May 22, 2024
RFID in Healthcare Market

RFID In Healthcare Market Is Expected To Be Flourished By Growing Dependency On Iot In Healthcare Operations

Radio Frequency Identification (RFID) technology has enabled the visibility and management of healthcare supply chains by tracking medical devices, equipment, and consumables through automated identification and data capture. RFID labels or tags attached to objects enable real-time tracking of location and other attributes. This provides healthcare organizations with useful data to optimize operations. RFID technology is commonly used for asset management, patient tracking, and medication administration. It facilitates automatic identification of patients, blood samples, surgical instruments and medicines throughout their lifecycle. The ability of RFID to streamline workflows has increased efficiency and reduced errors in healthcare facilities.

The global RFID in Healthcare Market is estimated to be valued at US$ 9.47 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing dependency on IoT: The rapid growth of IoT solutions in healthcare is one of the key drivers for the growing adoption of RFID technology. IoT devices enable remote patient monitoring and real-time data collection which improves patient outcomes. RFID works in tandem with IoT by facilitating seamless data transfer in connected healthcare environments. As IoT finds increasing applications in areas like telehealth, clinical workflow optimization and predictive analysis, the need for reliable automatic identification grows, thereby boosting the RFID market.

RFID technology streamlines hospital operations through capabilities like real-time inventory tracking of medical equipment and supplies as well as automatic patient check-ins. This improves staff efficiency and optimizes resource use. As RFID solutions deliver quantifiable benefits, their demand is accelerating among healthcare providers.

Segment Analysis

The RFID in Healthcare market can be segmented into product, application, end user and region. Based on product, the market can be segmented into tags, readers, printers and software and services. Among these, the tags segment dominated the market in 2023 due to high usage of tags for identification and tracking of various medical devices, equipment and supplies across healthcare facilities.

Based on application, the market can be categorized into inventory management, patient tracking, asset tracking, access control and others. The inventory management segment accounted for the largest share in 2023 as RFID tags help in efficient tracking of different medical supplies as they move across different departments and facilities.

On the basis of end user, the market is divided into hospitals, pharmaceutical, biotechnology companies, ambulatory surgical centres and others. Hospitals held the dominant share due to increasing deployment of RFID systems for improving asset utilization and operational efficiency within large healthcare facilities.

PEST Analysis

Political: Governments across countries are supporting adoption of healthcare IT solutions for enhancing service delivery and patient care. They provide funds and subsidies to promote implementation of technologies like RFID.

Economic: The growing healthcare spending along with increasing demand for more advanced medical devices and equipment is propelling healthcare providers to invest in RFID systems to optimize resource management.

Social: Rising awareness among population regarding benefits of RFID such as seamless identification of patients and inventory is boosting its adoption in healthcare facilities. Growing focus on patient safety and streamlining of care processes also supports market growth.

Technological: Advancements in RFID tags with enhanced data storage capacity and real-time location tracking features are making the systems smarter and more affordable. Integration of RFID with IoT and AI also opens new growth avenues.

Key Takeaways

The global RFID IN Healthcare Market Growth is expected to witness high growth over the forecast period. The global RFID in Healthcare Market is estimated to be valued at US$ 9.47 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 to 2031.

Regional analysis

The North American region accounted for the largest share of over 30% in the global RFID in healthcare market in 2023. This is attributed to rising healthcare spending in countries like the US and growing focus of healthcare facilities to implement innovative supply chain solutions.

Key players

Key players operating in the RFID in Healthcare market are Dexcom, Inc., Medtronic plc, Abbott Laboratories, and Roche Diabetes Care. These players collectively accounted for over 25% share of the overall market in 2023. Dexcom dominated the global CGM device market owing to its robust product portfolio and strong brand presence worldwide.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it