The Healthcare RFID market is accounted for USD 1,154 million in 2017 and expected to register 21.23% CAGR during the forecast period (2020-2030).
The implementation of radiofrequency identification (RFID) to the healthcare industry offers many 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.
Enhancement of inventory management system within pharmacies, hospitals, and biotechnology companies; focused towards patient safety, high efficacy of the RFID systems, the rising population of cancer patients, and adoption of automated process in hospitals and pharmacies are expected to drive the growth of healthcare RFID during the forecast period. Moreover, rising research and development activities by non-profit organizations and aggressive strategies by top players such as mergers, expansion, and collaboration for the development of new technologies to reinforce RFID in healthcare also boosting the growth of the market. For instance, a leading provider of location tracking solutions, Harland Simon announced its partnership with an award-winning Cambridge-based technology company, PervasID for introducing new RFID reader technology to the healthcare RFID market.
However, the high cost of the system, lack of awareness about RFID and technical limitations such as system errors may hamper the growth of the market during the assessment period.
The healthcare RFID market has been segmented on the basis of components, applications, end-user, and region.
On the basis of type, the market has been classified as tags, readers, middleware, printers, and others. The market, by tags, has been sub-segmented into active tags and passive tags. Also, by readers market has been further segmented into active readers and passive readers. Based on applications, the market has been segmented into equipment tracking, people identification and tracking, medical report and blood samples tracking, medicine tracking, and others. The market, by end-user, has been segmented into pharmaceutical and biotechnology companies, hospitals, research institutes, and others. The tags segment is expected to hold the largest market share of the healthcare RFID market, by components owing to its wide application in asset tracking, pharmaceutical tracking, for tacking blood monitoring systems, and patient tracking. Also, by end-user research institutes to register the highest CAGR owing to rising research and development by the major players during the forecast period.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The healthcare RFID market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European healthcare RFID market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The healthcare RFID market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary
Global Healthcare RFID Market Share, by Region, 2017 (%)
Source: MRFR Analysis
The Americas are likely to dominate the healthcare RFID market owing to the rising strategic alliance by major players, the involvement of non-profit organization in research & development, and well-established healthcare infrastructure. According to the US Department of Health and Human Services, in 2018, around 1,735,350 new cases of cancer will be diagnosed in the United States and 609,640 people will die from the disease. For instance, in May 2018, CCL Industries Inc. acquired Nortec International Ltd. a privately held company for approximately USD 9 million.
The European market is expected to be the second-largest healthcare RFID market. The market growth in this region can be attributed to government funding and support of the healthcare sector coupled with increasing research and development.
Asia-Pacific is expected to be the fastest-growing healthcare RFID market during the forecast period owing to the improving healthcare infrastructure, rising investments in healthcare and expansions by market players in the region. Also, countries such as India and China are considering the fastest growing region due to the government focused on adopting new technology, and the best treatment option from a developed country. According to the World Health Organization, in 2010, the healthcare expenditure of India was 3.27% of GDP, whereas, in 2015 it has 3.89% of total GDP.
The market in the Middle East & Africa is expected to account for the smallest share of the healthcare RFID market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Some of the key players in the healthcare RFID market are Alien Technology Corporation, Applied Wireless Identifications Group, Inc., CAEN RFID S.r.l., Gao RFID, Inc., Honeywell International Inc., Impinj Inc., Invengo Information Technology Ltd. Co., Mobile Aspects, Inc., Motorola Solutions, Inc., Radianse, RF Technologies, Stanley Healthcare, STiD RFID
Market of Healthcare RFID, by Component
Market of Healthcare RFID, by Application
Market of Healthcare RFID, by End User
Market of Healthcare RFID, by Region
|Market Size||2020 : USD 1,154 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Application, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alien Technology Corporation, Applied Wireless Identifications Group, Inc., CAEN RFID S.r.l., Gao RFID, Inc., Honeywell International Inc., Impinj Inc., Invengo Information Technology Ltd. Co., Mobile Aspects, Inc., Motorola Solutions, Inc., Radianse, RF Technologies, Stanley Healthcare, STiD RFID|
|Key Market Opportunities||Mergers, expansion, and collaboration for the development of new technologies to reinforce RFID in healthcare by industry players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global healthcare RFID market was valued at more than USD 1.1 billion in 2020.
The global healthcare RFID market is expected to exhibit a solid 21.23% CAGR over the forecast period from 2020 to 2030.
The increasing demand for efficient inventory systems in the healthcare sector is the major driver for the global healthcare RFID market.
Lack of awareness and the high costs of RFID equipment have held back the market, especially in developing regions such as Asia Pacific, Latin America, and Africa.
The Americas segment dominates the global healthcare RFID market.