The global RFID in healthcare market is expected to reach USD 1,947.04 million by 2030, at a CAGR of 13.10% over the forecast period 2022-2030.
Real-time location systems (RTLS) and radio frequency identification (RFID) are utilized by healthcare services to track, identify, and monitor patients, as well as to locate visitors, assets, equipment, and personnel. Determine how these technologies protect patients, improve care quality, lower costs, and make patients happy.
This is due to factors such as the growing need to reduce costs, the use of radio frequency identification (RFID) in healthcare, and the need to improve patient safety. The need for enhanced supply chain management and the rise in patient visits are additional significant factors.
RFID makes it easy to monitor inventory and avoid running out of a product or having too much of it. These tools permit the real-time monitoring of data, thereby preventing the loss or theft of property. By minimizing overstocking, RFID-enabled systems facilitate inventory management. This enhances operational efficiency. RFID tags on surgical equipment facilitate the tracking of vital instruments, thereby enhancing patient safety.
RFID technology is also used to improve the flow of work in blood banks, laboratories, and pharmaceutical companies. In June 2016, intelligent RFID Space Code refrigerators were installed in a blood facility at the Liverpool Hospital in Sydney. These are meant to identify blood containers with RFID identifiers and prevent blood containers from remaining chilled for an excessive amount of time.
Contrive Datum Insights has recently added the RFID in Healthcare Market to its extensive database, which aids organizations in shaping their futures through intelligent business decisions. It offers a comprehensive analysis of a vast array of business issues, including global market trends, new technological developments, market size, market share, and new ideas. Moreover, these analytical data were compiled using data investigation techniques, such as primary and secondary research. Moreover, a professional research team demonstrates that the global RFID market in healthcare is both stable and dynamic.
The healthcare industry has encountered numerous changes in recent years, and technology has become an integral part of those changes. RFID technology is increasingly used in the medical field. By facilitating the operation of healthcare facilities, it reduces their expenses. This is a significant reason why RFID in the healthcare market and other advantageous healthcare technology markets will continue to grow in the coming years.
The increasing prevalence of Kanban systems for inventory control is one of the most significant factors contributing to the expansion of this market. According to a study by Stanley Healthcare, RFID Kanban systems reduce inventory costs by 15–35%. In addition, if the quantity of products is halved, the cost of replenishment can be reduced to 5% of the total price. In addition, it is anticipated that 22% less storage space will be required as a result of these modifications. This reduces the price of energy by decreasing the cost of energy storage.
Due to the high cost of deploying and utilizing the technology, RFID in healthcare is expected to impede market growth until 2028.
Significant Market Dynamics
Due to concerns about counterfeit medications in the healthcare industry, the global RFID market is expected to expand at a moderate rate in the coming years.
RFID's capacity to boost business productivity will likely contribute to the expansion of global RFID in the healthcare market. Manufacturers and wholesalers must increase supply chain management visibility in order to obtain an accurate inventory total.
RFID technology is being utilized by an increasing number of organizations in the healthcare industry due to the high costs associated with conducting business.
The global RFID market in healthcare is being driven by factors such as the increasing demand from blood banks, laboratories, and pharmaceutical companies, as well as the advancements in computer and software technology. During the forecast period, technological advancements and rising patient care needs will drive the growth of the global RFID market in the healthcare industry. The global RFID market in healthcare is projected to expand at a sluggish rate in the coming years due to higher operating expenses and more complex technologies.
The rising demand for inventory management in pharmacies, hospitals, and biotechnology firms, as well as the rising demand for patient safety among healthcare providers.
As high-performance RFID systems are introduced and more automation processes are implemented, the global RFID market for healthcare will expand during the forecast period.
Increased R&D and RFID's ability to manage real-time monitoring and analytics will drive the growth of the global RFID healthcare market in the coming years.
The high cost of the device is likely to impede the expansion of the global RFID healthcare market. Depending on their functionality, the price of RFID tags can range from four cents to more than fifty dollars. Each RFID tag device ranges in price from $1,000 to $3,000.
The lack of technological standardization is anticipated to hinder the market's expansion.
Impact of COVID-19
The pandemic of COVID-19 altered the healthcare industry and prompted a global re-evaluation of health care systems. Even during the worst and most unexpected of times, technology was one of the most crucial factors that kept the world functioning.
As coronavirus infections are eradicated and the pandemic evolves into an epidemic, it is anticipated that this negative trend will reverse in the post-pandemic era, when more people will use RFID in healthcare.
The use of technology in healthcare is likely to be the primary driver of the market potential for RFID in healthcare following the pandemic.
Key Market Updates
- CAEN RFID S.R.L. announced in May 2021 that all CAEN RFID readers are compatible with the Nebula platform. This makes it fast and easy to configure RFID tracking and tracing tools. The Nebula platform handles all of the technical aspects of RFID, allowing customers to focus on the most vital aspects of the solution for their business.
- In December of 2019, Impinj, Inc., a well-known manufacturer of RAIN RFID systems, released the Impinj M730 and Impinj M750 integrated circuits. (ICs). The Impinj M730 and M750 ICs provide high performance, rapid stocking, and advanced features for next-generation RAIN RFID devices that can be attached to or inserted into virtually any item and operate globally.
- October 2022 - Biolog-id announces that "We Are Blood," an Austin-based nonprofit blood center that serves Central Texas and is the region's sole source of blood, will implement its value-chain optimization solution. Over 40 hospitals and ten municipalities are served by "We Are Blood," whose mission is to provide and protect the local blood supply.
- June 2022 - Impinj, Inc. releases the Impinj E910 RAIN RFID reader chip for next-generation enterprise-grade readers that can quickly and consistently locate and interact with numerous connected items, such as retail apparel, pallets, airline cargo, and vehicle components. The Impinj E910 reader chip provides supply-chain automation, inventory management, loss-prevention solutions, performance, low energy consumption, and user-friendliness that are the industry standard.
- May 2022 - At Pharmapack Europe, Murata introduces the miniature RAIN RFID Tag. The purpose of this RFID tag is to provide an identifier, allowing RFID readers to ascertain the item's identity and authenticity in healthcare applications.
It is segmented by component into identifiers, readers, middleware, and printers, among others. The readers segment has been subdivided into active and passive readers, and the tags segment has been subdivided into active and passive keywords. Due to its utilization in pharmaceutical tracking, asset tracking, and patient tracking, the tags segment may dominate during the forecast period.
By application, it can be classified into medicine tracking, equipment tracking, identification and monitoring of individuals, medical report and blood sample tracking, and other categories.
By end –use
By end-use, the market is segmented into hospitals, research institutes, pharmaceutical and biotechnology companies, and others. Research institutes, on the other hand, can achieve an impressive CAGR over the forecast period due to substantial investments made by market participants to improve asset tracking.
North America accounted for the largest market share of approximately 45% in 2018, which can be attributed to key factors such as the increasing number of hospitals, increasing patient safety regulations, and the requirement to track medical devices.
The presence of well-developed healthcare infrastructure and the high adoption of advanced technologies in healthcare are some of the other factors contributing to regional growth. The United States is the largest market in the region, contributing to the high adoption of technology in healthcare services. High awareness about the advantages of adopting RFID and growing concerns about the risks of medication errors are boosting regional growth.
The Asia-Pacific region is expected to witness the fastest CAGR of 24.9% during the forecast period. The region is home to a large number of pharmaceutical and life science companies, and there is a growing need for efficient supply chain management. Rising healthcare expenditure, the presence of a large pharmaceutical industry, and improving healthcare infrastructure are some of the key factors that can be attributed to regional demand. The region has a large number of patients with chronic and infectious diseases. The rising burden of disease is expected to increase the demand for efficient healthcare services, thereby boosting market growth.
Geographically, the global RFID market in healthcare has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. The global region will dominate this market in the upcoming future.
Scope of the Report
AdvantaPure, a brand of high-purity products manufactured by New Age Industries, manufactures tubing, reinforced tube, and single-use fluid path assemblies for pharmaceutical and bioprocess manufacturers. AdvantaPure is ISO 9001:2015 certified, and a number of our products exceed USP Class VI, FDA, ISO, NSF, and European Pharmacopoeia requirements. They provide integrated, dependable, and cutting-edge solutions to their customers.
Since its establishment in 1910, Hitachi has utilized technology and innovation to meet the needs of society and its customers. Their mission is to "contribute to society by developing innovative, superior technology and products."
Hitachi’s Social Innovation Business is centered on five growth sectors: mobility, smart life, industry, energy, and IT. Globally, they have nearly 300,000 employees who are working to improve people’s quality of life and our customers’ social, environmental, and economic values to create a sustainable future.
3. Invengo Information Technology Ltd. Co.
Invengo is a leading developer and manufacturer of high-quality, intelligent RAIN RFID (UHF) and NFC (HF) inlays, badges, and Internet of Things connectivity solutions. (IoT). With an emphasis on RFID innovation, Invengo has developed a market-leading product line for the retail, library, (industrial) laundry, pharmaceutical, healthcare, (public) transportation, and numerous other industries.
With over 20 years of experience in RFID, Invengo is committed to enhancing the efficacy of applications such as textile and linen inventory management, ticketing, supply chain management, authentication, asset management, and brand equity.
4. Alien Technology Corporation
Alien Technology Corporation designs, fabricates, and sells radio frequency identification (RFID) products. Utilized in manufacturing lines, warehouses, distribution centers, and retail stores, its RFID ICs, tags, and readers operate in the UHF radio frequency.
In addition to RFID products, Alien offers professional and educational services to various industries, including retail, consumer goods, manufacturing, defense, transportation and logistics, and pharmaceuticals, through label converters, value-added resellers, and system integrators in the United States and internationally.
Alien Technology Corporation was established in 1994 and maintains its headquarters in San Jose, California.
5. Intermec Inc.
Intermec Inc., a manufacturer of automatic identification and data capture solutions, was acquired by Honeywell in 2013. This company was established in 1966. The specialties of the company include mobile computing, data collection, barcode printers, label media, RFID, software development, and supply chain management.
Key market players
- Applied Wireless Identifications Group, Inc.
- Invengo Information Technology Ltd. Co.
- Alien Technology Corporation
- CAEN RFID S.r.l.
- Impinj, Inc.
- GAO RFID Inc.
- Intermec, Inc.
- Sato Holdings Corporation
- STiD and Motorola Solutions Inc.
- Aaid Security Solutions
Major Market Segments Covered
- Active RFID tags
- Passive RFID tags
- Active RFID tags
- Passive RFID tags
- RFID middleware
- RFID printers
- RFID cabinets
- Equipment tracking
- Patient identification and tracking
- Samples and blood transfer tracking
- Medicine tracking
By end use
- research institutes
- pharmaceutical companies
- biotechnology companies
- North America
- Rest of North America
- The Netherlands
- Nordic Countries
- Benelux Union
- Rest of Europe
- Rest of Southeast Asia
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Healthcare services use real-time location systems (RTLS) and radio frequency identification (RFID) to track, identify, and monitor patients, as well as to locate visitors, assets, equipment, and personnel. This is due to factors including the growing need to reduce costs, the use of radio frequency identification (RFID) in healthcare, and the requirement to enhance patient safety. The requirement for improved supply chain management and the increase in patient visits are also significant factors. In healthcare applications, this RFID device is intended to serve as an identifier, allowing RFID readers to confirm the item's identity and authenticity. It is subdivided by component into, among others, identifiers, readers, middleware, and printers. The segment of readers has been subdivided into active and passive readers, and the segment of categories has been subdivided into active and passive keywords. The market is segmented by end-use into hospitals, research institutes, pharmaceutical and biotechnology companies, and others. Geographically, North America, Europe, Asia-Pacific, Latin America, the Middle East, and India have been analyzed as distinct segments of the global RFID healthcare market.