The global RFID In healthcare market size was valued at USD 3.95 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.85% from 2023 to 2030. Radio-frequency identification (RFID) technology is anticipated to observe robust growth in the healthcare sector in the coming years. Hospitals, biotechnology firms, and pharmacies are increasingly utilizing RFID technology for effective inventory management and enhanced patient security. Additionally, the cost-efficiency and high productivity of RFID systems are driving the market demand, as well as the uptake of automated processes in healthcare facilities. Moreover, increasing patient visits to hospitals and the need for effective supply chain management are some of the major factors driving market growth.

Integrating RFID technology can help streamline inventory management, reduce stock-outs, and prevent overstock. Moreover, it can provide real-time data and help prevent inventory loss and theft. In the medical field, RFID tagging of medical supplies can make it easier for staff to track essential items used in surgeries and boost patient safety. This is expected to drive the market growth.

RFID is widely used by medical institutions, such as pharmaceutical companies, blood banks, hospitals, and others for workflow management. It can be used to minimize medical errors, and inventory management, for efficient utilization of healthcare assets. Growing demand for cost-efficient & novel therapies and the rising adoption of pharmacy automation in hospitals and pharmacies is driving the market growth. Moreover, increasing focus on patient safety and convenience is contributing to the market growth.

According to the Code of Food and Drug Administration of Health and Human Services, in March 2023, all labeling and packaging materials must adhere to written standards for receiving, identification, storage, handling, sampling, examination, and testing in order to gain approval and be released for use. If these standards are not met, the material must be rejected, and records of each shipment received must be kept. This increased emphasis on quality control is creating a demand for RFID technology.

Product Insights

The tags segment captured the highest market share of 61.28 % in 2022. Increasing awareness about the benefits of these devices is anticipated to boost segment growth. RFID tracking aids medical staff to locate any patients in the hospital to confirm their safety and sustain the care procedure.

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Application Insights

Asset tracking segment dominated the market in 2022 and accounted for the largest share of 38.28% of the global revenue. Increasing demand for efficient medical equipment tracking systems and increasing adoption of RFID systems for the patient as well as staff tracking are among the key factors contributing to the dominant share of the segment.

Regional Insights

North America held the largest share of 44.50% in 2022. The market growth is mainly driven by the increase in regulations for patient safety, mandates for tracking medical devices, and the rising number of hospitals. The presence of developed healthcare infrastructure and the high adoption of advanced technologies in healthcare are some other factors contributing to regional growth. The U.S. is the largest market in this region, contributing to the high adoption of this technology in healthcare services. The increasing recognition of the potential benefits of incorporating RFID technology, combined with increasing concern about the risks of medication errors, is driving growth in the region.

Some of the key players in the global RFID in Healthcare market include:

• Alien Technology, LLC
• Zebra Technologies Corp.
• Avery Dennison Corporation
• Impinj, Inc.
• GAO RFID Inc.
• LogiTag Systems
• Mobile Aspects
• CenTrak, Inc.
• Terso Solutions, Inc.
• Tagsys RFID

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