Radio-frequency identification (RFID) also referred to as RFID transponder is a technology used for automated identification of objects, animals, vehicles, people, and other materials. RFID is a system based on wireless technology (non-contact system) used for automatic identification and tracking of healthcare products such as pharmaceuticals. Increasing RFID applications in healthcare such as use in tracing counter-fitted pharmaceuticals is expected to assist the growth of the global RFID in healthcare market over the forecast period. RFID technology connects billions of healthcare items and solutions allowing hospital staff to use this technology to identify, locate, authenticate, and engage with each item to deliver the best possible patient care while reducing costs. Benefits and Applications of RFID in Healthcare. RFID applications include patient tracking, identification and monitoring, drug tracking, identification and administration, blood transfusion, equipment, and asset tracking, and collection of sensor-derived data. Radio Frequency Identification (RFID) is a technology that uses radio waves to passively identify a tagged object. It is used in several commercial and industrial applications, from tracking items along a supply chain to keeping track of items checked out of a library. RFID tracking helps medical staff to pinpoint the location of any patient in the hospital to ensure their safety and sustain the care process.

Market Dynamics

Increasing technological advancements and improved operational efficiency with RFID is also expected to aid in the growth of the global RFID in healthcare market over the forecast period. For instance, in August 2020, JADAK, a business unit of Novanta Corporation, launched HS-1RS Secure Access Handheld Barcode Scanner, enabled with software from Imprivata and HID. The HS-1RS integrates 1D and 2D barcode scanning with (low frequency) LF/HF (high frequency) RFID smartcard/contact-less and prox card reading functionality.

Key features of the study:

• This report provides in-depth analysis of the global RFID in healthcare market, and provides market size (US$ Billion) and Compound Annual Growth Rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global RFID in healthcare market based on the following parameters–company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study are Microchip Technology Inc., Accenture, Hitachi, Ltd., IBM, 3M, Aeroscout GmbH, Know Labs, Inc., Kit Check (Bluesight), Fresenius Kabi AG, and Siemens Healthcare GmbH.
• Insights from this report will allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global RFID in healthcare market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global RFID in healthcare market

Detailed Segmentation:

• Global RFID in Healthcare Market, By Product Type:
  • Tags
    • Passive
    • Active
  • Readers
  • Middleware
• Global RFID in Healthcare Market, By Region:
  • North America
    
    • US.
    • Canada
  • Latin America
    
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    
    • South Africa
    • Central Africa
    • North Africa
• Company Profiles
  • Microchip Technology Inc.
  • Accenture
  • Hitachi, Ltd.
  • IBM
  • 3M
  • Aeroscout GmbH
  • Know Labs, Inc.
  • Kit Check (Bluesight)
  • Fresenius Kabi AG
  • Siemens Healthcare GmbH