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Healthcare RFID Market Size
Healthcare RFID Market size is projected to expand between 2024 and 2032 due to rising demand for improved patient flow, reduced medical errors, and the need to manage medical stocks.
According to WHO, about 10% of patients experience harm in healthcare, with over 3 million deaths annually attributed to unsafe care globally. In low-to-middle income countries, up to 4 in 100 individuals perish due to unsafe healthcare practices. RFID-enabled patient identification, medication tracking, and specimen labeling enhance patient safety by reducing medication errors, preventing patient misidentification, and ensuring the integrity of clinical samples. Furthermore, RFID systems enable healthcare providers to comply with regulatory requirements, such as FDA UDI (Unique Device Identification) regulations and Joint Commission standards, by providing traceability and visibility into medical devices and supplies throughout their lifecycle.
Healthcare RFID Market Trends
The industry trends are marked by the continuous advancements in RFID technology. Innovations in RFID tags, readers, and software solutions have enhanced the efficiency, accuracy, and reliability of RFID systems in healthcare settings. Advanced RFID technologies, such as passive and active RFID tags, RTLS (Real-Time Location Systems), and NFC (Near Field Communication), enable real-time tracking and monitoring of medical equipment, supplies, and patients, improving asset management, inventory control, and patient safety.
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.
Healthcare RFID Market Analysis
The healthcare RFID tags component segment is estimated to record lucrative progression through 2032 due to increasing usage 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.
The patient identification & tracking application segment is expected to account for a significant market share by 2032, backed by the expansion of medium and large hospitals. 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.
North America healthcare RFID market 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.
Healthcare RFID Market Share
Some of the major companies are:
- CAEN RFID S.r.l
- Sato Holdings Corporation
- Invengo Information Technology Ltd. Co.
- GAO RFID Inc.
- Intermec Inc.
- STiD
- Motorola Solutions Inc.
- Applied Wireless Identifications Group Inc.
The competitive landscape of the healthcare RFID industry 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.
Healthcare RFID Industry News
- In March 2023, at EuroShop 2023, Invengo showcased an array of next-generation products including UHF readers, tags, security gates, and antennas. Additionally, ATID's handheld readers demonstrated advanced RFID technology. Invengo presented RFID application cases in smart stores, manufacturing, logistics, and warehouses to visitors.