Healthcare Radiofrequency Identification (RFID) Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3678
Healthcare Radiofrequency Identification (RFID) Market size is expected to grow significantly from 2019 to 2025
Healthcare radiofrequency identification (RFID) provides high level of security and privacy for handling private information including identity and personal health information. RFID authenticates a patient’s identity during medicinal care as well as assists in specific health management. Increasing adoption of radiofrequency identification in managing patient data will further enhance the healthcare radiofrequency identification (RFID) industry growth. Furthermore, high usage of these system reduces the risk of medical errors thereby minimizing the healthcare costs that further accelerates the business growth. Additionally, several benefits including real-time data access, time saving, cost saving and improved medical process are some of the factors augmenting the RFID market growth.
Rising government and other organizations initiatives in developing and developed economies for the implementation of radiofrequency identification systems will boost the business growth. Several government initiatives aim on improving availability, affordability and accessibility of healthcare with the help of such systems thus, is projected to favor RFID growth. Moreover, extensive usage of biometric in the healthcare sector for managing and preventing patient’s valuable data will further foster the industry growth. However, dearth of knowledge in underdeveloped economies may hamper the healthcare radiofrequency identification market growth.
RFID tags segment will witness momentous growth over the analysis timeframe. Extensive usage of such tags to demonstrate effective and safe patient monitoring along with care environment for preventing the risk of medication error. Above-mentioned factor further augments the segmental growth. It provides more secure reading and storage thus enhances the demand for RFID tags.
Patient identification and tracking segment will witness lucrative growth over the forthcoming years. Patient identification provides easy access to data for specific health information and treatment that improves efficient patient care. It delivers accurate patient data that significantly avoids theft and data breaching. Such factors favor the segmental growth. Moreover, usage of these systems in hospital settings for managing patient data on higher level upsurges the business revenue size.
Europe healthcare radiofrequency identification (RFID) industry will grow lucratively during the forecast period. The regional growth is attributed due to rising government funding’s along with developed infrastructure. Furthermore, continuous innovation by the manufacturers operating in this region for developing radiofrequency identification is projected to foster the industry growth.
Eminent market players established in healthcare radiofrequency identification (RFID) market include Applied Wireless Identifications, CAEN RFID, Alien Technology, Motorola Solutions, GAO RFID, Impinj, Intermec, Invengo, STiD and Sato Holdings. Industry players aim at new product launch and product development to maintain their financial stability and to sustain in the business. For instance, in April 2019, Alien Technology announced its next generation high-memory RFID IC and tags. Such strategies to launch new generation system will enhance the product portfolio of the firm.
Healthcare Radiofrequency Identification (RFID) Market By Component, 2014-2025 (USD Million)
- RFID tags
- Active RFID tags
- Passive RFID tags
- RFID readers
- Active RFID tags
- Passive RFID tags
- RFID middleware
- RFID printers
- RFID cabinets
Healthcare Radiofrequency Identification (RFID) Market By Application, 2014-2025 (USD Million)
- Equipment tracking
- Patient identification and tracking
- Samples and blood transfer tracking
- Medicine tracking
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Alien Technology Corporation
- Applied Wireless Identifications Group, Inc.
- CAEN RFID S.r.l.
- GAO RFID Inc.
- Impinj, Inc.
- Intermec, Inc.
- Invengo Information Technology Ltd. Co.
- Motorola Solutions, Inc.
- Sato Holdings Corporation
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