Global RFID Market, Trends, CAGR Status, Market Growth, Analysis and Forecast (2020 - 2023)

RF12887059 Market (2020 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The RF12887059 market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

RF12887059 Market report is anticipated to register a CAGR of 20% over a five years forecast period (2020 – 2023).”

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List of Major Key players operating in the Global RF12887059 Market are –

  • Smartrac N.V.
  • Avery Dennison Corporation
  • CCL Industries
  • Inc.
  • Alien Technology Corporation
  • Gao RFID
  • Inc.
  • Honeywell International Inc.
  • Impinj Inc.
  • Mobile Aspects
  • Inc.
  • RF Technologies
  • STiD Groupe
  • Solstice Medical
  • LLC
  • Stanley Healthcare

The RFID Market in Healthcare is expected to register a CAGR of over 20%, during the forecast period 2020 - 2023. The scope of the market covers the hardware offered as products as well as solutions.

RFID improves the visibility of the entire process and many distribution centers and warehouses have been in an effort to increase the efficiency of the processes as a part of reported improvement programs. Further, the return on investment for this technology (ROI) increases with the volume of items that can be tagged and tracked. It has been identified that about 60% of such centers in North America have been investing in improving the process efficiency, and such investments are expected to drive growth for RFID’s. A major driver of the RFID market is the growing need to prevent spoilage, expiry, or counterfeit products from reaching the market as well as the increasing need to aiding adherence to like FDA's Drug Supply Chain Security Act (DSCSA), Medicines and Healthcare products Regulatory Agency (MHRA) and other regulatory authorities among others. Further, with the advent of NFC capable mobile phones that allow electronic patient identification and tracking across multiple providers, have offered a greater opportunity for the RFID market, as tools allow patients to be identified by a unique radio frequency identification (RFID) tag on their person when they visit a clinic.

China to Hold the Largest Market Share in Asia-Pacific

In case of healthcare and pharmaceutical sector, World Bank data suggests that China spends more than 5% of its GDP on healthcare annually. It is the second largest spender on health care in Asia Pacific region after Japan. This scenario coupled with new interpretation of China’s criminal code, implemented from April 2017, which imposes strong rules on submission and authenticity of new drugs and related clinical trial data are driving the demand for RFID in the country. A 2016 study from the Office of the US Trade Representative reported that more than 97% of the counterfeit prescription drugs intercepted at U.S. points of entry came from China, Hong Kong, India, or Singapore. In order to eliminate the country’s reputation as a manufacturer of counterfeit medicines, new interpretations of criminal code in China have taken place. Currently, any fake data or counterfeit product reported, might lead the manufacturer to face severe jail time and in extreme circumstances, execution. This scenario is encouraging many pharmaceutical manufacturers in the country to make use of RFID to ensure their products are not altered during transit. All these factors have driven the adoption of RFID across the country.

Hospitals and Healthcare Facilities to Hold A Majority of the Market Share

Hospitals are faced with a variety of incidents such as missing patients, incorrect medicine or dosage being administered and babies being swapped among others. These factors have been instrumental in driving the adoption of RFID labels on medicines and RFID enabled wrist bands for patients. These solutions have virtually eliminated the risk of human error as the tag/linked information provides information about, patient’s history, details of the ailment, course of administering medicines and time can all be accessed with an RFID reader. There has been a robust increase in the adoption of electronic medical records in hospitals and private practices that have been buoyed by the penetration of digital technologies in healthcare institutes, biotechnology and pharmaceutical companies and by regulatory standards. This has contributed positively to the growth of the RFID market, as it enables to keep track of documents and data files, including charts, physician and pharmacy orders, and laboratory reports collaborative care. This reduces the degree to which patient data is comprised and allows the best care and treatment to be administered to the patient.

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Scope of the Report:

The report analyses RF12887059 market, which includes –

  • Analysis of the growth of RF12887059 market in global and regional level including Asia-Pacific, Americas, and EMEA.
  • The report provides RF12887059 market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
  • The report offers country level RF12887059 market volume and value by end-user segment for the period 2012-2023.
  • Qualitative analysis of key market drivers and restraints, and analysis of their impacts on RF12887059 market are discussed.
  • The report provides competitive landscape at country level for the year 2020. It also covers key policies and initiatives, key deals, and key upcoming projects.

Highlighted points of RF12887059 Market Report:

  • Varying dynamics of the RF12887059 industry.
  • Prospective changes in sales volumes and worldwide share growth in upcoming years (2020-2023).
  • RF12887059 market report recognizes the key drivers of growth and challenges of the key industry players.
  • Competitors profiles along with product description, overview, and business data.
  • A complete analysis of market risks, opportunities, limitations, and growth of the market.
  • Market driving and restraining factors.
  • Delivers information on the historical and current market size and the future potential of the market.
  • RF12887059 market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.

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Reasons to Purchase RF12887059 Market Report:

  • The report analyses how stringent emission control norms will drive the global RF12887059 market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major RF12887059 market players.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel).

In this study, the years considered to estimate the market size of RF12887059:

History Year: 2013-2017
Base Year: 2017
Estimated Year: 2020
Forecast Year 2020 to 2023

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