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The Increasing RFID penetration in different sectors and IoT development are driving the demand for the market.
— Emergen Research
VANCOUVER, BC, CANADA, July 20, 2022 /EINPresswire.com/ — The global RFID in Healthcare Market is expected to reach USD 12.89 Billion by 2027, according to a new report by Emergen Research. Some of the growth drivers of the market include growing emphasis on reducing operating costs and streamlining the process, demand for effective supply chain management, and improving care quality and performance.
It is expected that high operating costs linked to the healthcare sector would accelerate the adoption of RFID in healthcare organizations. Pharmaceutical firms, suppliers of medical instruments, hospitals, and many other healthcare entities leverage this technology to monitor the cost of inventories. RFID technology allows these companies to manage their inventories effectively and help prevent situations of stock-out and over-stocking. RFID tags allow surgical staff to easily monitor the medical devices used in operation theatres, thereby increasing patient safety. A growing operating cost reduction requirement is expected to cause a rise in RFID adoption. This system is also used for effective patient monitoring and better control of the workflow in hospitals, blood banks, and pathology labs.
Emergen Research has published a new market research report titled Global RFID in Healthcare Market Forecast to 2028 comprising statistical data represented in tables, pie charts, graphs, and figures to aid in easy understanding of the market. The research report provides a comprehensive assessment of the market and provides a futuristic perspective about the market trends, growth factors, facts, and industry validated market data. It provides an in-depth assessment of market size, market share, revenue growth, along with a comprehensive analysis of the competitive landscape with extensive profiling of the key competitors. Rising investments and technological advancements are expected to significantly drive the growth of the market throughout the forecast period.
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Some Key Highlights from the Report
Increased use of tags is expected to boost the market during the projected period for monitoring various properties, patients, staff, drug products, and supported blood. The segment held a market share of 62.2% in the year 2019.
Due to the growing need to identify fake drug products and demand for inventory management, the pharmaceutical monitoring application segment is the leader in the adoption of RFID technology. The segment is forecasted to grow with a CAGR of 15.1% during the forecast period.
Due to the growing number of hospitals and the presence of patient safety laws, North America has dominated the global market. The US is the region’s biggest market, helping to make this technology more popular in healthcare. The regional growth is driven by high awareness of the advantages of incorporating RFID together with growing concern about the risk of medication errors.
The report offers a comprehensive overview of the competitive landscape and covers company profiles, production and manufacturing capacity, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions among others. It also offers key insights into financial standing, market reach, global position, gross profit margins, and investment and funding initiatives.
Major Players/Manufacturers profiled in the report are:
Logi-Tag Systems, Cardinal Health, LLC, Terso Solutions, Hurst Green Plastics Ltd, CenTrak, Tagsys, Zebra Technologies Corporation, Impinj, Inc., MetraTec GmbH, and Palex Medical SA, among others.
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For the purpose of this report, Emergen Research has segmented into the global RFID in Healthcare Market on the basis of product, application, and region:
Product Outlook (Revenue: USD Billion; 2017-2027)
Systems & Software
Application Outlook (Revenue: USD Billion; 2017-2027)
The report sheds light on the region expected to dominate the RFID in Healthcare market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the RFID in Healthcare market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
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The report further sheds light on the strength, weaknesses, opportunities, and threats faced by the companies in the global RFID in Healthcare market and additionally measures the feasibility and investment return analysis in the report. Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market and covers the initial and future assessment of the COVID-19 impact on the market. The report is a qualitative and quantitative assessment of the global RFID in Healthcare market that has been formulated by extensive primary and secondary research with the data further validated from industry experts and professionals.
Key Benefits of the Report:
Comprehensive analysis of the competitive scenario and its changing dynamics
Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
In-depth 8 year analysis of the Global RFID in Healthcare Market
Critical assessment of the key market segments
Comprehensive analysis of the drivers, restraints, trends, and opportunities
Detailed regional analysis and extensive company profiling
Extensive assessment of current and emerging trends of the market
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RFID in Healthcare Market Size Worth USD 12.89 Billion By 2027