RFID (radio-frequency identification) employs electromagnetism to track objects. It uses tags to store electronically coded information which is identified with the help of a reader. RFID is employed in hospitals and healthcare establishments to improve work efficiency, gather health data, and track patients’ progress.
The RFID in healthcare market is likely to reach USD 4.8 billion by 2022. It was valued about USD 646.7 million in 2014. Its key driver is loss or theft of medical devices resulting in hospital losses. Low costs & high efficiency of RFID systems should boost their usage over the next seven years. Furthermore, medication expirations and stock out incidences may increase market adoption.
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Usage of Kanban systems to administer lean inventory is yet another factor, positively impacting the market. RFID systems have applications in prescription drugs, radiology, infection control, and injection safety. Sanraku Hospital in Japan has agreed to cooperate with BayNexus to manage its medical equipment. Advanced technologies like multiresonator chipless RFID tags are predicted to benefit the RFID in healthcare market during 2015 to 2022 (forecast period).
The market has products in systems and tags. Systems are divided by usage into blood monitoring, asset tracking, pharmaceutical tracking, and patient tracking. They occupied shares over 55%, dominating the products market in 2014. Their success factors comprise increased penetration & advantages and decreased operational costs.
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Pharmaceutical tracking was the dominant sub-segment of RFID systems in 2014. It should maintain its reign in the coming seven years. Tags are cost-effective and used for asset tracking, pharmaceutical tracking, patient tracking, and blood monitoring.
North America had 51% shares in the RFID in healthcare market in 2014. This could be credited to collaborations between hospitals, regulatory authorities, and medical device industry. In November 2013, the U.S. President signed the ‘Drug Quality and Security Act (DQSA)’ to track certain drugs and prescriptions being supplied in the country.
This was expected to boost the usage of RFID tags in North America. Asia Pacific has the highest expansion potential, with over 30% CAGR in the future. Prominent players operating in the worldwide RFID in healthcare market encompass Terso Solutions Inc., Motorola, TAGSYS RFID Group, LogiTag, and Solstice Medical LLC.
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