A recent report published by Infinium Global Research on RFID in healthcare market provides an in-depth analysis of segments and sub-segments in the global as well as regional RFID in the healthcare market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional RFID in healthcare market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global RFID in the healthcare market. According to the report, the global RFID in the healthcare market is projected to grow at a CAGR of 13.5% over the forecast period of 2018-2024.
Radio frequency identification (RFID) is a technology that uses electromagnetic fields and electronic chips to identify tags affixed to an object. These tags automatically track or identifies medical records, medical instruments, a different type of samples, blood bags, and even patients and personnel. Tags connected to an object provides information about products or patients, their location, expiration date of drugs and medical supplies, patient blood type or allergies that helps to prevent medical malpractice. Benefits offered by RFID in healthcare are improved overall safety and operational efficiency owing to it operates without line-of-sight, reduced time that is required to take inventory, and provides both read and write capabilities for dynamic item tracking. Applications of RFID include product tracking, patient tracking, and blood monitoring systems, pharmaceutical tracking systems, and drug counterfeiting.
RFID applications offer significant benefits by ensuring patient safety and improved operational efficiency in healthcare industry contribute to driving the growth of RFID in the healthcare market. Furthermore, the demand for RFID in healthcare is increasing as it helps in improvement in the supply chain process of pharmaceutical companies. In drug counterfeiting RFID tags used to detect products that are, counterfeit, tampered with adulterated or substituted expired. Rising demand from hospitals, distributors, and pharmaceutical companies to prevent, drug counterfeiting is expected to fuel the RFID in the healthcare market. RFID provides a cost-effective inventory solution for single-use items that are stored in inventory rooms, shelving units, or in vending machines outfitted with RFID. Use of RFID in inventory system propels the growth of RFID in the healthcare market. Growing adoption of RFID in healthcare owing to applications offer by RFID such as asset tracking to keep tracking of high-value assets, and in patient tracking to verify patient information or records, and location. However, without temperature resistant housing, current RFID tags cannot withstand extreme temperatures that in turn hinders the growth of RFID in the healthcare market. Development in RFID technology and the growing adoption of RFID in healthcare provide beneficial opportunities for RFID in the healthcare market.
North America dominates the growth of RFID in healthcare market owing to the rising need for operational efficiency and patient safety in the healthcare industry in the region. Furthermore, government initiatives and the presence of a large number of hospitals in this region drives demand for RFID in the healthcare market. U.S food and drug administration (FDA) use RFID tags to verify product and eliminate counterfeiting of products such as drugs and high-cost medical devices that in turn boosts the growth of RFID in the healthcare market the Asia Pacific is set to grow at a significant rate in the near future.
The report on global RFID in healthcare market covers segments such as product type, and end user. On the basis of product type, the sub-markets include asset tracking systems, blood monitoring systems, patient tracking systems, and pharmaceutical tracking systems. On the basis of the end user, the sub-markets include hospitals, pharmaceutical, research institutes and laboratories, and others.
The report provides profiles of the companies in the market such as Impinj, Inc., GAO RFID, Alien Technology, LLC. CCL Industries Inc, AVERY DENNISON CORPORATION, Smartrac N.V., STANLEY Healthcare, Honeywell International Inc., RF Technologies, Inc, and Terso Solutions.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of RFID in the healthcare market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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