RFID market in healthcare to reach US$ 2.6B by 2031

The RFID market in healthcare is projected to expand at a CAGR of 9.5% over the forecast period from 2021 to 2031. Proven advantages of radiofrequency identification (RFID) for effective patient care of patients with frequent visits to hospitals and healthcare centers, and rapid integration of advanced technology in healthcare are fueling the growth of radiofrequency identification market in healthcare.

Some key areas in where RFID technologies are used in healthcare are accurate patient care, asset management, prevention of pharmaceutical counterfeiting, patient tracking, biological sample tracking, and device and supply tracking, among others. RFID technologies are widely used for healthcare equipment, machinery, medical devices, and healthcare assistance devices, among others, in the healthcare sector. Rising applications of RFID for monitoring these machines in various areas of healthcare for effective patient care strengthen the growth of the global radiofrequency identification market in healthcare.

Technological excellence of RFID and increasing practice of using integrated technologies in healthcare are increasing the adoption of RFID systems. The adoption of RFID in healthcare is for improving patient experience, managing & tracking assets, and assisting in drug inventory management.

North America is a key region in the RFID market for healthcare driven by factors such as rapid uptake of advanced technology to improve patient care, hi-tech healthcare infrastructure, and rising healthcare expenditures.

Radiofrequency Identification Market for Healthcare – Key Findings of Report

• Key role of RFID technologies for tracking and managing medical equipment that are moved around healthcare facilities fuels the growth of the radio frequency identification market for healthcare. In hospitals and healthcare facilities, doctors, nurses, and administrative staff move medical equipment around the facility that needs to be tracked in the event of an emergency to serve patients.
• Deployment of the RFID technology in the pharmaceutical sector for inventory management creates ample opportunities in the RFID market for healthcare. RFID tags help in accurate real-time and stock-level information of inventory for the outbound movement of pharmaceutical drugs from warehouses and distribution centers to pharmacies and consumers on a daily basis. This helps to improve inventory visibility and customer service, manage expiration dates, prevent counterfeit drugs, and increase consumer safety and accurately forecast product demand.
• Pharmaceutical companies use RFID to track intermediate outcome of clinical trials. Clinical trials are one of the long and complex running processes in the healthcare area; therefore, implementing RFID makes it easy to track outcomes, compare clinical results, complete access to audit trails, and manage inventory.
• RFID tags are used in the management of test samples of blood, urine, and other biological matter in clinical laboratories and diagnostic centers. Manual tracking of these samples leaves scope of errors to impact the confidentiality of diagnosis and treatment process.

Radiofrequency Identification Market for Healthcare – Growth Drivers

• Emergence of the RFID technology as a low-cost and high-benefit technology to automate and track all types of healthcare assets fuels the growth of the RFID market for healthcare
• Use of RFID inventory management by pharmaceutical companies to attain greater visibility in inventory at warehouses and distribution centers, and track outbound flow to improve circulation throughout the supply chain cements the growth of the RFID market for healthcare

Some of the key players operating in the RFID market for healthcare are;

• Alien Technology
• Avery Dennison Corporation
• Honeywell International Inc.
• Impinj Inc.
• Motorola Solutions Inc.
• Savi Technology
• Applied Wireless Inc.
• CAEN RFID S.R.L.
• Checkpoint Systems Inc.
• Invengo Information Technology Co.
• NXP Semiconductors

PR Newswire