RFID in the Healthcare Market- Size & Emerging Trends (2024–2032)

Description

RFID in Healthcare Market Synopsis:

RFID in Healthcare Market Size Was Valued at USD 8.24 Billion in 2023 and is Projected to Reach USD 44.14 Billion by 2032, Growing at a CAGR of 20.5 % From 2024-2032.

The healthcare market is a niche market that focuses on the use of RFID tags and systems in improving operation, patient security, and inventory within the institutions. RFID systems involve the use of radio frequency for both communication and identification of tools; materials management and enhancement of processes. RFID tags is used in the healthcare field to track, manage, and monitor medical equipment, drugs, and patient information to reduce insecurity, reduce errors, and enhance patient therapy. RFID has become one of the most significant technologies used in modern healthcare systems because of the increasing demand for patient safety and expense, legal requirements.

The RFID in healthcare market is expanding rapidly as the application of technologies extends to healthcare sectors for performance enhancement and improved patients’ orted care services around the world. It, therefore, becomes possible, to apply RFID systems to initiate its usage in hospitals, clinics, and other healthcare facilities to monitor assets and control medical inventory and patient flow that aid in offering cost-effective and efficient healthcare services. Ever-increasing patient safety and septic issues make the clients of the healthcare industry anticipate the uses of RFID in providing real-time location service and authentication which meets the healthcare industry standards. The vast stock of medical equipment and supplies is also managed by the RFID technology whereby losses are greatly reduced, and the required stocks are brought to health care providers as when needed.

Secondly, higher dispersion of RFID is as a result of higher accuracy level of RFID, as well as improved ability to track data that has made the systems important in the relevant health organizations. Development of new generation of RFID tags/ readers and a progressive reduction in hardware costs have ensured RFID becomes accessible to small and large healthcare organisations. In addition, the growth and development to a new and broader definition of Internet of Things as well as the smart health care is expected to further promote the use of RFID technology in health care since IoT and smart health care provides a more specific real time access to healthcare organization in terms of patient care processes, inventories and many other organizational activities.

RFID in Healthcare Market Trend Analysis:

Rising Demand for Real-Time Tracking and Monitoring in Healthcare

This research also found out that one of the biggest trends of RFID in the healthcare market is that more and more there is a need for real time tracking and monitoring. This has been made necessary by the fact that health facilities have to cultivate ways of enhancing the effectiveness of service delivery and the results achieved among patients. Live tracking with the use of RFID system provides health care facility such a tool for identifying actual location of the assets in the health facility and to get real time information of patients movement and key inventories. By using the RFID results to arrive at the decisions, the healthcare organizations can therefore easily manage the emergency; and make it easy, and very convenient to be attended to expeditiously hence get the required treatment without much strain and strain time. However, as all the healthcare facilities strive to operate with more data usage in it, the drive for tracking and monitoring the data in real time is expected to proceed in the coming years.

Patient Safety and Regulatory Compliance

However, with patient safety becoming such an important aspect for the healthcare industry and with increased regulations imposed in the today health-care organizations, RFID offers a great solution for compliance and positive patient change. In many RN 241 ways RFID is helpful in the organization including the rules on sterilization of medical equipment, dealing with drugs and avoiding mistakes by identifying the patient. It also increases control and visibility across the entire chain which will be beneficial to healthcare organisations with reference to meeting the expectations of the legislation in the country. Because patient safety as well as legal requirements in healthcare facilities are the primary drivers, there is additional growth in the RFID market for technologies that focus on another area of need within the healthcare market for both technology suppliers and healthcare providers.

RFID in Healthcare Market Segment Analysis:

RFID in Healthcare Market is Segmented on the basis of Product Type, Application, and Region

By Type, Tags segment is expected to dominate the market during the forecast period

Tags segment within RFID in healthcare market estimated to have higher growth in coming RFID in healthcare market year’s period. The majority of RFID applications: patients, equipment, and medication are the most significant components of healthcare RFID system. They provide information on location and tracking that the healthcare providers can use in planning and controlling the resources besides reducing on the operational holds. As hospitals and clinics are beginning to consider RFID technology for assets tracking, the RFID tags market will also expand. These tags enhance patient safety, inventories’ accuracy and guarantee that organizational assets within health care organizations are accessible at any one time. Hence, the tags segment can probably still hold the ability to dominate the development of the market.

By Application, Agriculture and food l segment expected to held the largest share

Based on the application the agriculture & food segment is expected to be the largest market segment of the RFID in healthcare market. This segment uses RFID for a simplified or enhanced stock management while the prescriptions alongside additional value of counterfeiting in medication which are crucial for compliance. In the case of the pharmaceutical industry, it is possible to use RFID to identify the drugs, track the shipments and provide the records to the Health Care Providers and Pharmacies respectively so that it may be possible to ensure that the patients are issued with proper drugs for the right ailments. RFID technology applied to drug shortage and counterfeiting problems in the pharmaceutical industries. This gives the manufacturers and the distributor the opportunity to quality and supply chain guarantee thus establishing its dominance of the RFID healthcare market.

RFID in Healthcare Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

North America region to have the largest growth rate in RFID in the healthcare market during the forecast period as this region has a developed health care system and quick adaptability towards using new technologies. A notable phenomenon that is discernible in this part of the world is well developed health care organizations, a high degree of commitment to research and development and government endorsement of RFID technology in the health care organizations. Second, the main regulatory bodies in setting with the increasing trend development of RFID in North America are the U.S Food and Drug Administration (FDA) encouraging the usage of RFID for enhancing the patient safety, and identification of drugs.

Also, expanding the healthcare tech investment with the shifting focus on patient safety and business efficiency is expected to drive RFID use. Due to advancement in technology in delivering health care, the health care providers in North America are applying RFID technology on asset tracking and identification of patient and inventory to address the growing health care delivery system. Due to the rising incidences of chronic diseases and the increasing average age of people, the need for real time information and use of automated systems and hence apply of RFID in healthcare facilities in North America region will go a long way towards influencing the global RFID market.

Active Key Players in the RFID in Healthcare Market:

AdvantaPure (USA)

Alien Technology (USA)

Avery Dennison Corporation (USA)

Biolog-id (France)

CAEN RFID S.r.l. (Italy)

CenTrak (USA)

GAO RFID Inc. (Canada)

Impinj, Inc. (USA)

MetraTec GmbH (Germany)

Motorola Solutions, Inc. (USA)

Sato Holdings Corporation (Japan)

Stanley Healthcare (USA)

Terso Solutions, Inc. (USA)

ThingMagic (USA)

Zebra Technologies Corporation (USA)

Other Active Players