Radiofrequency Identification (RFID) Market
Radiofrequency Identification (RFID) Market in Healthcare (Tags, Readers, Middleware, Printers and Cabinets) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Press Release :
The healthcare industry consists of an integrated ecosystem with multiple technologies including radiofrequency identification (RFID) systems. The relevance of these systems in creating a secure, trackable, and scrutinous environment across hospitals and healthcare centers has driven market demand. There is little contention about the emergence of new technologies in the domain of healthcare and medicine. These technologies could span into equipment, devices, machinery, and healthcare aids. The ability to track these machines via RFID technology has played an integral role in driving sales across the global radiofrequency identification (RFID) market in healthcare. Besides, the willingness of the healthcare industry toward inducting new technologies offers scope for growth within the market.
There is a dire need for management of test samples of blood, urine, and other biologic matter within the healthcare industry. Manual arrangement of these samples creates scope for errors, exposing the entire diagnosis and treatment process to several vulnerabilities. In this scenario, the use of radiofrequency identification (RFID) technology has emerged as panacea for several problems within healthcare. In addition to this, the growing volume of patients who frequent hospitals and healthcare centers has also compelled the healthcare industry to use radiofrequency identification (RFID) systems. Technological advancements have been the centrepiece of growth within the market.
In this report preview, Transparency Market Research (TMR) gives an illustrious account of the various trends and dynamics pertaining to market growth and maturity. The global radiofrequency identification (RFID) market in healthcare is expected to expand at a commendable CAGR of 13.90% over the forecast between 2014 and 2020. Use of integrated technologies within healthcare have helped towards popularising RFID systems. The total value of this market is poised to ascend to US$5.3 bn by 2020-end, rising up from a value of US$1.9 bn in 2013.
Identification and Tracking of Individuals as a Priority within Healthcare
As the healthcare industry embraces greater sophistication, use of RFID technologies is projected to gather momentum. On the basis of application, the global radiofrequency identification (RFID) market in healthcare is segmented into equipment tracking; medical report, samples, and blood transfer tracking; people identification and tracking; medicine tracking; and supply chain. The use of people identification systems based on RFID technology is expected to gather momentum in the times to follow. The need to maintain a database of patients, visitors, and medical staff has helped in popularising this segment.
On the basis of RFID components, the global market can be segmented into RFID tags and RFID readers. Use of RFID tags is expected to supersede the latter, and this is an important consideration from the perspective of market growth. Tags are easy to use and process at checkpoints and nodes within healthcare centers.
North America to Emerge as Leading Market
On the basis of geography, the global radiofrequency identification (RFID) market in healthcare be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The healthcare industry in North America is characterised by spontaneous operations and activities in the field of diagnosis, treatment, and medical assistance. Each of these areas of expertise require pinpoint control at the administrative level, and radiofrequency identification (RFID) systems largely help to this end.
Use of radio waves gives RFID technologies a mark of supremacy over other similar technologies. Identification and tracking of objects were not prioritised across the healthcare industry until a couple of decades ago. However, with growing concerns related to physical security across the premises, the use of identification systems has gathered momentum, especially across US healthcare. Henceforth, the revenues index of the North America radiofrequency identification (RFID) market in healthcare is expected to improve in the years to follow.
Multiple Benefits of the Technology to Boost Global Radiofrequency Identification (RFID) Market
Radio-Frequency Identification (RFID) refers to the radio waves used to capture and read data stored on a tag that is attached to an object. Such tags are utilized for electronically retaining information about the product. It also helps item to be inspected from a distance. Such benefits of the technology are likely to play an important role in the development of the global radiofrequency identification (RFID) market in the near future.
RFID can be used in manufacturing, distribution and warehousing, where it is of paramount importance to keep a track of inventory and assets, since they have found a major improvement in overall performance quality of data entry. It also enables the collection of positioning data to identify an exact location and the identification of properties with the help of RTLS. Growing use of this technology across its end users is likely to augur well for the global radiofrequency identification (RFID) market in the near future.
Market Growth to be Influenced by High Demand of this System in Production Units
Increasing regulations and government measures for diverse businesses and high returns on investments are likely to drive the demand for RFID solutions. In addition, augmented deployment of RFID systems in production units to increase productivity owing to the outbreak of COVID-19 is expected to work in favor of the market. Furthermore, presence of cost-effective RFID solutions has made the global radiofrequency identification (RFID) market more competitive.
Manufacturing facilities ought to track equipment failure, process faults, efficiency and condition of equipment. They also need to ensure maintenance schedules of equipment and systems by utilizing advanced tools and implementing practices of quality control. Using RFID technology for the management of plant properties enables businesses to make significant improvement in the performance. This factor is likely to bolster growth of the global radiofrequency identification (RFID) market in the near future. A fusion of RFID tags and sensor solutions is considered an optimal option for monitoring and controlling the quality and performance of a production process at different positions in a manufacturing plant, such as pipes, tanks, boilers, cameras, and so on.
he status and efficiency of equipment, process faults, and equipment failure, and maintain maintenance schedules of equipment and systems by integrating advanced resources and implementing practices of quality control. Using RFID technology for the management of plant properties enables businesses significantly improve the performance. A fusion of RFID tags and sensor solutions is an optimal option for monitoring and controlling the quality and performance of a production process at different positions in a manufacturing plant, such as conveyors, cameras, boilers, tanks, pipes, etc.
Manufacturing facilities need to monitor equipment condition and performance, defects in processes, and system failures, and ensure predictive maintenance of equipment and systems through the integration of specialized tools and adoption of quality management practices. The use of RFID technology for plant asset management helps manufacturers achieve this goal. A combination of RFID tags and sensor solutions is an ideal solution for various locations in a manufacturing facility, such as conveyors, cameras, boilers, tanks, pipes, etc., to manage and maintain the quality and output of a manufacturing process.
RFID tags are attached to movable assets in the industries such as tools, manufacturing equipment, and process components (e.g., doors, engine, wheels, mirrors, and other parts of an automobile) that are part of a final product to track them in the process. The use of RFID solutions not only helps track the parts but also helps understand the lifecycle of manufacturing equipment. The increase in penetration of these solution is projected to increase worldwide with the growth of the RFID market.
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
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
- Asia Pacific
- Rest of the World