Market Challenges And Opportunities

Global RFID in Healthcare Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global RFID in the healthcare market owing to the involvement of tagging patients, hospital personnel, medications, and equipment in order to optimize clinical workflow and expenditure. For instance, in May 2020, according to an article published by PcsInfinity Private Limited, a SaaS provider working on asset tracking and asset management solutions, With the quick spread of the COVID-19 pandemic all over the world, health maintenance services administration divisions are preparing for the unprecedented dramatic increase of activities for the treatment and support of patients who have contracted the infection. Already, some millions are afflicted with coronavirus, and hundreds of thousands have succumbed to the deadly disease. With worldwide concerns over public health and the spread of infections like COVID-19, RFID asset management promises to potentially curb the effects of such circumstances. By utilizing RFID technology, hospitals and clinics can track the locations of crucial assets, e.g. beds, medical gadgets, and sterile equipment. It keeps their exact whereabouts and monitors operations such as sanitizing, cleaning, and maintenance of assets.

Global RFID in Healthcare Market- Cross Sectional Analysis

Among product type, the tags segment held a dominant position in North America region over the forecast period due to product launch by the key placement and increasing technological advancement. For instance, In October 2020, Sandoz International GmbH, a developer, and manufacturer of generic pharmaceutical products to customers announced that its first three injectable medicines with Radio Frequency Identification (RFID) tags will be available this month to US hospitals through its collaboration with Kit Check, Inc., a provider in hospital pharmacy medication tracking and kit restocking automation.

Global RFID in Healthcare Market: Restraints

High cost of the RFID system

High cost of the RFID system is expected to hinder the growth of the global RFID in healthcare market over the forecast period. So, the use of NFC (near-field communication) can minimize the risk of the high cost of RFID. For instance, on March 09, 2023, according to an article published by PcsInfinity Private Limited, a SaaS provider working on asset tracking and asset management solutions, the RFID subscription basis the complete package standard subscription will cost you approximately US$ 1000– 1200, while the active tags are also the most expensive at US$ 15 to US$ 20 per piece.