RFID In Healthcare Market Size To Reach US$ 22.72 Bn By 2032

The global RFID in healthcare market size accounted for USD 4.69 billion in 2022 and it is expected to hit around USD 22.72 billion by 2032, poised to grow at a CAGR of 17.09% over the forecast period from 2023 to 2032.

Key Takeaways

North America led the global market with the highest market share in 2022.
The Asia Pacific region is estimated to expand the fastest CAGR between 2023 and 2032.
By Product, The tags segment captured the biggest revenue share in 2022.
By Application, the pharmaceutical tracking segment registered the maximum market share in 2022.

Radio Frequency Identification or RFID is the next generation technology for data-collection and tracking and has effectively been employed in numerous sectors such as retail, manufacturing, and logistics. RFID technology is also viewed as the next revolution in healthcare sector and signifies numerous prospects for improved safety, cost savings and operational effectiveness by means of tagging assets, inventory, personnel, and patients. The application of RFID presents many paybacks to the healthcare sector linked to patient tracking, safety, proficiencies in patient care, and satisfaction. As the cost of RFID technology is presenting a continual downfall, its requirement has been widely growing in both government and private hospitals.

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Growth Factors

RFID technology in healthcare sector is anticipated to observe a remarkable growth in during years to come. Improvement of inventory management system within hospitals, pharmacies, and biotechnology firms and augmented focus for patient safety are together driving market growth. Further, high efficiency of the RFID systems, intensifying population of cancer patients, and implementation of automated process in pharmacies and hospitals are likely to offer push to the market demand during near future. RFID technology gives rise to improved communication, adequate patient monitoring, patient identification, along with patient tracking. This aids in lessening medication errors and uplift safety.

Consequently, the rising requirement for patient monitoring and directives to lift safety subsidize to market growth. Further, progress of the market is bolstered by the cumulative implementation of RFID in manufacturing units for productivity enhancement, and augmented applications of access control application are accelerating demand. Also snowballing government initiatives, high implementation of RFID technology in retail sector and expansion in the RFID ecosystem over organic growth strategies like partnerships and mergers are flourishing market demand.

However, issues in the development of the healthcare RFID market are great installation cost of RFID systems in healthcare and systems interoperability. RFID acceptance in any industry needs huge investment for readers, tags, software, electricity and running replacement services. Further additional features like IoT integration, accuracy checking of system, and training charges increases expenses for RFID solution.

Report Highlights

Pharmaceutical tracking application sector grasp the prevalent market share in 2019, on account for growing needs to find forged drugs and mandate for inventory management
In 2019, North America conquered the global market place due to rising number of hospitals and occurrence of guidelines on patient safety
Asia Pacific is anticipated to be the promising healthcare RFID market during the estimate period on account of refining healthcare infrastructure, cumulative investments in healthcare sector and developments by market participants in the region
Motivated by lower prices of radio-frequency identification tags, and cumulative proliferation of RFID technology in different areas, the RFID in healthcare market is likely to observe substantial growth in coming years.
Increasing research and development accomplishments by non-profit organizations and rigorous strategies by leading firms such as expansion, mergers, and collaboration for the expansion of novel technologies to underpin RFID in healthcare sector

Regional Snapshots

North America is expected to grab the largest chunk of the healthcare RFID market in terms of market size. The players in this region are stressing on research and development happenings, to ease operational competence via advanced technologies. Besides, the implementation of RFID technologies and a noteworthy number of recognized players in the region are flourishing the growth of RFID tags in the North America. Further, regional market benefits from promising government backing in terms of funding and the rigorous support of for the development of healthcare sector. Increasing number of alliances in the medical device sector, research by non-profits firms and existence of sophisticated healthcare infrastructure subsidize to the governance of North America in the global healthcare RFID market.

Asia Pacific is likely to record the firmest growth throughout the estimate period. This high progress is credited to the enlightening healthcare infrastructure in China, India, and Japan. Additionally, mounting concern for patient safety, tracking expensive medical devices, and hospital up-gradation is expected to push the market development in the region.

Key Players & Strategies

On account of upsurge in rivalry in this marketplace, a number of corporations are entering into tactical partnerships with software corporations to escalate the total product profit and withstand their market foothold. Certain crucial players operating effectively in the global healthcare RFID market are Applied Wireless Identifications Group, Inc., Gao RFID, Inc., Honeywell International Inc., STiD RFID.CAEN RFID S.r.l., Alien Technology Corporation, Impinj Inc Mobile Aspects, Inc., Motorola Solutions, Inc., Radianse, Invengo Information Technology Ltd. Co., RF Technologies, Stanley Healthcare, and others.

Certain significant players in the RFID in the Healthcare market include:

CenTrak
metraTec GmbH
SpaceCode
Zebra Technologies Corporation
Impinj
Biolog-id
Terso Solutions
Tagsys RFID
Carinal Health
Mobile Aspects
Pepperl+Fuchs

Segments Covered in the Report

By Product

Tags
Systems & Software

By Application

Pharmaceutical Tracking
Asset Tracking
Patient Tracking
Blood Tracking
Others

By Regional Outlook

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia Pacific
- China
- India
- Japan
- South Korea
Middle East & Africa
Latin America

Table of Content

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global RFID in Healthcare Market, By Product

7.1. RFID in Healthcare Market, by Product Type, 2023-2032
7.1.1. Tags
7.1.1.1. Market Revenue and Forecast (2021-2032)
7.1.2. Systems & Software
7.1.2.1. Market Revenue and Forecast (2021-2032)

Chapter 8. Global RFID in Healthcare Market, By Application

8.1. RFID in Healthcare Market, by Application, 2023-2032
8.1.1. Pharmaceutical Tracking
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.2. Asset Tracking
8.1.2.1. Market Revenue and Forecast (2021-2032)
8.1.3. Patient Tracking
8.1.3.1. Market Revenue and Forecast (2021-2032)
8.1.4. Blood Tracking
8.1.4.1. Market Revenue and Forecast (2021-2032)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2021-2032)

Chapter 9. Global RFID in Healthcare Market, Regional Estimates and Trend Forecast

9.1. North America
9.1.1. Market Revenue and Forecast, by Product (2021-2032)
9.1.2. Market Revenue and Forecast, by Application (2021-2032)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Product (2021-2032)
9.1.3.2. Market Revenue and Forecast, by Application (2021-2032)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Product (2021-2032)
9.1.4.2. Market Revenue and Forecast, by Application (2021-2032)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Product (2021-2032)
9.2.2. Market Revenue and Forecast, by Application (2021-2032)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Product (2021-2032)
9.2.3.2. Market Revenue and Forecast, by Application (2021-2032)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Product (2021-2032)
9.2.4.2. Market Revenue and Forecast, by Application (2021-2032)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Product (2021-2032)
9.2.5.2. Market Revenue and Forecast, by Application (2021-2032)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Product (2021-2032)
9.2.6.2. Market Revenue and Forecast, by Application (2021-2032)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Product (2021-2032)
9.3.2. Market Revenue and Forecast, by Application (2021-2032)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Product (2021-2032)
9.3.3.2. Market Revenue and Forecast, by Application (2021-2032)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Product (2021-2032)
9.3.4.2. Market Revenue and Forecast, by Application (2021-2032)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Product (2021-2032)
9.3.5.2. Market Revenue and Forecast, by Application (2021-2032)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Product (2021-2032)
9.3.6.2. Market Revenue and Forecast, by Application (2021-2032)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Product (2021-2032)
9.4.2. Market Revenue and Forecast, by Application (2021-2032)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Product (2021-2032)
9.4.3.2. Market Revenue and Forecast, by Application (2021-2032)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Product (2021-2032)
9.4.4.2. Market Revenue and Forecast, by Application (2021-2032)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Product (2021-2032)
9.4.5.2. Market Revenue and Forecast, by Application (2021-2032)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Product (2021-2032)
9.4.6.2. Market Revenue and Forecast, by Application (2021-2032)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Product (2021-2032)
9.5.2. Market Revenue and Forecast, by Application (2021-2032)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Product (2021-2032)
9.5.3.2. Market Revenue and Forecast, by Application (2021-2032)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Product (2021-2032)
9.5.4.2. Market Revenue and Forecast, by Application (2021-2032)

Chapter 10. Company Profiles

10.1. CenTrak
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. metraTec GmbH
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. SpaceCode
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Zebra Technologies Corporation
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Impinj
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Biolog-id
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Terso Solutions
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Tagsys RFID
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. Carinal Health
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. Mobile Aspects
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives