Vancouver, British Columbia, Feb. 04, 2021 (GLOBE NEWSWIRE) — The Global RFID in Healthcare Market is estimated to attain a market valuation of USD 12.89 Billion by 2027, expanding at a CAGR of 15.0% in the projected timeframe, according to a current analysis by Emergen Research. The increasing focus on minimizing healthcare expenses, efficient streamlining of the process, growing requirement of sophisticated supply chain management, and an overall improvement in care and quality.
The extremely high costs associated with the deployment of advanced healthcare facilities is anticipated to boost the adoption of RFID in healthcare organizations. Major pharmaceutical firms, medical device suppliers, hospitals, and other clinical settings extensively use the technology to keep track of the inventories. RFID technology enables efficient management of the inventories, minimize the chances of overstocking or stock out scenarios, and enables the surgical staff to track medical devices via RFID tags. This is anticipated to further bolster the expansion of the industry. RFID allows for easy monitoring of patients and workflow in settings such as blood banks, pathology laboratories, and hospitals.
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RFID technology enables seamless communication, enhanced patient monitoring, tracking, and recognition that reduced medical errors and increases the effectiveness of treatment. The accelerating need to improve patient care and health is driving the growth of the market. Patient monitoring through RFID in various departments of the hospital minimizes the waiting time and is thereby bolstering the market growth.
Key Highlights from the Report:
- Accelerating application of tags is projected to bolster the market growth during the estimated timeframe due to their extensive use for properties, staff, drug products, and patients. The share accounted for a market share of 62.2% in 2019.
- The pharmaceutical monitoring application segment is predicted to expand at a significant CAGR of 15.1% during the projected timeframe owing to the escalating need to recognize counterfeit drug products and growing requirement for efficient inventory management.
- The rising construction of hospitals and the implementation of stringent patient safety laws are contributing to the growth of the market in the North American region. The regional growth is predominantly driven by the United States and rising awareness about the benefits of the combinational power of RFID technology and healthcare facilities. Increasing concerns surrounding the risk of medical errors and the rising need to mitigate those errors are further adding traction to market growth.
- Prominent players of the industry include Zebra Technologies Corporation, Logi-Tag Systems, Cardinal Health, LLC, CenTrak, Tagsys, Impinj, Inc., Hurst Green Plastics Ltd, MetraTec GmbH, Terso Solutions, and Palex Medical SA, among others.
- Terso Solutions and Ingenica Solutions collaborated in 2018 to develop leading technologies and enhanced RFID-capable storage systems. The agreement was intended to boost the number of items in clinical settings that can be effectively managed and handled.
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For the purpose of this report, Emergen Research has segregated the Global RFID in Healthcare Market on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Tags
- Systems & Software
Application Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical Tracking
- Asset Tracking
- Blood Tracking
- Patient Tracking
- Others
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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