RFID In Healthcare Market Size, Share, Analysis, Trends, Growth, 2028

Industry Prospective:

The global RFID in healthcare market was worth around USD 1659.2 million in 2021 and is estimated to grow to about USD 3436 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.9 percent over the forecast period. The report analyzes the RFID in healthcare market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the RFID in healthcare market.

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RFID in Healthcare Market: Overview

Technological proliferation in all walks of life has increased significantly and this trend is also expected to have an impact on the healthcare industry. RFID in healthcare has emerged as a popular trend and is anticipated to have a bright scope of the application over the forecast period.

The healthcare industry has seen some major changes in recent years and technology has become a crucial aspect of the industry. RFID technology has seen an increase in adoption in the healthcare industry and is proving to be a major hit in reducing the overall cost of healthcare infrastructure by offering effective management opportunities. Increasing use of technology in healthcare has substantially reduced the errors and this is a major factor that will guide growth for not only RFID in healthcare market but for other useful healthcare technologies over the forecast period.

However, high costs associated with the RFID in healthcare implementation and deployment are expected to constrain RFID in healthcare market growth through 2028.

The RFID technology has the capability to save money and time of the healthcare organizations. The ability of RFID in providing real-time identification, traceability, communication, location, and temperature data for individuals and resources can be very beneficial. The implementation of RFID technology in hospitals and clinics can decrease inaccuracies in patient care, simplify patient and equipment tracking, enable better healthcare asset management, and improve audit processes. 

Factors such as inventory management enhancement in pharmacies, hospitals, and biotech companies, high accuracy and low-cost of RFID systems, growing automation of processes in pharmacies and hospitals, increasing concern regarding drug safety, rising need for reduction of healthcare operational costs, need for prevention of medical device theft, multiple government initiatives, and wide application range of RFID in healthcare will act as driving factors in the growth of global RFID in healthcare market. Research activities are undertaken by not for profit organizations intended for the development of new and improved technologies and increasing adoption of RFID in healthcare will act as an opportunity for the market players in the RFID in healthcare market. However, the absence of awareness regarding RFID, lack of barcode systems, and absence of standardization will restrict the growth of global RFID in healthcare market.

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COVID-19 Impact:

The COVID-19 pandemic revolutionized the healthcare industry and caused the world to rethink complete healthcare infrastructure. Technology played a crucial role in the pandemic and was one of the very essential aspects that kept the world running even in the most adverse of situations and unexpected of times.  

The adoption of RFID in healthcare was negatively impacted in the year 2020 but this trend is expected to change in the post-pandemic era as coronavirus infections are brought under control and the pandemic turns into an epidemic.

High adoption of technology in healthcare is expected to be the major factor driving RFID in healthcare market potential in the post-pandemic era.

RFID in Healthcare Market: Growth Drivers

Improves operational Efficiency

RFID technology has proven its effectiveness in healthcare facility management and this is major propelling the RFID in healthcare market growth through 2028. RFID in healthcare has improved management of inventory, prevention of shortages, overstocking, counterfeiting, etc., and this has largely influenced operating costs of multiple healthcare institutions on a global scale and is expected to further bolster the demand for RFID in healthcare over the forecast period.

RFID in Healthcare Market: Restraints

High Cost of RFID Systems

RFID technology is relatively new in the market and is seeing rapid growth as well but the costs of implementing and deploying this technology are still relatively high and are not possible if the implementation is on a very advanced level for a huge institution. So the costs of the technology are expected to hinder RFID in healthcare market growth in the forecast period. RFID tags with advanced features are more expensive than regular ones and the more feature-heavy tag you opt for the more cost it incurs.

RFID technology providers could solve this problem by developing cost-efficient solutions and components that are easier to access and install for all healthcare institutions.

RFID in Healthcare Market: Report Scope

Global RFID in Healthcare Market: Segmentation

The global RFID in healthcare market is segregated based on product type, application, and region.

By Product Type, the market is divided into systems & software, and tags. Tags segment holds a dominant outlook as it is the most fundamental part of the RFID technology and is required in quantity for the systems to function efficiently. Increasing awareness about the efficiency of this technology is expected to further boost the demand for tags through 2028.

By Application, the RFID in healthcare market is segmented into asset tracking, patient tracking, pharmaceutical tracking, blood tracking, and others. The pharmaceutical tracking segment holds a major market share and is expected to maintain a dominant outlook through 2028. Increasing adoption of RFID in healthcare to identify counterfeit drugs is the major factor favoring the growth of this segment and is expected to continue to do so throughout the forecast period.

Recent Developments

• In August 2020 – a business unit of Novanta Corporation called JADAK announced te launch of a new handheld barcode scanner. The new scanner is enabled with barcode scanning, contactless card reading and prox card reading functionalities which makes it a versatile launch.

Regional Landscape

Asia Pacific region is expected to see growth at the fastest CAGR owing to increasing demand for efficient pharmaceutical supply chains. The presence of key pharmaceutical companies, increasing technological proliferation, improving healthcare infrastructure, growing healthcare expenditure are some of the key factors that guide RFID in healthcare market growth in this region. Emerging economies like India and China are expected to be the most lucrative markets in this region.

The market for RFID in healthcare in North America is anticipated to be the most lucrative region in the global landscape owing to the presence of developed healthcare infrastructure and high technological proliferation are expected to be major trends propelling RFID in healthcare market growth in this region. The major market in this region is expected to be the United States followed by Canada.

Competitive Landscape

Some of the main competitors dominating the global RFID in healthcare market include -

• LogiTag
• CenTrak
• SpaceCode
• Impinj
• Zebra Technologies Corporation
• Biolog-id
• Terso Solutions
• Carinal Health
• Mobile Aspects
• Tagsys RFID
• Pepperl+Fuchs
• metraTec GmbH.

Global RFID in healthcare market is segmented as follows:

By Product

• Systems & Software
• Tags

By Application

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

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • 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 & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa