Healthcare RFID Market size will grow between 2022 and 2028 owing to an increased demand to minimize medical errors, boost patient flow, and manage inventories. Pharmacies and biotechnology companies are expected to seek an automated solution to foster their supply chain process.
RFID technology in healthcare industry has become prominent for patient and asset tracking across the advanced- and emerging economies. With the prevalence of counterfeit drugs, RFID technology will further gain traction for the detection and screening of drugs. The technology could help reduce waste and minimize the occurrence of unwanted costs. Besides, research and development activities are projected to be pronounced for the development of novel technologies to bolster the penetration of RFID.
Based on components, healthcare RFID tags will witness a noticeable growth till 2028 led by the demand for blood monitoring systems and pharmaceutical tracking. RFID wristbands, for instance, have become trendier to know the exact whereabouts of patients. The technology has become instrumental to boost efficiency by reading tags at once. Industry players are predicted to continue investments in RFID tags to minimize misidentification issues and authenticate patients and medical staff during blood samples and medication administration.
Based on application, healthcare RFID market share from patient identification and tracking segment will expand impelled by the growth of medium and large hospitals. Leading companies have upped investments in real-time location systems to track patients and locate equipment. Hospitals are also using RFID tools to measure temperatures and keep a check on hand hygiene for infection control. Industry leaders are likely to invest in the technology to streamline patient tracking and boost communications between patients and caregivers.
North America could account for a considerable share of global healthcare RFID market on account of to the demand for tracking of equipment, medicine and patient identification. The presence of strong healthcare infrastructure, as well as the use of active RFID tags, will augur well for the regional expansion. The U.S. will exhibit increased traction for RFID innovations to bolster the medical services of hospitals.
The competitive landscape of global healthcare RFID market suggests leading companies could focus on organic and inorganic strategies, including mergers & acquisitions, technological advancements, innovations, R&D activities and product launches. Some of the leading companies in the market are Applied Wireless Identifications Group, Inc., Invengo Information Technology Ltd. Co., Alien Technology Corporation, CAEN RFID S.r.l., Impinj, Inc., GAO RFID Inc., Intermec, Inc., Sato Holdings Corporation, STiD and Motorola Solutions, Inc.
In February 2021, Impinj announced that they had shipped over 50 billion tag chips and 3 million reader ICs and readers. The company believes RAIN RFID will help boost inventory, labor efficiency and enhance omnichannel functionality.
In August 2021, SATO teamed up with Xerafy to introduce cost-effective RFID labels to the healthcare market. It could provide asset management visibility and real-time traceability through its range of RFID-enabled printers.
With coronavirus disrupting global healthcare market, RFID solutions have witnessed an unprecedented demand across North America, Europe, and Asia Pacific. End-users, such as hospitals are exploring opportunities in RFID technologies to better manage patients and streamline asset management. These tools showcased an increased demand amidst hoarding of protective apparel and scrubs and to identify delays and efficiencies at COVID-19 testing sites. Hospitals have upped investment in RFID-based temperature scanning key fobs, auguring well for the business outlook.
With the healthcare sector gearing to reduce operational costs and streamline workflow management, RFID solutions are expected to be sought-after globally. Pharmaceutical producers, biotechnology companies, and hospitals will continue to invest in RFID technologies.
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Market By Application
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