New Study Expects RFID Healthcare Market To Near $5 Billion USD By 2022
The Worldwide RFID in healthcare market is expected to reach $4.866 Billion USD by 2022, according to a new study by Grand View Research, Inc. Major factors facilitating its growth include increasing usage of RFID technologies pertaining to product & patient tracking and technological advancement such as the development of novel products which include Smart Face Technology & TexTrace RFID tag.
Furthermore, improvements pertaining to efficiency of supply chain and inventory accuracy are expected to significantly drive the levels of RFID adoption in healthcare during the forecast period.
According to the data published by the National Institutes of Health in 2013, stated that each year nearly 98,000 deaths are caused in hospitals due to medical errors. Such escalating statistics has prompted the growth of RFID in healthcare market over the forecast period.
In addition, benefits pertaining to patient centric applications by embedding passive RFID into stationary devices and mobiles, has spurred the demand of RFID systems especially in point of care solutions, electronic medical records and automated pharmaceutical receipt & distribution.
Constant research activities undertaken by the nonprofit organizations such as the Health Industry Business Communications Council (HIBCC) to develop and promote the usage of advanced technological solutions such as multiresonator based chipless RFID tags, which in turn are expected to positively reinforce RFID in healthcare market growth over the forecast period.
RFID in healthcare industry is segmented on the basis of product type that includes RFID systems and tags. Further, systems and tags have been fragmented depending upon the use such as asset, pharmaceutical & patient tracking and blood monitoring. Due to rising concern for substantial inventory management of blood products, the blood monitoring systems are anticipated to gain momentum over the forecast period.
Further key findings from the report suggest:
- In 2014, North America held largest market share of nearly 51% owing to the presence of sophisticated healthcare infrastructure, and increasing number of collaborations between medical device industry, regulatory authorities and nonprofit research organizations.
- Furthermore, high level research expenditure pertaining to healthcare industry is anticipated to drive the RFID in healthcare market growth in the coming seven years.
- Asia Pacific is expected to be one of the most lucrative regional market, growing at a CAGR of over 30% during the forecast period. Improving healthcare infrastructure and high level economic growth in developing countries such as China, India, andSouth Korea is expected to boost usage rates of RFID systems over the forecast period.
- Furthermore, rising concern for patient safety and tracking of expensive medical devices, are among the key factors attributing to market growth in this region.
- Key players operating in RFID in healthcare market include SpaceCode Technologies, Terso Solutions Inc., Dolphin RFID, GAO RFID, Smartrac NV, Motorola, CAEN RFID, Zebra and Alien technology. Constant implementation of innovative approaches in novel product development, are among the key strategies adopted by these major players.
Grand View Research has segmented the RFID in healthcare market on the basis of product, and region:
- RFID in Healthcare Product Outlook (Revenue, USD Million, 2014 – 2022)
- Asset Tracking Systems
- Pharmaceutical Tracking Systems
- Patient Tracking Systems
- Blood Monitoring Systems
- Asset Tracking Tags
- Pharmaceutical Tracking Tags
- Patient Tracking Tags
- Blood Monitoring Tags