The global RFID in Healthcare Market is expected to reach USD 12.89 Billion by 2027, according to a new report by Emergen Research. Some of the growth drivers of the market include growing emphasis on reducing operating costs and streamlining the process, demand for effective supply chain management, and improving care quality and performance..
It is expected that high operating costs linked to the healthcare sector would accelerate the adoption of RFID technology in healthcare organizations. Pharmaceutical firms, suppliers of medical instruments, hospitals, and many other healthcare entities leverage this technology to monitor the cost of inventories. RFID technology allows these companies to manage their inventories effectively and help prevent situations of stock-out and over-stocking. RFID tags allow surgical staff to easily monitor the medical devices used in operation theatres, thereby increasing patient safety.
The report studies the factors influencing the growth of the industry in the global market and offers accurate predictions about the growth pattern. The report pays special attention to the key elements of the market, such as drivers, restraints, opportunities, threats, risks, limitations, and other aspects. The report covers a comprehensive analysis of the competitive landscape with a detailed analysis of the company profiles, product portfolio, and business expansion strategies
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Some Key Highlights from the Report
Increased use of tags is expected to boost the market during the projected period for monitoring various properties, patients, staff, drug products, and supported blood. The segment held a market share of 62.2% in the year 2019.
Due to the growing need to identify fake drug products and demand for inventory management, the pharmaceutical monitoring application segment is the leader in the adoption of RFID technology. The segment is forecasted to grow with a CAGR of 15.1% during the forecast period.
Due to the growing number of hospitals and the presence of patient safety laws, North America has dominated the global market. The US is the region's biggest market, helping to make this technology more popular in healthcare. The regional growth is driven by high awareness of the advantages of incorporating RFID together with growing concern about the risk of medication errors.
Key participants include Logi-Tag Systems, Cardinal Health, LLC, Terso Solutions, Hurst Green Plastics Ltd, CenTrak, Tagsys, Zebra Technologies Corporation, Impinj, Inc., MetraTec GmbH, and Palex Medical SA, among others.
Using RFID technology allows for improved communication, effective patient monitoring, patient recognition, and tracking of patients. This approach helps to decrease drug errors and increases health. Growth is also driven by the growing need for patient care and legislation to improve health. With this technology, patient monitoring through various parts of the hospital helps minimize waiting times and is, therefore, gaining popularity in hospitals.
The report further offers a complete value chain analysis along with an analysis of the downstream buyers and upstream raw materials. The study focuses on global trends, regulatory frameworks, and macro- and micro-economic factors. The report also provides an extensive analysis of the segment and sub-segmented expected to dominate the market over the projected period. The report offers a forecast estimation of the market with regards to the analysis of the market segmentation, including product type, end-user industries, application spectrum, and other segments.
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For the purpose of this report, Emergen Research has segmented into the global RFID in Healthcare Market on the basis of product, application, and region:
Product Outlook (Revenue: USD Billion; 2017-2027)
- Systems Software
- Tags
Application Outlook (Revenue: USD Billion; 2017-2027)
- Asset Tracking
- Patient Tracking
- Pharmaceutical Tracking
- Blood Tracking
- Others
Market Taxonomy:
Chapter 1: Methodology Scope
- Definition and forecast parameters
- Methodology and forecast parameters
- Data Sources
Chapter 2:
Executive Summary
- Business trends
- Regional trends
- Product trends
- End-use trends
Chapter 3:
Industry Insights
- Industry segmentation
- Industry landscape
- Vendor matrix
- Technological and innovation landscape
Chapter 4:
Regional Landscape
Chapter 5:
Company Profile
- Business Overview
- Financial Data
- Product Landscape
- Strategic Outlook
Key questions addressed in the report:
- What are the key factors driving the global Rfid In Healthcare market?
- Who are the key manufacturers in this market space?
- Who are the distributors, traders and dealers of this market?
- What are the market opportunities and risks affecting the performance of the vendors in the global Rfid In Healthcare market?
- What are the sales and revenue estimations for the top manufacturers in this market over the projected timeline?
Read More: https://www.emergenresearch.com/industry-report/rfid-in-healthcare-market
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