RFID in Healthcare Market Size to Grow at a CAGR of 21.0% from 2019 to 2025
RFID in Healthcare Market Size to Witness CAGR of 21.0% from 2019 to 2025
According to iCognition Insights, the global RFID in healthcare market size is estimated to be USD 3,077.1 million in 2019. Rising attention on restructuring the healthcare value chain, increasing focus on minimizing operational costs, need for efficient management of supply chain, and prerequisite of improvising efficiency & quality of healthcare services are key drivers for global RFID in healthcare market growth.
Based on products, the market is segmented into tags and system & software. In 2019, the tags segment held the maximum revenue share due to the owing to rising awareness for the benefits of tags in healthcare system such as real-time asset monitoring, convenient inventory management, and quicker data record processing. Based on application, the market is categorized into patient tracking, asset tracking, blood tracking, pharmaceutical tracking, and others.
In 2019, North America accounted for the highest revenue share and is expected to maintain its dominance during the forecast period. This is attributed to the stringent government regulations for patient safety, increase in the number of hospitals, standardization for tracking medical devices, existence of advanced healthcare infrastructure and high acceptance of modern technologies. Asia Pacific is projected to exhibit the fastest CAGR over the forecast period.
Some of the major companies in the RFID in healthcare market are Zebra Technologies Corporation (U.S.), LogiTag Systems (Israel), Halma plc (U.K.), Biolog-id (France), Hitachi, Ltd. (Japan), Pepperl+Fuchs (Germany), metraTec GmbH (Germany), Cardinal Health, Inc. (U.S.), Promega Corporation (U.S.), and Shenzhen Invengo Information (China).
RFID in Healthcare Market: Key Datapoints-
- Rising attention on restructuring the healthcare value chain, minimizing operational costs, increase in real-time monitoring of patient and prerequisite of improvising efficiency &quality of healthcare services are propelling the market growth
- Tag product segment is expected to foresee fastest growth owing to rising penetration of RFID technology with existing system
- The patient tracking application segment is anticipated to grow at the fastest CAGR during the forecast period, due to the increasing need of attaining optimum hospital management efficiency
- In 2019, the pharmaceutical tracking application segment accounted for a significant revenue share due to the rising cases of drug adulteration and counterfeiting
- Asia Pacific is projected to exhibit the fastest CAGR over the forecast period owing to the presence of large medical companies needing efficient supply chain management system, increasing healthcare expenditure, advancing healthcare infrastructure and large patient population
- The leading players have adopted strategic collaborations, mergers & acquisitions, and novel technology development as key strategies to capture the market share
RFID in Healthcare Market Report Scope-
RFID in Healthcare Market, By Product (Revenue, 2017-2025, USD Million)
- System & Software
RFID in Healthcare Market, By Application (Revenue, 2017-2025, USD Million)
- Patient tracking
- Asset tracking
- Blood tracking
- Pharmaceutical tracking
RFID in Healthcare Market, By Region (Revenue, 2017-2025, USD Million)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA