Radiofrequency identification (RFID) is a system based on wireless technology which utilizes radio waves for collecting data from a tag attached to an object, for various purposes like automatic identification and tracking of objects. RFID system comprises of three major components - tags, readers and middleware. RFID tags and readers are further subdivided into active and passive. The active RFID devices are powered by inbuilt power source while passive RFID devices derive their power from the electromagnetic waves emitted by the readers. RFID printers and cabinets have expanded the scope of application of RFID in healthcare. 
Major application areas of RFID technology include retail industry, supply chain and logistics, and government. Healthcare, however, accounts for a smaller share of the overall RFID market share. Currently RFID applications in healthcare include equipment tracking, people identification and tracking, medical report and blood transfer monitoring, medicine tracking, and supply chain. Hospitals, pharmaceutical companies and distribution channels are the main customers for RFID technology. Barcode technology has been a major restraint for development of RFID market. Although RFID technology has advantages of automation and accuracy, its acceptance is impeded because of the expenditure as compared with barcode technology. This factor is strong particularly in emerging countries, wherein implementation costs are a substantial deterrent for hospitals. Cost effective and easy implementation and operation have made barcode popular across the globe. 
Technological advances have made the RFID market more dynamic, shrinking the product life cycle. Miniaturized tags have made asset tracking convenient, especially in hospitals where medical devices can be continuously tracked or located. RFID tags play a pivotal role in acceptance of this technology and as per unit price reduces, the overall market for RFID modules is expected to grow rapidly. North America stands out as a prominent leader in the healthcare application of RFID. Large number of tier-1 and tier-2 hospitals, increasing scrutiny due to medical device theft, incidences of drug counterfeiting and need for more efficient supply chain management are other reasons driving the market growth. Impact of economic crises of 2008 has greatly impacted the growth of RFID market in the European countries. Budget cuts on healthcare sector have reduced the overall hospital expenditure. Anticipating economic recovery in the near future, the market is expected to gain momentum in the forecast period. China has emerged as the home for low cost RFID component OEM service providers. With consistent rise in RFID component suppliers in China, suppliers in Europe and North America are facing tough competition in the market. China is one of the largest suppliers of UHF and HF tags. Key players in the market include Alien Technology, Applied Wireless Identifications Group, CAEN RFID, GAO RFID, Inc., Impinj, Intermec, Invengo, Motorola Solutions (now Zebra Technologies), Sato Holdings and STiD.

Global Radio Frequency Identification (RFID) Market in Healthcare: Overview

The global RFID market in healthcare is envisioned to take advantage of the mushrooming applications of high-tech systems such as internet of things (IoT), sensor networks, and real-time location system (RTLS). Vendors could focus on pivotal opportunities such as efficient memory usage, pre-printed tags, and hybrid systems. Other factors such as the rise of printed and semi-passive tags, integration of RF devices in communication systems, and sparked development of ultra-high frequency (UHF) technology could also play a major role in the growth of the market.

The global RFID market in healthcare could be segregated according to application and component, where each segment is carefully analyzed for readers to find vital opportunities about to take shape in the coming years.

The report provides a critical analysis of the global RFID market in healthcare with special focus on important aspects such as competitive landscape, segmentation, and growth.

Global Radio Frequency Identification (RFID) Market in Healthcare: Trends and Opportunities

The world RFID market in healthcare is foretold to gain impetus on the back of a high demand from key end users such as distribution channels, pharmaceutical firms, and hospitals. RFID in healthcare could be used for various applications such as supply chain, medicine tracking, blood transfer monitoring, medical report monitoring, people tracking and identification, and equipment tracking. However, in comparison with barcode technology, RFID in healthcare could see a slack in demand due to larger expenditure. Barcode technology is considerably popular across the world because of its easy and cost-effective operation and implementation.

However, technological developments accredited for improving product life cycle and making the RFID market more dynamic are anticipated to create promising opportunities for players. Hospitals, where there is continuous locating and tracking of medical devices, could witness an increased usage of miniaturized tags which bring convenience to asset tracking.

Global Radio Frequency Identification (RFID) Market in Healthcare: Geographical Analysis

Among various regions of the international RFID market in healthcare, North America is prophesied to standout in the near future. Some of the crucial reasons for the leading growth in North America could be the rising requirement of a more effective supply chain management system and increasing occurrence of drug counterfeiting. Other factors such as medical device thefts giving rise to increasing scrutiny and the presence of a significant count of tiers 1 and 2 hospitals are predicted to support the regional growth of North America.

However, vendors operating in North America and Europe could face a neck-and-neck competition with China alone in Asia Pacific due to the constant increase in the number of RFID components suppliers. The country is said to develop as a home to original equipment manufacturers (OEM) offering low-cost RFID components. It is also recognized as a larger supplier of high frequency (HF) and UHF RFID tags.

Global Radio Frequency Identification (RFID) Market in Healthcare: Companies Mentioned

The worldwide RFID market in healthcare is envisaged to exhibit a telling degree of fragmentation. However, with the course of time, it could adopt a more consolidated nature owing to a swelling count of takeovers and acquisitions expected to be witnessed in the foreseeable future. Fine instances to follow could be Zebra Technologies buying the enterprise business of Motorola Solutions and Intermec overtaken by Honeywell International Inc. The market could include powerful names in the industry such as CAEN RFID, Applied Wireless Identifications Group, and Alien Technology.

Global Radio Frequency Identification (RFID) Market in Healthcare: Component

  • Tags
  • Readers
  • Middleware
  • Printers
  • Cabinets

Global Radio Frequency Identification (RFID) Market in Healthcare: Application

  • Equipment Tracking
  • People Identification and Tracking
  • Medical Report, Samples, and Blood Transfer Tracking
  • Medicine Tracking
  • Supply Chain

Global Radio Frequency Identification (RFID) Market in Healthcare: Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World