The global healthcare RFID market is accounted for USD 1,154 million in 2017 and expected to register 23.7% CAGR during the forecast period (2018–2023).
The execution of radiofrequency identification (RFID) to the healthcare industry offers various benefits associated with patient safety, efficiencies in patient care, tracking, and provider satisfaction. RFID is a wireless based system that utilizes radio waves for assembling data from a tag attached to an object, for several purposes such as automatic identification, tracking of objects, etc. The factors propelling the growth of the global healthcare RFID market are an enhancement of inventory management system, the rising population of cancer patients, and rising research and development activities across the world are expected to drive the growth of the market. However, the lack of awareness and high costs involved in the establishment of this system may hamper the growth of the market during the assessment period.
In the Americas, the North American market is likely to hold the majority share of the RFID in healthcare market owing to the government support and involvement of major players in a strategic alliance. For instance, in 2018, Smart Label Solutions (SLS) and American company signed a partnership with Mozaiko, a Brazilian developer of radio frequency identification (RFID) and the Internet of Things (IoT) solutions. Also, in October 2017, CCL Industries Inc. a world leader in specialty label and packaging solutions acquired the remaining 37.5% minority interest in its Acrus CCL venture for approximately USD 6.3 million in cash.
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Some of the key players in the global healthcare RFID market are
- Alien Technology Corporation
- Applied Wireless Identifications Group
- CAEN RFID S.r.l.
- Gao RFID
- Honeywell International Inc
- Impinj Inc.
- Invengo Information Technology Ltd. Co.
- Mobile Aspects
- Motorola Solutions
- RF Technologies
- Stanley Healthcare
- STiD RFID
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- The global RFID in healthcare market has been segmented on the basis of component, application, end user, and region.
- On the basis of component, the market has been segmented into tags, readers, middleware, printers, and others. The tags segment is further divided into active tags and passive tags. The reader segment is further segmented into active reader and passive reader.
- The global healthcare RFID market, by application, has been segmented into equipment tracking, people identification and tracking, medical report and blood samples tracking medicine tracking, and others.
- On the basis of end user, the market has been classified as pharmaceutical and biotechnology companies, hospitals, research institutes, and others.
The market is likely to dominate by Americas during the forecast period owing to the increasing prevalence of cancer patients, increasing cases of drug counterfeiting, and well-established healthcare sector in the region. The European market is expected to be the second-largest due to government funding and support of the healthcare sector, raising awareness about the innovative technologies, and improvement in the healthcare sector with respect to infrastructure and facilities. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to technological development, the increasing prevalence of chronic diseases, rising investments in healthcare and expansions by market players in the region. The market in the Middle East & Africa is likely to account for the smallest share of the global Healthcare RFID Market.
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