Healthcare RFID Market: Information By Component (Tags, Readers, Middleware, Printers), Application (Equipment Tracking, Medicine Tracking, Others), End-User (Pharmaceutical and Biotechnology Companies, Hospitals, Others) — Global Forecast till 2027
The healthcare radiofrequency identification (RFID) market was evaluated at USD 1,154 million in 2017 and can achieve a CAGR of 23.37% during the forecast period (2018-2023), states Market Research Future (MRFR).
Growth Boosters and Top Barriers
The fundamental reasons backing market growth could be the increasing focus on the reduction of operational costs and streamlining the workflow. Other than this, rising demand for an organized supply chain management and the need for enhancing the quality and efficiency of care also favor the market.
High operational costs in the healthcare industry boost the adoption of RFID technology within healthcare organizations. Medical device manufacturers, pharmaceutical companies, hospitals, and various other healthcare organizations extensively use this technology to curb inventory costs. RFID technology allows organizations to efficiently manage inventory and also helps prevent stock out and overstock situations. RFID tags aid the surgical staff to easily track medical devices used in operation theatres, which enhances patient safety. Growing need to reduce operating costs fuel the adoption rate of RFID. This technology also finds use in blood banks, pathology labs and laboratories for better workflow management and efficient product tracking.
RFID technology gives rise to sufficient patient monitoring, better communication, patient identification, as well as patient tracking. This helps in bringing down medication errors and elevate safety. Thus, the growing need for patient monitoring and mandates to elevate safety contribute to market growth.
The global market for healthcare RFID has been segmented on the basis of components, applications, and end-user.
Components-based segments in the market are tags, readers, middleware, printers, and others.
The applications of healthcare RFID are people identification and tracking, equipment tracking, medicine tracking, medical report and blood samples tracking, and others.
The end-users covered in the report include pharmaceutical and biotechnology companies, hospitals, research institutes, and others. The tags segment expects to cover the maximum share in the market, based on its wide application in pharmaceutical tracking and asset tracking. Meanwhile, the growth of the user research institutes segment could be the highest in the market, on account of the surge in research and development by significant vendors in the upcoming years.
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