Healthcare RFID Market Analysis

Healthcare RFID Market Overview

The healthcare RFID market size was valued at USD 0.9 billion in 2023 and is projected to grow from USD 1.02 Billion in 2024 to USD 1.99 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.71% during the forecast period (2024 - 2032). The growing requirement to avert expiry, spoilage, and counterfeit products from coming into the market and the cumulative requirement to help adherence to the FDA's Drug Supply Chain Security Act, MHRA, and other regulatory establishmentsare the key market drivers enhancing RFID in Healthcare Market growth.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

In July 2023, Deenova, the undisputed leader in the provision of state-of-the-art pharmacy automation solutions to healthcare facilities, is delighted to announce the recent acquiring of a contract at Longjumeau Hospital in France. This accomplishment represents an additional milestone in the triumphant introduction of Deenova's cutting-edge product line, AIDE. The agreement mandates the use of one AIDE-CUT, an unparalleled automation robot developed by Deenova for the repackaging of medications in unit dosage, and one AIDE-PICK, an exceptionally innovative automated patient therapy dispensation robot. The AIDE product line revolutionizes the automation of unit dose pharmacies by optimizing operational efficiency and ensuring complete medication traceability. The purpose of the medication management automation implementation at Longjumeau Hospital is to significantly strengthen the hospital's medication circuit, reduce the probability of errors, and improve the precision of medication administration, all of which contribute to improved patient outcomes.

Healthcare RFID Market Trends

• Growing strictness in the pharmaceutical industry regarding medicine labeling to boost the market growth

RFID technology is expected to experience strong growth in the healthcare sector in the near future. Inventory management in pharmacies, hospitals, and biotechnology firms, as well as improved patient security by healthcare providers, are some of the significant factors propelling the growth of the RFID in Healthcare Market. Additionally, the adoption of automated processes in pharmacies and hospitals and the high efficiency and low cost of RFID systems are boosting the market’s demand. Ramping up non-profit research and development efforts and adopting strategies like expansion, mergers, and partnerships to create advanced technologies to support RFID in healthcare are helping the market grow, further driving the growth of the healthcare RFID market revenue.

The surge in demand for this system among medical device manufacturers, pharmaceutical companies, biopharmaceutical companies, hospitals, and other life sciences companies aiming to control inventory costs boosts the RFID in Healthcare market growth during the forecast period. Incorporating such systems enables organizations to manage stocks and prevent stock out and overstock situations. They also enable real-time data management to prevent inventory loss and theft. RFID-enabled systems facilitate better inventory management resulting in improved operational efficiency enhances the market CAGR across the globe in recent years.

However, the growth of this RFID in Healthcare market is powered by the snowballing installation of RFID in manufacturing units for efficiency enhancement, the augmented practice of access and security control applications and swelling government initiatives. Huge implementation of RFID technology in the retail sector and development in the RFID ecosystem via organic growth strategies like acquisitions, mergers, and collaborations further aid in RFID in Healthcare market progression.

RFID in Healthcare Market Segment Insights

Healthcare RFID Market Component Insights

The RFID in Healthcare market segmentation of healthcare RFID, based on components, includes tags, readers, middleware, and printers. The tags segment held the majority share 2022 of the healthcare RFID market revenue. Rising awareness regarding the benefits associated with the devices is projected to drive the growth of this segment. Such tags can be used at any location to track and trace different types of assets, thereby enabling easy access to inventory, faster processing, and real-time asset monitoring. However, printers are the fastest-growing category over the forecast period. Industry players are predicted to continue investments in RFID tags to minimize misidentification issues and authenticate patients and medical staff during blood samples and medication administration.

Healthcare RFID Market Application Insights

The healthcare RFID market data has been bifurcated into the application, including equipment tracking, medicine tracking, and others. The equipment tracking segment dominated the RFID in Healthcare market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Leading companies have upped investments in real-time location systems to track patients and locate equipment. Hospitals are also using RFID tools to measure temperatures and keep a check on hand hygiene for infection control impacts market growth. However, medicine tracking is the fastest-growing category over the forecast period. Patient monitoring is vital in large and medium hospitals for arranging operating theatre and testing room visits.

Figure 1 Healthcare RFID Market, by Application, 2022 & 2032 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Healthcare RFID Market End-User Insights

The healthcare RFID market data has been bifurcated into the end-user, including pharmaceutical and biotechnology companies, hospitals, and others. The hospital's segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Many hospitals and aged care facilities must manage large volumes of disposable items such as bandages, syringes, and personal protective equipment (PPE). However, pharmaceutical and biotechnology companies are the fastest-growing category over the forecast periodas various companies have collaborated to provide enhanced healthcare solutions and services.

Healthcare RFID Market Regional Insights

By Region, the study provides RFID in Healthcare market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America RFID in Healthcare market accounted for USD 0.37 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is due to the number of hospitals and regulations on patient safety in this region. Further, the US market of healthcare RFID held the largest market share, and the Canada market of healthcare RFID was the fastest-growing market in the North Americaregion.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 HEALTHCARE RFID MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe healthcare RFID market accounts for the second-largest market share owing to rising healthcare costs and improving healthcare infrastructure, which are key factors that positively impact the regional market's growth. The rising disease burden is expected to drive demand for efficient health-related services and positively impact growth factors contributing to the region's development, including increasing the number of healthcare providers associated with hospitals, an improved regulatory framework, prioritizing patient safety, and medical device tracking. Further, the UK market of healthcare RFID market held the largest market share, and the Germany market of healthcare RFID was the fastest-growing market in the Europeregion.

The Asia-Pacific healthcare RFID market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the increasing focus on strengthening its domestic medical devices industry, coupled with an increase in the number of hospitals/labs and the aging population in the country, which is expected to drive the demand for medical devices in China. Such an increase in the production and demand for medical devices in the RFID in Healthcare market is expected to promote the demand for RFID in the healthcare industry in China during the forecast period. Moreover, China healthcare RFID market held the largest market share, and the India market of healthcare RFID was the fastest-growing market in the Asia-Pacific region.

Healthcare RFID Key Market Players & Competitive Insights

Major RFID in Healthcare market players are spending a huge amount of money on R&D to increase their product lines, which will help the healthcare RFID market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, increased investments, mergers and acquisitions, and collaboration with other organizations. Competitors in the healthcare RFID industry must offer cost-effective items to expand and survive in an increasingly competitive and rising RFID in Healthcare market environment.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the RFID in Healthcare market to benefit clients and expand the market sector. The healthcare RFID market major player such as Alien Technology Corporation, Applied Wireless Identifications Group Inc., CAEN RFID S.r.l., and others are working on expanding the RFID in Healthcare market demand by investing in research and development activities.

Fujitsu Limited is a Japanese multinational information and communications technology equipment and services corporation established in 1935 and headquartered in Tokyo. Fujitsu is the world's sixth-largest IT services provider by annual revenue and the largest in Japan in 2021. In August 2022, Fujitsu Limited and Tsuda University collaborated to launch a joint social design research project for utilizing flexible and sustainable community healthcare services in Japan. The project aims to provide a framework to patients for high-quality health and medical services irrespective of the limited social resources. Such initiatives by various companies and universities in the region to enhance the healthcare industry in the country are expected to promote the need for advanced RFID medical devices and solutions in the country.

Biolog-id LLC provides medical devices. The Company offers traceability and management of sensitive health products for red blood cells, plasma, platelets, and chemotherapy preparations. Biolog-id serves clients worldwide.In October 2022, Biolog-id announced the release of an RFID kit created especially for businesses that deal with large amounts of red blood cells (RBC). The new HD kit is being implemented at numerous client sites following a successful RFID in Healthcare market validation, confirming the solution's capacity to support inventory management excellence even in the most challenging and complicated environments.

Key Companies in the RFID in Healthcare market include

• Alien Technology Corporation


• Applied Wireless Identifications Group, Inc.


• CAEN RFID S.r.l.


• Gao RFID, Inc.


• Honeywell International Inc.


• Impinj Inc.


• Invengo Information Technology Ltd. Co.


• Mobile Aspects, Inc.


• Motorola Solutions, Inc.


• Radiance


• RF Technologies


• Stanley Healthcare


• STiD RFID, among others

Healthcare RFID Industry Developments

May 2022 RF Technologies announced the release of SAFE PLACE Staff Protection Solutions. RFT SAFE PLACE Staff Protection offers staff protection and peace of mind by assisting at the touch of a button.

April 2022 Avery Dennison, one of the largest manufacturers of UHF RFID tags, started operations at its new intelligent labels factory in Brazil to meet the growing demand in South America. The company commenced that the factory will produce various inlay designs, available in dry and wet formats, for industries such as apparel, food, pharmaceutical, cosmetics, automotive, aviation, and more.

Healthcare RFID Market Segmentation

RFID in Healthcare market Component Outlook

• Readers


• Middleware


• Printers


• Tags

RFID in Healthcare market Application Outlook

• Equipment Tracking


• Medicine Tracking


• Others

RFID in Healthcare market End-User Outlook

• Pharmaceutical and Biotechnology Companies


• Hospitals


• Others

RFID in Healthcare market Regional Outlook

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  Middle East
  
  


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  Africa
  
  


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  Latin America