tracking
- Supply Chain
- Biotechnology Companies and Pharmaceutical Companies
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA