Healthcare RFID Market - Global Industry Analysis, Size, Share, Trends, Growth, and Forecasts, 2021 - 2031

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Healthcare RFID Market - Global Industry Analysis, Size, Share, Trends, Growth, and Forecasts, 2021 - 2031

Status : January, 2023 | Healthcare IT

Report Digest

Healthcare RFID Market – Overview

The global healthcare RFID market is anticipated to expand at a promising rate from 2021 to 2031 (forecast period). Increasing focus on reforming the healthcare value chain, reducing operating expenses, the need for effective supply chain management, and the requirement to improve the quality and efficiency of healthcare services are the main aspects likely to drive the global healthcare RFID market. Furthermore, rising healthcare costs, increased real-time patient monitoring, and expanding healthcare data analytics are projected to propel the global healthcare RFID market.

Healthcare RFID Market – Competitive Landscape

Leading players in the global healthcare RFID market are Invengo Information Technology Ltd. Co., Applied Wireless Identifications Group, Inc., CAEN RFID S.r.l., Impinj, Inc., Alien Technology Corporation, GAO RFID Inc., Sato Holdings Corporation, Intermec, Inc., STiD and Motorola Solutions, Inc.

To broaden their global footprint, key companies are aggressively pursuing marketing tactics such as partnerships, technical innovations, acquisitions, investments, and R&D activities.

SATO and Xerafy collaborated in August 2021 to bring low-cost RFID labels to the healthcare sector. Its RFID-enabled printers can give asset management insight and real-time tracking.

Healthcare RFID Market – Trends and Opportunities

The significant operating expenses connected with the healthcare business are projected to drive RFID technology adoption in healthcare enterprises. This technology is used by pharmaceutical firms, hospitals, medical device makers, and other healthcare institutions to reduce inventory expenses. RFID technology helps these firms to manage inventories more efficiently and avoid overstock and stock-out issues. RFID tags allow surgical professionals to easily track medical instruments used in operating rooms, enhancing patient safety. RFID use is estimated to rise in response to the growing need to reduce operational expenses. This technology is also utilized in blood banks, laboratories, and pathology labs to trace products and improve workflow management.

RFID technology allows for improved communication, proper patient tracking, and patient identification. This technique helps to reduce medication mistakes and enhances safety. The growing demand for patient monitoring and measures to improve safety are expected to boost the global healthcare RFID market. Patient tracking utilizing this technology reduces wait times and is therefore picking up steam in hospitals.

COVID-19 had a positive impact on the global healthcare RFID market. As per a research report on the global healthcare RFID market, RFID technologies witnessed extraordinary demand in North America, Asia Pacific, and Europe during the COVID-19 crisis. End-users such as hospitals are investigating RFID prospects to better monitor patients and improve asset management. These tools demonstrated increased demand for protective equipment and scrubs and efficiencies and delays at COVID-19 testing locations. Moreover, hospitals have increased their investment in RFID-based temperature sensing key fobs, which is anticipated to propel the global healthcare RFID market.

Furthermore, RFID technologies are projected to be in high demand internationally as the healthcare sector seeks to cut operating costs and optimize workflow management. RFID technology will continue to be invested in by pharmaceutical businesses, hospitals, and biotechnology companies.

Healthcare RFID Market – Regional Landscape

The North America healthcare RFID market is anticipated to expand throughout the projection period. This is due to tight government requirements for patient safety, growth in the number of hospitals, and standards for tracking medical equipment. Moreover, the presence of improved healthcare infrastructure and widespread acceptance of current technology is projected to boost the regional market. The United States is likely to be the largest revenue generator in healthcare RFID market in North America. Increased awareness of RFID technology use is expected to push market growth in the United States.

The healthcare RFID market is projected to witness growth in Asia Pacific due to significant medical enterprises requiring an efficient supply chain management system. Moreover, increased healthcare spending, developments in healthcare infrastructure, and an increase in the number of people suffering from chronic illnesses in the area are likely to fuel the regional market growth.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?