Healthcare RFID Market: Information By Component (Tags, Readers, Middleware, Printers), Application (Equipment Tracking, Medicine Tracking, Others), End-User (Pharmaceutical and Biotechnology Companies, Hospitals, Others) — Global Forecast till 2023
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Radiofrequency identification (RFID) is used for patient monitoring, efficiencies in patient care, tracking, and provider satisfaction. RFID is a wireless system that exploits radio waves for collecting data from a tag attached to an object, for several purposes such as automatic identification, and tracking of objects.
The market is likely to dominate by Americas during the forecast period owing to the increasing prevalence of cancer patients, increasing cases of drug counterfeiting, and well-established healthcare sector in the region. The European market is expected to be the second-largest due to government funding and support of the healthcare sector, raising awareness about the innovative technologies, and improvement in the healthcare sector with respect to infrastructure and facilities. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to technological development, the increasing prevalence of chronic diseases, rising investments in healthcare and expansions by market players in the region. The market in the Middle East & Africa is likely to account for the smallest share of the global RFID in healthcare market.
The rising concerns about inventory management, awareness about patient safety, and increasing acceptance of automation in the healthcare sector are the major factors driving the growth of the global healthcare RFID market. Additionally, aggressive strategies adopted by the top players and the introduction of new products in the market are fueling the growth of the market during the forecast period. For instance, Alien Technology Corporation, a leader in RFID technology introduced RFID Reader with the ALR-F800-X, the product is known for its use in maintaining the workflow and efficiently handling the data. Also, the company is trying to expand its geographical boundaries by signing distribution agreements.
The high costs associated with the RFID products and lack of awareness about the RFID in developing countries are likely to hinder market growth during the forecast period.
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