Radio Frequency Identification Devices (RFID) in Healthcare Market Size, Share, Growth, And Industry Analysis, By Type (RFID Tags, RFID Readers and Systems & Softwares), By Application (Inventory Management, Patient Monitoring and Tracking, Medication Authentication and Control, Access Control and Others), Regional Insights, and Forecast To 2032

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RADIO FREQUENCY IDENTIFICATION DEVICES RFID IN HEALTHCARE MARKET REPORT OVERVIEW

Global Radio Frequency Identification Devices RFID in Healthcare Market size was USD 3.08 Billion in 2023 and market is projected to touch 8.74 Billion by 2032, exhibiting a CAGR of 12.3% during the forecast period.

Hospitals use radio waves to wirelessly communicate data using small electronic devices called radio frequency identification devices (RFID) in healthcare. At medical institutions, these gadgets are used to keep track of and manage patients, medical supplies, and equipment. Healthcare facilities can benefit from RFID technology to manage inventory more effectively, save money, and increase patient safety. RFID devices can aid in preventing lost or stolen equipment and lowering the risk of medical errors by supplying real-time visibility into the location and condition of medical supplies and equipment. RFID technology can also aid to improve processes and the effectiveness of healthcare operations.

Due to a number of variables, the market for radio frequency identification devices (RFID) in healthcare is expanding. A number of advantages are provided by the technology, such as greater efficiency, streamlined processes, and improved patient safety. Medical equipment, supplies, and medication can be tracked using RFID tags, which lowers errors and enhances patient outcomes. RFID can also be used to track the position of patients, employees, and equipment in real-time, enhancing efficiency and decreasing wait times. The market for RFID in healthcare is expanding owing to the rising use of electronic health records (EHRs), as well as the increased demand for patient monitoring and illness management.

COVID-19 IMPACT

"Growth in Use of RFID Technology to Limit the Spread of the Virus "

The radio frequency identification devices (RFID) in healthcare business have benefited from the COVID-19 epidemic in a number of ways. First off, contactless patient tracking, monitoring, and identification using RFID technology had grown in popularity, and this was crucial for limiting the transmission of the infection. RFID technology is able to help healthcare institutions in remotely monitoring patients' vital signs and other health indicators, lowering the risk of infection for both patients and healthcare personnel. The epidemic had brought attention to how crucial supply chain management was to the healthcare industry. Healthcare facilities could better manage their inventories and have enough resources to respond to the pandemic by using RFID tags to track medical equipment and supplies.

LATEST TRENDS

"Use of UWB Technology in the Healthcare Sector for Precise Tracking and Management of Medical Supplies "

The usage of ultra-wideband (UWB) RFID technology is the most recent innovation in the market for radio frequency identification devices (RFID) in healthcare industry. In a healthcare facility, UWB RFID is a wireless technology that can be used to precisely track and locate people and objects. UWB RFID technology, in contrast to conventional RFID systems, may offer sub-meter precision and function in settings with a lot of wireless signal interference. Healthcare institutions employ UWB RFID technology to manage medical supplies and equipment, keep tabs on patients' movements and contacts with healthcare professionals, and boost safety and security.

RADIO FREQUENCY IDENTIFICATION DEVICES RFID IN HEALTHCARE MARKET SEGMENTATION

By Type Analysis

According to type, the market can be segmented into RFID Tags, RFID Readers and Systems & Softwares

By Application Analysis

Based on application, the market can be divided into Inventory Management, Patient Monitoring and Tracking, Medication Authentication and Control, Access Control and Others

DRIVING FACTORS

"Growing Adoption of EHRs and Telemedicine is Driving the Demand for the RFID Tags"

The demand for radio frequency identification devices (RFID) in healthcare industry is being driven by the growing use of electronic health records (EHRs) and telemedicine. Healthcare providers can obtain real-time information and make better judgements by using RFID tags to track and manage patient data. RFID technology can be used to track medical equipment and supplies, which lowers waste and enhances inventory control. RFID technology can be used to track patients' vital signs and other health data remotely as telemedicine becomes more common, improving patient outcomes and lowering the need for hospitalization.

"Increasing Focus on Patient Safety and Healthcare Efficiency is Growing the Market for the RFID Technology"

By lowering errors and enhancing inventory management, RFID technology has the potential to increase patient safety and healthcare effectiveness. Medical equipment and supplies can be tracked using RFID tags, lowering the possibility of mistakes and guaranteeing that healthcare providers have the tools they need to give care. Radio frequency identification devices in healthcare can be used to monitor patients' movements and communications with medical professionals, enhancing security and safety. These factors are increasing the radio frequency identification devices (RFID) in healthcare market growth.

RESTRAINING FACTORS

"Lack of Standardization and Concerns about Data Privacy are Obstacles to the Growth of the RFID Industry"

Concerns about data privacy and security are one of the key barriers. Sensitive patient data generated by RFID technology is among the volume of data that must be secured against unauthorized access and usage. To guard against data breaches and guarantee compliance with laws such as HIPAA, healthcare providers require strong security measures in place. Finally, there is a lack of standardization in the market for radio frequency identification devices (RFID) in healthcare, with numerous companies providing various solutions. This may impede system interoperability and make it challenging for healthcare providers to select the best solution. Scaling RFID deployments across numerous sites or regions may be challenging due to the lack of standardization.

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RADIO FREQUENCY IDENTIFICATION DEVICES RFID IN HEALTHCARE MARKET REGIONAL INSIGHTS

"Well-Established Medical System and Favorable Government Programmes have Piloted the Regional Market "

The healthcare system in North America is well-established, and there are many hospitals, clinics, and other healthcare facilities that are very modern. A conducive environment for the adoption of RFID technology has been created by the region's early acceptance of cutting-edge medical technologies. The governments of North America have started a number of programmes to encourage the use of RFID technology and other healthcare IT technologies. The Health Information Technology for Economic and Clinical Health (HITECH) Act, for instance, offers monetary incentives to healthcare professionals for adopting and implementing electronic health records (EHRs) and other healthcare IT solutions. The US government has also implemented other healthcare reform programmes. These factors have promoted North America to hold the largest radio frequency identification devices (RFID) in healthcare market share during the anticipated time frame.

KEY INDUSTRY PLAYERS

"Key Players Focus on Strategic Collaborations and Mergers to Reach New Markets "

The radio frequency identification devices (RFID) in healthcare industry is extremely competitive, and market participants are adopting a number of actions to grow their market share. To diversify their product offerings and reach new markets, many companies offering RFID solutions are forming partnerships with other businesses. For instance, Terso Solutions and Kit Check announced a collaboration in 2020 to provide an integrated RFID system for tracking medications and medical equipment. Mergers and acquisitions are another tactic used by market participants to grow their companies. For instance, in order to increase the scope of its RFID product offering, Avery Dennison purchased the RFID inlay division of Smartrac in 2019.

List of Top Radio Frequency Identification Devices RFID in Healthcare Companies

• Awarepoint Corporation (U.S.)
• CAEN RFID srl (Italy)
• Dolphin RFID Pvt. Ltd. (India)
• Ekahau, Inc. (U.S.)
• Impinj, Inc. (U.S.)
• Intermec(Honeywell International Inc.) (U.S.)
• LogiTag Systems Ltd. (Israel)

REPORT COVERAGE

This report covers the radio frequency identification devices (RFID) in healthcare market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2032. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.