Healthcare RFID Market size is projected to expand between 2023 and 2032 due to rising demand for improved patient flow, reduced medical errors, and the need to manage medical stocks. RFID technology is used in the healthcare sector to track patients and assets. The technology could aid in the reduction of waste and the avoidance of unnecessary expenses.
The growing prevalence of counterfeit medications is expected to boost the adoption of RFID technology for drug detection and screening. Moreover, pharmacy and biotechnology firms seeking automated solutions to foster their supply chain processes as well as new R&D activities are expected to boost RFID penetration.
Based on components, the healthcare RFID market from the healthcare RFID tags segment is estimated to record lucrative growth through 2032 as a result of the high progression for blood monitoring systems & pharmaceutical tracking. RFID wristbands have gained popularity owing to their ability to track patients’ vitals. Industry participants are anticipated to make further investments in RFID tags to reduce misidentification problems and authenticate patients and medical personnel during the collection of blood samples and the delivery of medications.
In terms of application, the patient identification & tracking segment is expected to account for a significant portion of the healthcare RFID market. Expansion of medium and large hospitals would bolster segment revenue. Prominent organizations have increased their spending on real-time positioning systems to trace patients and find equipment. Hospitals are also utilizing RFID equipment to monitor temperature and hand hygiene for infection prevention. Investments are also made by leading market players to improve patient tracking and communication between patients and carers.
As per the regional outlook, the North America healthcare RFID industry is anticipated to foresee massive gains by 2032 due to high requirements for tracking medical equipment, medicine, and patient identification. The presence of a robust healthcare infrastructure, as well as the deployment of active RFID tags will stimulate this demand. RFID solutions are also gaining popularity across the U.S. to improve hospital medical services.
The competitive landscape of the healthcare RFID market implies that leading businesses should focus on organic and inorganic tactics such as mergers and acquisitions, technical advances, innovations, R&D efforts, and product launches. Some of the major companies in the market are CAEN RFID S.r.l, Sato Holdings Corporation, Invengo Information Technology Ltd. Co., GAO RFID Inc., Intermec, Inc., STiD, Motorola Solutions, Inc. and Applied Wireless Identifications Group, Inc.