The global healthcare RFID market is anticipated to expand at a promising rate from 2021 to 2031.
The global healthcare RFID market is anticipated to expand at a promising rate from 2021 to 2031 (forecast period). Increasing focus on reforming the healthcare value chain, reducing operating expenses, the need for effective supply chain management, and the requirement to improve the quality and efficiency of healthcare services are the main aspects likely to drive the global healthcare RFID market. Furthermore, rising healthcare costs, increased real-time patient monitoring, and expanding healthcare data analytics are projected to propel the global healthcare RFID market.
Healthcare RFID Market – Competitive Landscape
Leading players in the global healthcare RFID market are Invengo Information Technology Ltd. Co., Applied Wireless Identifications Group, Inc., CAEN RFID S.r.l., Impinj, Inc., Alien Technology Corporation, GAO RFID Inc., Sato Holdings Corporation, Intermec, Inc., STiD and Motorola Solutions, Inc.
To broaden their global footprint, key companies are aggressively pursuing marketing tactics such as partnerships, technical innovations, acquisitions, investments, and R&D activities.
SATO and Xerafy collaborated in August 2021 to bring low-cost RFID labels to the healthcare sector. Its RFID-enabled printers can give asset management insight and real-time tracking.
Healthcare RFID Market – Trends and Opportunities
The significant operating expenses connected with the healthcare business are projected to drive RFID technology adoption in healthcare enterprises. This technology is used by pharmaceutical firms, hospitals, medical device makers, and other healthcare institutions to reduce inventory expenses. RFID technology helps these firms to manage inventories more efficiently and avoid overstock and stock-out issues. RFID tags allow surgical professionals to easily track medical instruments used in operating rooms, enhancing patient safety. RFID use is estimated to rise in response to the growing need to reduce operational expenses. This technology is also utilized in blood banks, laboratories, and pathology labs to trace products and improve workflow management.
RFID technology allows for improved communication, proper patient tracking, and patient identification. This technique helps to reduce medication mistakes and enhances safety. The growing demand for patient monitoring and measures to improve safety are expected to boost the global healthcare RFID market. Patient tracking utilizing this technology reduces wait times and is therefore picking up steam in hospitals.
COVID-19 had a positive impact on the global healthcare RFID market. As per a research report on the global healthcare RFID market, RFID technologies witnessed extraordinary demand in North America, Asia Pacific, and Europe during the COVID-19 crisis. End-users such as hospitals are investigating RFID prospects to better monitor patients and improve asset management. These tools demonstrated increased demand for protective equipment and scrubs and efficiencies and delays at COVID-19 testing locations. Moreover, hospitals have increased their investment in RFID-based temperature sensing key fobs, which is anticipated to propel the global healthcare RFID market.
Furthermore, RFID technologies are projected to be in high demand internationally as the healthcare sector seeks to cut operating costs and optimize workflow management. RFID technology will continue to be invested in by pharmaceutical businesses, hospitals, and biotechnology companies.
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Healthcare RFID Market – Regional Landscape
The North America healthcare RFID market is anticipated to expand throughout the projection period. This is due to tight government requirements for patient safety, growth in the number of hospitals, and standards for tracking medical equipment. Moreover, the presence of improved healthcare infrastructure and widespread acceptance of current technology is projected to boost the regional market. The United States is likely to be the largest revenue generator in healthcare RFID market in North America. Increased awareness of RFID technology use is expected to push market growth in the United States.
The healthcare RFID market is projected to witness growth in Asia Pacific due to significant medical enterprises requiring an efficient supply chain management system. Moreover, increased healthcare spending, developments in healthcare infrastructure, and an increase in the number of people suffering from chronic illnesses in the area are likely to fuel the regional market growth.
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