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RFID in Healthcare Market Revenue Predicted to Go Up by 2020 - PMR Report

Press Release   •   Feb 21, 2017 01:36 EST

Radiofrequency identification (RFID) refers to a wireless technology that uses radio-frequency waves to identify and track tags which attached to the objects. RFID system comprises of two components including tags and readers. In the process of identification of the object, RFID reader emits radio-frequency waves and receive signals back from the RFID tag. RFID technologies in healthcare help in patient tracking, surgery asset management, wait time monitoring, handwashing, asset management, parking and medication authentication and control. In addition, these technologies also help in facilities management, access control, inventory management, laundry management, document and file tracking and waste management. On the basis of RFID component, RFID in healthcare market can be segmented into RFID tags, RFID readers, RFID cabinets, RFID middleware and RFID printers. On the basis of application, RFID in healthcare market can be segmented into equipment tracking, medicine tracking, people identification and tracking, supply chain and medical report, samples and blood transfer tracking.

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North America, followed by Europe, has the largest market for RFID in healthcare due to government initiatives, major drug counterfeit events and rise in need for reducing cost and increasing operational efficiency in healthcare sector in this region. Asia is expected to show high growth rate in the RFID in healthcare market in next few years due to low cost of original equipment manufacturing (OEM) services provided by china and rise in adoption of RFID systems in healthcare in the region.

Rise in demand for RFID in healthcare sector for increasing operational efficiency, growing concern about drug counterfeit and safety, government initiatives, increasing need for reducing operational cost in healthcare and rise in incidence of medical device theft cases are driving the market for RFID in healthcare. In addition, a large number of applications of RFID in healthcare are driving the market for RFID in healthcare. However, lack of awareness about RFID, installed base of barcode systems and lack of standardization are some of the factors restraining the growth for global RFID in healthcare market.

Growing demographics and economies in the developing countries such as China and India and low cost of RFID component such as original equipment manufacturing (OEM) services provided by China are expected to offer good opportunities in RFID in healthcare market in Asia. In addition, broader application of RFID technology in healthcare and rise in need for innovation in RFID technologies are expected to offer new opportunities for global RFID in healthcare market. Increasing number of mergers and acquisitions and rise in number of collaborations and partnerships are some of the trends that have been observed in global RFID in healthcare market.

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Some of the major companies operating in the global RFID in healthcare market are 3M, Hitachi, Ltd, AdvantaPure, Aaid Security Solutions Inc, IBM, Motorola, Siemens, BearingPoint, Alvin Systems, ACC Systems Inc and American RFID Solutions.

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