Analysis of the Global RFID In Healthcare Market Forecast to 2024 Using A Base Year of 2018
The market study covers the RFID in Healthcare Market crosswise segments. It purposes at estimating the market size and the growth prospective of the market segments, such as supplier, application, organization size, business vertical, and region. The study also includes a detailed competitive analysis of the key players in the market, along with their enterprise profiles, key observations related to product and industry offerings, new developments, and key market plans. The global RFID in the healthcare market is projected to grow at a CAGR of 13.5% over the forecast period of 2018-2024.
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RFID In Healthcare Market: Insights
Radio frequency identification (RFID) is a technology that uses electromagnetic fields and electronic chips to identify tags affixed to an object. These tags automatically track or identifies medical records, medical instruments, a different type of samples, blood bags, and even patients and personnel. Tags connected to an object provides information about products or patients, their location, the expiration date of drugs and medical supplies, patient blood type or allergies that helps to prevent medical malpractice. Benefits offered by RFID in healthcare are improved overall safety and operational efficiency owing to it operates without line-of-sight, reduced time that is required to take inventory, and provides both read and write capabilities for dynamic item tracking. Applications of RFID include product tracking, patient tracking, and blood monitoring systems, pharmaceutical tracking systems, and drug counterfeiting.
RFID In Healthcare Market: Drivers and Restraints
RFID applications offer significant benefits by ensuring patient safety and improved operational efficiency in healthcare industry contribute to driving the growth of RFID in the healthcare market. Furthermore, the demand for RFID in healthcare is increasing as it helps in improvement in the supply chain process of pharmaceutical companies. In drug counterfeiting RFID tags used to detect products that are, counterfeit, tampered with adulterated or substituted expired. Rising demand from hospitals, distributors, and pharmaceutical companies to prevent, drug counterfeiting is expected to fuel the RFID in the healthcare market. RFID provides a cost-effective inventory solution for single-use items that are stored in inventory rooms, shelving units, or in vending machines outfitted with RFID. Use of RFID in inventory system propels the growth of RFID in the healthcare market. Growing adoption of RFID in healthcare owing to applications offer by RFID such as asset tracking to keep tracking of high-value assets, and in patient tracking to verify patient information or records, and location. However, without temperature resistant housing, current RFID tags cannot withstand extreme temperatures that in turn hinders the growth of RFID in the healthcare market. Development in RFID technology and the growing adoption of RFID in healthcare provide beneficial opportunities for RFID in the healthcare market.
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RFID In Healthcare Market: Regional Analysis
North America dominates the growth of RFID in healthcare market owing to the rising need for operational efficiency and patient safety in the healthcare industry in the region. Furthermore, government initiatives and the presence of a large number of hospitals in this region drives demand for RFID in the healthcare market. The U.S food and drug administration (FDA) use RFID tags to verify product and eliminate counterfeiting of products such as drugs and high-cost medical devices that in turn boosts the growth of RFID in the healthcare market the Asia-Pacific is set to grow at a significant rate in the near future.
RFID In Healthcare Market: Segmentation
The report on global RFID in healthcare market covers segments such as product type, and end user. On the basis of product type, the sub-markets include asset tracking systems, blood monitoring systems, patient tracking systems, and pharmaceutical tracking systems. On the basis of end user, the sub-markets include hospitals, pharmaceutical, research institutes and laboratories, and others.
RFID In Healthcare Market: Competitive Landscape
The report provides profiles of the companies in the market such as Impinj, Inc., GAO RFID, Alien Technology, LLC. CCL Industries Inc, AVERY DENNISON CORPORATION, Smartrac N.V., STANLEY Healthcare, Honeywell International Inc., RF Technologies, Inc, and Terso Solutions.
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Comprehensive analysis of global as well as regional markets of the RFID in healthcare.
Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.