The “RFID in Healthcare Market: Trends, Opportunities and Competitive Analysis (2023-2028)” report, recently added to ResearchAndMarkets.com’s offerings, presents a comprehensive analysis of the Radio-Frequency Identification (RFID) landscape within the global healthcare market.
This report provides valuable insights into market trends, growth opportunities, and competitive dynamics, showcasing the transformative impact of RFID technology in healthcare.
The global healthcare sector is experiencing a significant shift with the widespread adoption of RFID technology. The market is expected to witness remarkable growth, with an estimated value of $12.1 billion by 2028. This growth is underpinned by a robust Compound Annual Growth Rate (CAGR) of 16.4% from 2023 to 2028.
Key Drivers and Applications
The report highlights promising prospects for RFID technology in various healthcare applications, including asset tracking, patient tracking, pharmaceutical tracking, and blood tracking. Key drivers for this market include increased adoption of RFID technology for enhanced patient security, efficient inventory management, automation in healthcare processes, and its expanding use by healthcare professionals to track essential items used in surgeries.
The study provides a detailed segmentation of the RFID in healthcare market based on product, application, and region:
• Product Segmentation: The market is segmented into Systems & Software and Tags, with Tags expected to remain the larger product segment due to their extensive use in hospitals for patient safety and care process optimization.
• Application Segmentation: The market is categorized based on applications, including Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, and others. Pharmaceutical tracking is anticipated to be the largest application segment, driven by RFID’s role in identifying counterfeit medications and managing inventories.
• Regional Segmentation: The market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World. North America is projected to retain its position as the largest region in the RFID in healthcare market, attributed to a well-established healthcare infrastructure, the rising adoption of RFID to mitigate pharmaceutical errors, and an increasing focus on patient safety regulations.
The competitive landscape of the RFID in healthcare market features leading companies such as Alien Technology, Zebra Technologies, Avery Dennison, Impinj, and GAO RFID. These companies compete on product quality, emphasizing the expansion of manufacturing facilities, research and development investments, infrastructure development, and integration across the value chain to meet increasing demand and enhance competitiveness.
The report provides a comprehensive outlook on the RFID in healthcare market, showcasing its transformative potential in enhancing patient care, ensuring pharmaceutical safety, and optimizing healthcare processes. The projected growth and adoption of RFID technology underscore its pivotal role in revolutionizing the global healthcare market, offering numerous opportunities in asset tracking, patient tracking, and pharmaceutical tracking.