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Global RFID in Healthcare Market Projected to Reach USD 3.5 Billion by 2026

12-Feb-2020 | Facts and Factors

Facts and Factors have authored “RFID in Healthcare Market By Product (Systems & Software & Tags), By Application (Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, & Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026”. Based on our analysis, the global RFID in healthcare market in 2020 is nearly USD 1.8 Billion and is expected to reach around USD 3.5 Billion by 2026. The anticipated CAGR for global RFID in healthcare market is above 12.7% from 2021 to 2026.

RFID (Radiofrequency Identification) is a wireless technology that employs radio waves to track objects or devices outfitted with radio frequency tags and readers. Through this technology, healthcare professionals and clinicians can track documents, patients, and other important assets related to healthcare such as blood samples, medical reports, equipment, and medicines. The connectivity range of RFID tags is over one hundred meters. Moreover, technology can efficiently read thousands of RFID tags simultaneously.

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Extensive advancements in automation and technology are propelling global RFID in healthcare market

Various sectors including healthcare are incorporating automation technology for swift completion of processes. RFID enhances the speed and efficiency of healthcare processes by cutting the workforce required for hunting reports and equipment in a hospital.

Market Growth & Dominance:

  • Component-based segmentation analysis

Based on components, the “Tags” sub-segment dominated the global RFID in healthcare market by holding nearly 50% share in the market. The key reason behind its dominance is the huge penetration rate in numerous sectors. The sub-segment is expected to bloom splendidly at a CAGR of around 25% throughout the forecast period.

  • End-User based segmentation analysis

Based on the end-user, the global RFID in healthcare market is segmented into biotechnology companies, hospitals, and pharmaceutical companies. Among all, hospitals accounted for more than 40% share in the global market. However, analysts' prediction states that the “biotechnology companies” category is likely to flourish at a faster pace during 2019–2026.

  • Application-based segmentation analysis

Application-wise, the global RFID in healthcare market is categorized into people identification and tracking, medicine tracking, samples & blood transfer tracking, supply chain & medical report, and equipment tracking. Among all, the “samples and blood transfer tracking” category dominates the global market by holding a major share, as the demand for blood products inventory management is propelling phenomenally. However, the “supply chain & medical report” category is anticipated to flourish at a greater CAGR, according to the market analysts.

  • Region-based segmentation analysis

Based on region, North America is in the dominating position, in terms of holding global market share. North America accounts for more than 40% market share. However, analysts’ projection indicates that the Asia Pacific market will expand substantially owing to the growing adoption of RFID in the healthcare sector and the availability of services at affordable prices in the region, particularly in China.

Key market players

The key market participants for the global RFID in healthcare market are Alien Technology Corporation, Gao RFID, Inc., Honeywell International, Inc., Impinj, Inc., Mobile Aspects, Inc., RF Technologies, Radianse, sTiD RFID, Solstice Medical LLC, Stanley Healthcare, LogiTag, CenTrak, SpaceCode, Terso Solutions, and Ingenica Solutions, among others.

In December 2018, the American multinational conglomerate corporation, 3M (formerly known as the Minnesota Mining and Manufacturing Company)revealed its decision to procure the tech business of M*Modal. This procurement decision was taken after 3M pledged to invest strategically in its Health Information Systems business.

The global RFID in healthcare market is segmented as:

Global RFID in Healthcare Market: By Product Segment Analysis

  • Systems & Software
  • Tags

Global RFID in Healthcare Market: By Application Segment Analysis

  • Asset Tracking
  • Patient Tracking
  • Pharmaceutical Tracking
  • Blood Tracking
  • Others

Global RFID In Healthcare Market: Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • The Middle-East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle-East Africa

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