Global RFID in Healthcare Market Forecast to 2030

The Global RFID medical market is projected to be valued at USD 3 billion in 2021 and is projected to grow at a combined annual growth rate of 24% over the forecast period 2022-2030. This is due to key factors such as the growing need to reduce operating costs, the acceptance of radio frequency identification (RFID) in the healthcare industry, and licensing to improve patient safety. The growing demand for efficient supply chain management and the number of inpatients are key factors. RFID integration enables efficient inventory management, inventory prevention, and inventory exchange. These systems manage data in real time to prevent waste and theft of inventory. RFID systems reduce additional warehouse space to improve inventory management, improving operational efficiencies. RFID tags on medical devices in the operating room allow staff to easily track critical equipment used in surgery and improve patient safety.

RFID technology is also used by blood banks, laboratories and pharmaceutical companies to improve workflow management. For example, in June 2016, the Blood Hospital at Liverpool Hospital (Sydney) launched a Spacecode RFID smart refrigerator designed to identify RFID-tagged blood products and prevent blood bag damage. Time. Time. second hand. It also displays an analysis of the shelf life of blood from the refrigerator and alerts the user when the time exceeds 30 minutes. As the demand for patient monitoring increases and patient safety concerns increase, RFID approvals are expected to increase.

Years of computer and software advancements have significantly reduced errors and made decisions and patient care easier. RFID allows for better communication, better patient monitoring, patient identification and patient monitoring. This monitoring method helps reduce errors and improves patient safety. Hospitals with RFID patient tracking technology provide comprehensive information on patient wristbands. This tape contains information about your medical history, treatment plan, and medical history. RFID readers and software enable surgeons to understand a patients medical history and provide appropriate treatment.

Growing demand for these systems from medical device manufacturers, pharmaceutical companies, biopharmaceutical companies, hospitals and other life sciences companies is expected to control inventory costs, which should predict market growth over the period. These systems allow businesses to manage inventory and avoid downtime and storage. You can also manage data in real time to prevent inventory loss and theft. RFID systems help improve inventory management and operational efficiencies.

APPLICATION INSIGHT :

Drug monitoring had the highest revenue in 2020. One of the most important growth factors is the growing acceptance of counterfeit drug detection technology. Drug tracking systems are useful for organizations, patients and supply chain partners.
The prevalence and prevalence of counterfeit medicines that pose serious health risks have increased in recent years. RFID technology aids in the detection and identification of these drugs and prevents them from being copied on the market. The technology also helps pharmaceutical companies manage inventory and reduce labeling errors. These features reduce waste and reduce unnecessary costs.

However, patient tracking services are expected to grow even more during the forecast period. Patient follow-up is an important process for scheduling appointments in operating rooms and physician offices in large and midsize hospitals. The technology can be used to track each patients movements at multiple points in the hospital, reducing response and waiting times. Therefore, the industry is expected to grow at the fastest annual rate due to the associated benefits. Investments in medium and large hospitals are expected to increase. For example, in 2015, Wayne Healthcare, a 100-bed hospital in Ohio, USA, purchased an RFID-enabled patient tracking system to better manage patient information.

PRODUCT OVERVIEW:

The label industry has the largest share of the market and is projected to experience the fastest annual growth rate of 25% during the forecast period. Growing awareness of the benefits of these devices is expected to accelerate growth. These systems can be used to track and track a variety of assets from anywhere, providing easy access to inventory, fast turnaround and real-time asset tracking.

RFID systems are expected to have the largest market share during the forecast period. These systems are widely used in hospitals and other healthcare facilities to track people, equipment and inventory. These systems are also used to monitor patients and prevent the spread of counterfeit medicines and devices. A growing interest in simplifying workflows and increasing patient safety concerns is one of the key factors responsible for most industries. In addition, the growing penetration of these systems and the ability to integrate with existing hospital ERP software are other major drivers of industry growth.

REGIONAL OUTLOOK:

North America accounted for approximately 40% of the market share in 2020 due to key factors such as increased hospital admissions, stringent patient safety regulations and medical guidelines. Medical device monitoring. The presence of advanced healthcare infrastructure and strong adoption of advanced technologies in healthcare are other effective factors for the growth of this sector. The United States is the largest market in the region and is contributing to the widespread adoption of this technology in the healthcare sector. Growing awareness of the benefits of RFID integration and growing concerns about the risk of drug failure are contributing to the growth of this sector.
Asia Pacific is expected to experience the fastest consolidated CAGR of 25% during the forecast period. With the growing demand for effective supply chain management, there are numerous pharmaceutical and life sciences companies in this industry. Rising healthcare costs, the presence of a large pharmaceutical industry, and improved healthcare infrastructure are some of the key factors driving local demand. This area is home to many chronically infected patients. The rising disease burden is expected to increase the demand for effective healthcare and aid the market growth.

MEDICAL RFID MARKET SHARE:

Key Market Players are LogiTag, CentTrak, SpaceCode, Impinj, Zebra Technologies Corporation, Biolog-id, Terso Solutions, Carinal Health, Mobile Aspects, Tagys RFID, Pepperl+Fuchs, and metroTecGmbH. Introducing new products and collaborating are key strategies for players to gain a competitive edge.

In February 2018, Terso Solutions and Ingenica Solutions announced a partnership that combines state-of-the-art software with state-of-the-art RFID storage systems. Terso auto stock solutions can be combined with Ingenicas 360/Atticus. The operation aims to increase the number of products that can be stored and managed in hospitals and other medical centers.

As competition in this market intensifies, many companies have entered into strategic partnerships with software vendors to increase overall product profitability and maintain their position in the market.

SECTORS COVERED IN REPORT :

The report estimates global, regional and national sales growth and provides an analysis of the latest industry trends in each sub-sector from 2021-2030. In this study, Kenneth Research announced the segmentation of Global Healthcare RFID. Market Report by Product, Program, Industry: Product Forecast (Revenue, $1 Million, 2021-2030) Outlook System Labeling and Monitoring Program (Revenue, $1 Million, 2014-2025 Resource Monitoring) Monitoring of Addicted Patients and Other Products.

 

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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