Global RFID in Healthcare Market, By Product Type (Tags (Passive, and Active), Readers, and Middleware), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on adopting growth strategies such as product launches as acquisitions and increasing technological advancements activities by market players which will drive the global RFID in healthcare market during the forecast period. For instance, in August 2022, Kit Check, the automation vendor in Medication Intelligence, announced that its proprietary Radio Frequency Identification (RFID) technology will be incorporated in the new KinetiX Propofol syringes being developed by Genixus, a pharmaceutical company and U.S FDA-registered repackager and 503B outsourcing provider focused on transforming acute and critical care medicines. Propofol is one of the most commonly used products in hospitals and health systems.
Global RFID in Healthcare Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global RFID in the healthcare market owing to the involvement of tagging patients, hospital personnel, medications, and equipment to optimize clinical workflow and expenditure. For instance, in November 2020, according to an article published in the (BMJ) British Medical Journal Health & Care Informatics, although several issues present safety risks to healthcare workers on a daily basis, the largest risk is COVID-19. On account of the virus’s high infectivity and potential for asymptomatic transmission, as well as testing turnaround times creating a delay between patient encounters and lab confirmation, there is a critical need for robust contact tracing. Incumbent analog measures are imprecise and arduous; thus, there is a role for RFID to provide a real-time system that can track all points of contact and can also be subsequently analyzed to inform those who came into close contact with a known positive case.
Global RFID in Healthcare Market: Key Developments
In September 2020, Kit Check, a provider of hospital pharmacy medication tracking and kit restocking automation, announced that Premier Inc., an U.S-based healthcare company has extended its sole source partnership with the company for its Bluesight for Controlled Substances (BCS) solution as well as its namesake RFID kit and tray processing system.
In March 2022, Datascan, a global company providing self-scan physical inventory counting solutions, and Frequentiel, an RFID software and services company, announced that the companies have entered a strategic partnership to bring comprehensive RFID solutions to retailers in North America and Northern Europe. The agreement brings together the world’s premier physical inventory self-scan provider and Europe’s RFID provider.
In December 2020, Fresenius Kabi AG, a global healthcare company that specializes in lifesaving medicines and technologies for infusion, transfusion, and clinical nutrition, and Kit Check, a provider of hospital pharmacy medication tracking and kit restocking automation, announced the companies have entered into an agreement under which Fresenius Kabi +RFID medications will be read by the Kit Check inventory management solution. The collaboration signals both companies’ commitment to medication safety and quality patient care across the healthcare continuum.
Browse 34 Market Data Tables and 26 Figures spread through 220 Pages and in-depth TOC on “Global RFID in Healthcare Market”- Forecast to 2030, By Product Type (Tags (Passive, and Active), Readers, and Middleware), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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https://www.coherentmarketinsights.com/market-insight/rfid-in-healthcare-market-4195
Key Takeaways of the Global RFID in Healthcare Market:
- The global RFID in healthcare market is expected to exhibit a CAGR of 3% during the forecast period and this is attributed due to the increase in the product launches by the market key players for the growth of global RFID in healthcare market. For instance, on May 30 2023, Fresenius Kabi AG, a global healthcare company that specializes in lifesaving medicines and technologies for infusion, transfusion, and clinical nutrition, announced that it has launched Rocuronium Bromide Injection with advanced RFID-enabled labels in the U.S. Rocuronium Bromide Injection is part of Fresenius Kabi's +RFID portfolio of smart-labeled medications, designed to help enhance patient safety and support a more-efficient medication inventory process. This will mark the first +RFID product that is compatible with Bluesight’s KitCheck product, the kit and tray solution for American hospitals allowing +RFID products to be used across all major RFID kit and tray vendors.
- Among Product type, the tags segment is expected to grow in the global RFID in healthcare market over the forecast period, and this growth 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. For instance, in February 2021, according to an article published by Identiv, Inc., a global digital security and identification company, due to usage instructions included in the monitoring system, RFID-enabled pharmaceutical inventory tracking enables hospitals to quickly identify medication shortages and expiration, prevent theft, and assure the intended use of medications.
- Major players operating in the global RFID in healthcare market include Microchip Technology Inc., Accenture, Hitachi, Ltd., IBM, 3M, Aeroscout GmbH, Know Labs, Inc., Kit Check (Bluesight), Fresenius Kabi AG, and Siemens Healthcare GmbH.
