RFID in Healthcare Market Size, Share Global Analysis Report, 2021 - 2026

Industry Insights

[213+ pages Report] Facts & Factors recently published a report titled “Global RFID in Healthcare Market” that encompasses the spectacle of the market in an analytical and comprehensive manner. In this report, the global RFID in healthcare market is projected to value USD 3.5 Billion in the year 2026 from an initial value of USD 1.8 Billion in the year 2020 at a CAGR value of 12.7%.

Market Overview

RFID stands for radio frequency identification and this technology functions on a tag-based system. A special tag is attached to an item and radio waves of similar frequency can track that tag. This entire system contains three parts ­ reader, antenna, and transponder. Combined together with the healthcare sector, these systems are integrated into patient tracking and history records, equipment tracking, medicine and pharmaceutical tracking, and others to name a few.

Industry Growth Factors

The primary driving factors for the global RFID in healthcare contribute to improving demands for inventory management requests in pharmacies, hospitals, and biotechnology companies coupled with rising patient safety by healthcare providers to name a few. Additionally, increased integration of low-cost and high efficacy of RFID systems coupled with increased adoption of automation processes will increase the footprint of the global RFID in healthcare market during the advent of the forecast period. Moreover, an increasing number of R&D-related activities coupled with the ability of the latter for processing real-time tracking and analytics will fuel the growth of the global RFID in healthcare market during the advent of the forecast period.

The global RFID in healthcare market is driven by rising demands from blood banks, laboratories, and pharmaceutical companies coupled with rising sophistication of computers and software to name a few. Rising technological advancements coupled with increasing patient care demands will fuel the growth of the global RFID in healthcare market during the advent of the forecast period. However, a higher cost of implementation and increasing technical complexities is expected to decrease the growth of the global RFID in healthcare market during the advent of the forecast period.

Segmentation Analysis

The global RFID in healthcare market is segmented into product, application, and region.

The global RFID in healthcare market is divided into systems & software and tags on the basis of product. The tag segment is expected to witness the largest market share during the advent of the forecast period owing to the ability of these devices to resume functionality at any given location coupled with various tracking concerns such as assets leading to better inventory management to name a few. Additionally, these systems are integrated into personnel, equipment, and inventory tracking coupled with the ability to prevent the distribution of counterfeit drugs will cement the latter’s dominant position during the advent of the forecast period. Based on application, the global RFID in healthcare market is classified into asset tracking, patient tracking, pharmaceutical tracking, blood tracking, and others. The pharmaceutical tracking category is expected to witness the largest market share during the advent of the forecast period owing to the rising adoption of the technology for identifying counterfeit drug packets coupled with added benefits for organizations, patients, and supply chain partners to name a few. Moreover, avoiding proliferation and distribution of drugs posing a greater risk for the health of users coupled with rising demands for reducing wastage of time during transport measures will cement the dominant market share of the latter.

Report Scope

Regional Analysis

North America is expected to witness the largest market share during the advent of the forecast period owing to rising number of hospitals, rising regulations aimed at improving patient safety, and increasing mandates for equipment to name a few. Additionally, the presence of a developed healthcare infrastructure and increasing number of prominent key market players in the region will increase the footprint of the RFID in healthcare market during the forecast period. A higher awareness regarding the advantage of RFID based services and solutions coupled with reduction of medication based errors will boost the growth of the RFID in healthcare market during the advent of the forecast period. Asia-Pacific is expected to witness the fastest growing CAGR during the advent of the forecast period owing to the region being the home to a large number of pharmaceutical and life science firms coupled with a rising demand for effective supply chain management needs to name a few.

Competitive Players

The key market participants for the global RFID in healthcare market are

• Alien Technology Corporation
• Gao RFID Inc.
• Honeywell International Inc.
• Impinj Inc.
• Mobile Aspects Inc.
• RF Technologies
• Radianse
• sTiD RFID
• Solstice Medical LLC
• Stanley Healthcare
• LogiTag
• CenTrak
• SpaceCode
• Terso Solutions

• Ingenica Solutions

By Product Segment Analysis

• Systems & Software
• Tags

By Application Segment Analysis

• Asset Tracking
• Patient Tracking
• Pharmaceutical Tracking
• Blood Tracking
• Others

By Regional Segment Analysis

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA