The Global RFID in Healthcare Market Research Report published by emerging research has been formulated by analysis of key business details and extensive geographical spread of the RFID in the Healthcare industry. The study offers comprehensive coverage of the qualitative and quantitative analysis of the RFID in the Healthcare market along with crucial statistical data about the RFID in the Healthcare market. The research study provides historical data from 2017 to 2018 and offers accurate forecast estimation until 2027. The report also profiles established and emerging players in the market, covering the business overview, product portfolio, strategic alliances, and business expansion strategies.
RFID in Healthcare Market Size – USD 3.69 billion in 2019, RFID in Healthcare Market Growth – CAGR of 15.0%, RFID in Healthcare Market trends – High demand for patient safety.
It is expected that high operating costs linked to the healthcare sector would accelerate the adoption of RFID technology in healthcare organizations. Pharmaceutical firms, suppliers of medical instruments, hospitals, and many other healthcare entities leverage this technology to monitor the cost of inventories. RFID technology allows these companies to manage their inventories effectively and help prevent situations of stock-out and over-stocking. RFID tags allow surgical staff to easily monitor the medical devices used in operation theatres, thereby increasing patient safety. A growing operating cost reduction requirement is expected to cause a rise in RFID adoption. This system is also used for effective patient monitoring and better control of the workflow in hospitals, blood banks, and pathology labs.
Market Dynamics:
The report offers insightful information about the market dynamics of RFID in the Healthcare market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the RFID in the Healthcare market, its competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the RFID in the Healthcare market.
Increased use of tags is expected to boost the market during the projected period for monitoring various properties, patients, staff, drug products, and supported blood. The segment held a market share of 62.2% in the year 2019.
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Due to the growing need to identify fake drug products and the demand for inventory management, the pharmaceutical monitoring application segment is the leader in the adoption of RFID technology. The segment is forecasted to grow with a CAGR of 15.1% during the forecast period.
Due to the growing number of hospitals and the presence of patient safety laws, North America has dominated the global market. The US is the region’s biggest market, helping to make this technology more popular in healthcare. The regional growth is driven by high awareness of the advantages of incorporating RFID together with growing concern about the risk of medication errors.
Key participants include Logi-Tag Systems, Cardinal Health, LLC, Terso Solutions, Hurst Green Plastics Ltd, CenTrak, Tagsys, Zebra Technologies Corporation, Impinj, Inc., MetraTec GmbH, and Palex Medical SA, among others.
The current COVID-19 pandemic is expected to have an effect on the growth of the RFID in the Healthcare industry majorly attributable to the movement restrictions and impact on the supply and demand due to the lockdowns. The COVID-19 pandemic has affected several sectors of the global market, and the RFID in the Healthcare sector is expected to feel the impact of the pandemic. The economic slowdown and dynamic changes in the demands will further affect the growth of the industry. The report covers the impact analysis of the COVID-19 pandemic on the overall RFID in the Healthcare industry.
Source: Chatttennsports