RFID IN HEALTHCARE MARKET ANALYSIS

RFID in Healthcare Market, By Product Type (Tags (Passive, Active), Readers, Middleware), and By Region (North America, Latin America, Europe) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Press Release : RFID in Healthcare Market

Sample Request Download PDF

RFID is a system based on wireless technology (non-contact system) which utilizes radio-frequency electromagnetic fields for transferring data from a tag attached to an object, for various purposes like automatic identification and tracking of objects. RFID enables identification from a distance, unlike earlier bar-code technology.

Statistics:

The global RFID in healthcare market is estimated to account for US$ 16,756.6 Mn in terms of value by the end of 2027.

Global RFID in Healthcare Market: Drivers

Concerns over drug counterfeiting in healthcare is expected to hinder growth of the global RFID in healthcare market over the forecast period. Patient safety is affected by counterfeit pharmaceuticals and biologics which is a growing problem. Specific technology is needed to deter this drug counterfeiting. RFID minimizes the risk of counterfeited, unacceptable, adulterated or tampered with and diverted drugs.

Moreover, improved operational efficiency with RFID is also expected to aid in growth of the global RFID in healthcare market. To get an accurate account of inventory, manufacturers, and distributors have to improve visibility throughout the supply chain management. Lack of visibility of customer orders and available stock will lead to increased inventory and locks finances unnecessarily as healthcare practitioners often keep buffer stocks to avoid stocks out situation. As RFID enables increased visibility of the inventory, it will reduce buffer stocks by substituting knowledge of inventory and thereby reducing inventory cost.

Statistics:

North America held dominant position in the global RFID in healthcare market in 2019, accounting for 49.5% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1: Global RFID in Healthcare Market Share (%) Value, By Region, 2019

Global RFID in Healthcare Market: Restraints

High cost of the system is expected to hinder growth of the global RFID in healthcare market. The cost of an RFID tag can range from four cents per tag to upwards of US$ 50.00 per tag depending on the capabilities. The RFID tag readers can range from US$ 1,000.00 to US$ 3,000.00 per reader.

Moreover, lack of standardization in technology is also expected to limit growth of the market.

Statistics:

The global RFID in healthcare market was valued at US$ 4,004.0 Mn in 2019 and is forecast to reach a value of US$ 16,756.6 Mn by 2027 at a CAGR of 19.6% between 2020 and 2027.

Figure 2: Global RFID in Healthcare Market Value (US$ Mn), 2016 – 2027

Market Trends/Key Takeaways

Medication shortages in pharmacies is expected to propel growth of the global RFID in healthcare market. For instance, according to an annual survey published in August 2020 by Kit Check, around 60% of pharmacy staff reported dealing with up to 20 medication shortages at a time. More than 72 of respondents reported spending up to 15 staff hours to reconcile each medication shortage.

Moreover, launch of medical devices with RFID scanners is expected to propel growth of the global RFID in healthcare market. For instance, in August 2020, JADAK, a business unit of Novanta Corporation, launched HS-1RS Secure Access Handheld Barcode Scanner, enabled with software from Imprivata and HID. The HS-1RS integrates 1D and 2D barcode scanning with LF/HF RFID smartcard/contact-less and prox card reading functionality.

Regulations

U.S.

FDA intends to exercise enforcement discretion as described below for studies that fall within all of the following parameters:
A manufacturer, repackager, relabeler, distributor, retailer, or others acting at their direction will attach RFID tags (chips and antennae) to only immediate containers, secondary packaging, shipping containers, and/or pallets of drugs that are being placed into commerce. There is no limit to the number of tags or readers that may be used in the study.
The drugs involved will be limited to prescription or over-the-counter finished products. The drugs involved will not include those approved under a Biologics License Application or protein drugs covered by a New Drug Application. The study need not have a pre-determined time limit or endpoint, except that tag placement for the study will be completed by December 31, 2007.
RFID will be used only for inventory control, tracking and tracing of products, verification of shipment and receipt of such products, or finished product authentication.
RFID will not be used to fulfill existing FDA regulatory requirements (e.g., fulfillment of labeling or Current Good Manufacturing Practice requirements, provision of chemistry, manufacture, and control information, storage of information in fulfillment of a regulatory requirement, or performance of label and product reconciliation).
RFID will not be used in lieu of current labeling control systems to ensure correct labeling processes.
The study will use "passive," "semi-active," or "active" tags.3
Information will be written to the tag at the time that the tag is manufactured (e.g., "read only" tags), after the tag is manufactured but before it is affixed to a drug's container (e.g., "read-write tags"), or after the tag is affixed to a drug's container.4 The tags will contain a serial number (e.g., an electronic product code) that uniquely identifies the object to which the tag is attached, and may also contain other information such as storage and handling conditions, information from the FDA approved label and labeling, lot number, and product expiration date
The tags will not contain or transmit information for the healthcare practitioner.
The tags will not contain or transmit information for the consumer.
The tags will not contain or transmit advertisements or information about product indications or off-label product uses.
A seal containing a logo, an inventory control message unrelated to the product (e.g., a message informing the custodian that the package contains an RFID tag), and/or a unique serial number may be placed over the RFID tag or elsewhere on a drug's immediate container, secondary packaging, and/or shipping container.
The addition of the RFID tag and seal will not block, obscure, or alter any of the product's existing and approved label and labeling information.
The RFID tag will not substitute for, replace, or interfere with a linear bar code required pursuant to 21 C.F.R. § 201.25.
Participants will "read" the tags as needed to identify the product and/or conduct the study.
The tag readers will work by emitting electromagnetic energy at radio frequencies of 13.56 megahertz, 902-928 megahertz, or 2.4 gigahertz, and at powers in compliance with regulatory requirements of the Federal Communications Commission (i.e., 1-4 watts effective isotropically radiated power).

Global RFID in Healthcare Market: Competitive Landscape

Major players operating in the global RFID in healthcare market include, Microchip Technology, Accenture plc, Hitachi, IBM, 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare.

Global RFID in Healthcare Market: Key Developments

Major players in the global RFID in healthcare market are focused on adopting partnership strategies to enhance their market share. For instance, in September 2020, Kit Check announced that Premier Inc. has extended its sole source partnership with the company for its Bluesight for Controlled Substances (BCS) solution as well as its namesake kit and tray processing system.

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions.

What we provide:

Customized Market Research Services
Industry Analysis Services
Business Consulting Services
Market Intelligence Services
Long term Engagement Model
Country Specific Analysis

Mr. Shah

Coherent Market Insights Pvt. Ltd.

Address: 1001 4th ave, #3200 Seattle, WA 98154, U.S.

Phone: +1-206-701-6702

Email: sales@coherentmarketinsights.com