U.S. RFID Markets for Healthcare

Published by: Frost & Sullivan

Published: Sep. 30, 2004

Table of Contents

1. Introduction to the Market
1. Market Discussion
1. RFID Overview
2. Market Drivers
a. Need to Eliminate Inefficiencies Associated with Misplaced and Underutilized Assets will Drive Healthcare Facilities to Invest in RFID.
b. Hospital Overcrowding will Spur Clinicians to Implement RFID Solutions.
c. Growing RFID Awareness Amongst Mid-Large Scale Healthcare Facilities will Incite Adoption
3. Market Challenges
a. Substantial Capital Investment may Hinder Clinical Adoption for RFID Solutions
b. Recent Growth and Investment in Bar Code Solutions may Curb Immediate RFID Spend
c. Lack of Solution Awareness Amongst Small Community Facilities may Impede Near-Term Investment
4. Strategies for Growth

2. Technology Demand Discussion
1. RFID Technology Overview
1. Infrastructure
2. Clinical Integration

3. Application Demand Discussion
1. RFID Application Overview
1. Equipment Management
2. Patient Management
3. Outlook for Investment

4. Frost & Sullivan Awards
1. Frost & Sullivan Awards
1. 2004 Excellence in Technology Award
2. 2004 Product Innovation Award

• U.S. RFID Markets for Healthcare: Market Drivers Ranked in Order of Impact (U.S.), 2003-2007
  
• U.S. RFID Markets for Healthcare: Market Restraints Ranked in Order of Impact (U.S.), 2003-2007
  
• U.S. RFID Markets for Healthcare: Growth Strategies Ranked in Order of Impact (U.S.), 2003-2007

List of Charts

• U.S. RFID Markets for Healthcare: RFID Timeline
  
• U.S. RFID Markets for Healthcare: Infrastructural Components
  
• U.S. RFID Markets for Healthcare: Revenue Forecast for Equipment Management (U.S.), 2003-2007
  
• U.S. RFID Markets for Healthcare: Revenue Forecast for Patient Management (U.S.), 2003-2007
  
• U.S. RFID Markets for Healthcare: Revenue Forecast Total RFID Market (U.S.), 2003-2007

Abstract

Most healthcare institutions in the United States have no effective way of tracking all the assets they possess. As a result, quality time is wasted in searching for equipment and the expenses on replacing misplaced equipment increase. In addition, there is mounting pressure on doctors to offer patients timely care within the life critical setting. Tracking systems such as radio frequency identification (RFID) are a powerful way to overcome such supply chain inefficiencies. Implementing RFID tags can help staff locate equipment and provide ready information on when the object was last used.

Frost & Sullivan’s recent research on the U.S. RFID markets for healthcare provides a comprehensive synopsis of the current market scenario. The research gives a technical overview with in-depth information on industry infrastructure and clinical integration. The analysis also offers a snapshot of the RFID application - analyzing equipment management and patient management.

RFID Aids in Combating Issues Posed by Increasing Patient Population

Rapidly increasing patient volumes are highlighting the need to streamline operations in healthcare facilities. "Healthcare institutions - faced with an acute shortage of space and lack of nurses and clinical staff - are unable to provide efficient and timely healthcare solutions to a rapidly growing patient population," says the analyst of this research. "RFID can help healthcare providers overcome this growing challenge by lowering administrative costs by enabling greater organization within clinical workflow processes."

Heightened Awareness Helps RFID Gain Market Share in Healthcare Industry

Despite the hesitance faced toward information technology (IT) products in the healthcare industry, RFID has expanded its presence through increasing levels of awareness within the clinical community.

"RFID’s tremendous value proposition and substantial cost benefit structure has ensured that sufficient hype in the provider community has been created," states the analyst. Though implementation is still within early or pilot phases for some applications, an increasing number of hospitals are showing interest in revamping their supply chain processes by means of solutions such as RFID. In short, vendors are likely to find the transition from interest in the application to actual penetration and adoption a smooth one.

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