USD 0.71 billion
Healthcare RFID Market Size, Share, Growth Analysis, By Type(Tags and labels and RFID Systems), By Application(Equipment tracking, medicine tracking and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2245 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
60
|Figures:
75
Healthcare RFID Market Insights
Healthcare RFID Market size was valued at USD 0.71 billion in 2021 and is poised to grow from USD 0.8 billion in 2022 to USD 2.13 billion by 2030, at a CAGR of 13% during the forecast period (2023-2030).
The global healthcare Radio-Frequency Identification (RFID) market has been experiencing significant growth and advancements in recent years. RFID technology has revolutionized the healthcare sector by providing efficient and accurate tracking, monitoring, and management of medical equipment, supplies, and patient information. The market is driven by several factors, including the increasing adoption of RFID technology by hospitals and healthcare facilities to enhance operational efficiency, reduce errors, and improve patient safety. RFID solutions enable real-time asset and inventory management, ensuring the availability of critical equipment and supplies when and where they are needed. Moreover, RFID systems help in the prevention of medication errors, as they enable the tracking and verification of medication administration, ensuring patient safety. The demand for RFID solutions is further fueled by the growing need for effective healthcare supply chain management, which includes tracking pharmaceuticals, vaccines, and other high-value medical products throughout the entire supply chain.
Additionally, the rising focus on patient-centric care and the implementation of electronic health records (EHRs) are driving the adoption of RFID technology to accurately identify and track patients, reducing errors and improving care coordination. The global healthcare RFID market encompasses various components, including tags, readers, software, and services. It also covers different applications such as asset tracking, patient tracking, pharmaceutical tracking, blood tracking, and others. North America has traditionally been a dominant region in the market, owing to the well-established healthcare infrastructure and early adoption of advanced technologies. However, the Asia-Pacific region is witnessing rapid growth due to the increasing healthcare expenditure, government initiatives, and the need for efficient healthcare management systems. Overall, the global market is expected to continue its upward trajectory, driven by technological advancements, increasing awareness about patient safety, and the need for streamlined healthcare operations.
US Healthcare RFID Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
RFID Systems
Fastest Growth
RFID Systems
Growth Rate
13% CAGR
Global Healthcare RFID Market ($ Bn)
Country Share for North America Region (%)
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Healthcare RFID Market Segmental Analysis
Global Healthcare RFID Market is segmented on the basis of type, application, and region. Based on type, the market can be segmented into Tags and labels and RFID Systems. Based on application, the market is segmented into Equipment tracking, medicine tracking and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Healthcare RFID Market Analysis By Type
The dominant segment in the global healthcare RFID market is RFID Systems. RFID systems consist of various components such as readers, antennas, and middleware software, which enable the effective implementation and utilization of RFID technology in healthcare settings. These systems play a crucial role in asset tracking, patient tracking, and inventory management, offering real-time data capture and seamless integration with existing healthcare systems. RFID systems are widely adopted by hospitals and healthcare facilities worldwide to improve operational efficiency, enhance patient safety, and optimize resource utilization.
The fastest growing segment in the global healthcare RFID market is Tags and Labels. RFID tags and labels are attached to medical equipment, supplies, and patient wristbands to enable their identification and tracking. These small, wireless devices use radio frequency signals to transmit data, providing real-time visibility and accurate information about the location and status of healthcare assets. The demand for RFID tags and labels is rapidly increasing due to their cost-effectiveness, improved read range, and advancements in tag design, allowing them to be easily integrated into various healthcare applications. The adoption of RFID tags and labels is witnessing significant growth as hospitals and healthcare organizations strive to enhance patient safety, reduce medical errors, and improve inventory management efficiency.
Healthcare RFID Market Analysis By Application
The dominant segment in the global healthcare RFID market based on application is Equipment Tracking. RFID technology is extensively used for tracking and managing medical equipment in healthcare settings. By attaching RFID tags to equipment such as infusion pumps, defibrillators, wheelchairs, and surgical instruments, healthcare providers can accurately monitor their location, utilization, and maintenance status. This enables efficient asset management, reduces equipment loss or theft, improves maintenance scheduling, and enhances overall operational efficiency in hospitals and healthcare facilities.
The fastest growing segment in the global healthcare RFID market based on application is Medicine Tracking. RFID technology is increasingly being adopted to track and trace pharmaceuticals and medications throughout the healthcare supply chain. RFID tags attached to medication packages enable real-time visibility and authentication, ensuring the integrity and safety of drugs from manufacturing to patient administration. Medicine tracking with RFID helps prevent counterfeiting, improves inventory management, reduces medication errors, and enhances patient safety. The growing focus on drug traceability, regulatory compliance, and the need to combat the circulation of counterfeit drugs are driving the rapid adoption of RFID technology in medicine tracking applications.
Global Healthcare RFID Market By Type
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Healthcare RFID Market Regional Insights
The dominant region in the global healthcare RFID market is North America. North America has traditionally been at the forefront of adopting advanced healthcare technologies and has well-established healthcare infrastructure. The region boasts a strong presence of major RFID solution providers, along with a high level of awareness about patient safety and operational efficiency. The implementation of stringent regulations, such as the U.S. FDA's Unique Device Identification (UDI) system, has further fueled the adoption of RFID technology for medical device tracking and patient safety initiatives. Additionally, the presence of leading healthcare organizations, research institutions, and government initiatives promoting healthcare digitization contribute to the dominance of North America in the healthcare RFID market.
The fastest growing region in the global healthcare RFID market is Asia Pacific. The Asia Pacific region is witnessing rapid growth in healthcare expenditure, increasing awareness about patient safety, and the need for advanced healthcare management systems. Countries like China, India, and Japan are investing heavily in healthcare infrastructure development, technological advancements, and digital transformation. The rising healthcare infrastructure, growing population, and rising disposable income are driving the demand for efficient healthcare solutions, including RFID technology. Furthermore, the implementation of government initiatives and policies supporting the adoption of digital healthcare and the increasing focus on improving healthcare accessibility and patient outcomes contribute to the rapid growth of the healthcare RFID market in the Asia Pacific region.
Global Healthcare RFID Market By Geography
- Largest
- Fastest
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Healthcare RFID Market Dynamics
Healthcare RFID Market Drivers
Increasing emphasis on patient safety and the reduction of medical errors
- One key driver of the global healthcare RFID market is the increasing emphasis on patient safety and the reduction of medical errors. RFID technology enables accurate tracking, identification, and monitoring of patients, medical equipment, and medications, thereby reducing the risk of errors in healthcare settings. By improving the visibility and traceability of critical assets and patient information, RFID systems contribute to enhanced patient safety and improved healthcare outcomes.
Healthcare RFID Market Restraints
High implementation cost associated with RFID technology
- One key restraint of the global healthcare RFID market is the high implementation cost associated with RFID technology. Deploying RFID systems in healthcare facilities requires significant investment in infrastructure, including RFID tags, readers, software, and integration with existing healthcare systems. Additionally, training healthcare personnel on RFID technology and ensuring proper maintenance and support further adds to the cost. The initial investment and ongoing expenses may pose a financial challenge, particularly for smaller healthcare organizations with limited budgets. Therefore, the cost of implementation and the associated financial implications can act as a restraint to the widespread adoption of RFID technology in the healthcare sector.
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Healthcare RFID Market Competitive Landscape
The competitive landscape of the global healthcare RFID market is characterized by intense competition among various RFID solution providers, technology vendors, and system integrators. The market is highly fragmented, with numerous players offering a wide range of RFID tags, readers, software, and services tailored to the healthcare industry. Key strategies employed by market players include product innovation, partnerships, collaborations, and mergers and acquisitions to gain a competitive edge. Additionally, vendors focus on developing cost-effective and reliable RFID solutions that meet the specific needs of healthcare providers, such as asset tracking, patient monitoring, and medication management. The competitive landscape is further influenced by factors such as technological advancements, regulatory compliance, and the ability to provide comprehensive and scalable RFID solutions that address the evolving demands of the healthcare sector.
Healthcare RFID Market Top Player’s Company Profiles
- CenTrak (US)
- metraTec GmbH (Germany)
- SpaceCode (South Africa)
- Zebra Technologies Corporation (US)
- Impinj (US)
- Biolog-id (France)
- Terso Solutions (US)
- Tagsys RFID (France)
- Cardinal Health (US)
- Mobile Aspects (US)
- Pepperl+Fuchs (Germany)
- SATO America (US)
- CAEN RFID (Italy)
- GAO RFID (Canada)
- Xerafy (US)
- Omni-ID (US)
- InvoTech Systems Inc. (US)
- GTEK RFID (China)
- Vizinex RFID (US)
- Datamars (Switzerland)
Healthcare RFID Market Recent Developments
- In October 2022, Biolog-id announced that "We Are Blood," a charity blood center based in Austin and serving Central Texas, will implement its value-chain optimization solution. The aim of "We Are Blood" is to ensure a steady and secure blood supply for the local region, catering to over 40 hospitals and healthcare facilities across ten counties.
- In June 2022, Impinj, Inc. unveiled the Impinj E910 RAIN RFID reader chip, specifically designed for advanced enterprise-grade readers. This chip enables swift and reliable detection and interaction with numerous connected items, including retail clothing, pallets, airline cargo, and vehicle parts. The Impinj E910 reader chip sets a new industry standard with its supply-chain automation, inventory management, loss-prevention capabilities, superior performance, low power consumption, and user-friendly design.
- In May 2022, Murata introduced a compact RAIN RFID Tag at Pharmapack Europe. This RFID tag is designed to provide identification and authentication capabilities, allowing RFID readers to accurately determine the identity and authenticity of items in healthcare applications.
- In May 2022, RF Technologies announced the launch of their SAFE PLACE Staff Protection Solutions. This innovative solution offers staff members peace of mind by providing them with protection and immediate assistance at the press of a button.
- In April 2022, Avery Dennison, a leading manufacturer of UHF RFID tags, inaugurated its new intelligent labels factory in Brazil to meet the growing demand in South America. The facility will produce a range of inlay designs, available in dry and wet formats, catering to various industries such as apparel, food, pharmaceuticals, cosmetics, automotive, aviation, and more.
Healthcare RFID Key Market Trends
Increasing integration of RFID technology with Internet of Things (IoT) and cloud computing platforms:
- One key market trend in the global healthcare RFID market is the increasing integration of RFID technology with Internet of Things (IoT) and cloud computing platforms. The combination of RFID with IoT and cloud solutions allows for seamless connectivity, real-time data sharing, and advanced analytics capabilities. This integration enables healthcare organizations to harness the power of RFID data in a more comprehensive and efficient manner. By leveraging IoT and cloud technologies, healthcare providers can access and analyze large volumes of RFID-generated data, enabling enhanced asset tracking, inventory management, and patient monitoring. The integration of RFID with IoT and cloud platforms offers greater scalability, interoperability, and data-driven insights, driving the adoption of more advanced and integrated solutions in the healthcare industry.
Healthcare RFID Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Healthcare RFID Market analysis, the global market is experiencing significant growth and innovation as RFID technology continues to revolutionize the healthcare sector. RFID solutions are being widely adopted by hospitals and healthcare facilities to enhance operational efficiency, improve patient safety, and streamline healthcare processes. The market is driven by key factors such as the increasing emphasis on patient safety, the need for efficient healthcare supply chain management, and the rising demand for streamlined healthcare operations. Dominant segments in the market include RFID systems for comprehensive tracking and monitoring, equipment tracking for efficient asset management, and medicine tracking for improved medication administration. North America stands as the dominant region in the market, while the Asia Pacific region is witnessing rapid growth. The market is highly competitive, with various players offering RFID tags, readers, software, and services. Key trends in the market include the integration of RFID with IoT and cloud computing, allowing for seamless connectivity and advanced analytics capabilities. Despite challenges such as the high implementation cost, the global market is expected to continue its upward trajectory, driven by technological advancements and the growing focus on patient-centric care.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 0.71 billion |
| Market size value in 2030 | USD 2.13 billion |
| Growth Rate | 13% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Healthcare RFID Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Healthcare RFID Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Healthcare RFID Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare RFID Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare RFID Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare RFID Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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