RFID IN HEALTHCARE MARKET ANALYSIS

Rfid In Healthcare MarketSize and Trends

Global RFID in healthcare market is estimated to be valued at US$ 8.22 Billion in 2023 and is expected to exhibit a CAGR of 20.3% during the forecast period (2023-2030).

Global RFID in Healthcare Market– Drivers

Increasing need for RFID systems in the manufacturing units for improving productivity

Manufacturing facilities need to monitor equipment condition and performance, defects in system failures and processes, and ensure predictive maintenance of equipment and systems through the integration of specialized tools and the adoption of quality management practices. Therefore, the increasing need for RFID systems in manufacturing units for improving productivity is expected to drive the market over the forecast period. For instance, in June 2021, according to a research article published by Informs, Inc., a provider of innovative and customized solutions for managing and tracking products and information for customers throughout the world, Radio frequency identification (RFID) technology has proven to be an extremely effective solution, allowing workers to quickly identify and track assets by location throughout the supply chain. RFID tags could effectively replace barcode labels so that you can easily collect data and improve manufacturing efficiency through warehouse automation. The data transmitted from an RFID tag to a reader allows companies to see real-time inventory information. This helps reduce out-of-stock situations and improve customer experience. RFID technology has the potential to significantly increase inventory accuracy and can reduce cycle count times by up to 50%.

Figure 1. Global RFID in Healthcare Market Share (%), By Product Type, 2023

Global RFID in Healthcare Market- Segmentation

The global RFID in healthcare market report is segmented into product type and region.

Among Product Type, the global RFID in the healthcare market is segmented into tags (passive, and active), readers, and middleware. Out of which, the tags segment is expected to dominate the global RFID in the healthcare market during the forecast period and this is attributed as they can be used to search, identify, track, and communicate with items and people in hospitals. Essentially, RFID tags are smart labels that can store a range of information from serial numbers, to a short description, and even pages of data.

Among Region, the global RFID in Healthcare Market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Out of which, North America is expected to dominate the market over the forecast period owing to the increase in healthcare facilities and technological advancement by the key players. Whereas, product launch by the key players is also expected to drive the North America market.