Global Near Field Communications Market - Segmented by Type of, Product and Application - Growth, Trends and Forecasts (2018 - 2023)
The global near field communications market is expected to register a CAGR of 17.5% during the forecast period, 2018 to 2023. North America dominates the market due to the increased volume of mobile/contactless payments and increasing demand for home based monitoring.
Near Field Communications is a short-range, low-power communications protocol between two devices. One device, the initiator, uses magnetic induction to create a radio-wave field that the target can detect and access, allowing small amounts of data to be transferred wirelessly over a relatively short distance. NFC is now gaining traction in the healthcare industry, and has caught the eye of various medical device manufacturers for use in their products.
Exponential penetration of smartphones usage globally
Driving the push toward utilizing smartphones in healthcare settings, is the refinement of NFC. NFC is a short-range, wireless connection standard that allows devices to communicate when they’re simply brought within a few inches of each other. NFC is an extremely simple and convenient technology, as data exchange can be done by just bringing two NFC enabled devices together. NFC-assisted mobile health monitoring, which applies to the prevailing mobile communication methods and cloud, to provide feedback decision support, has been considered a revolutionary approach to improving the quality of healthcare service, while lowering healthcare cost. Rise in near field communication enabled communication systems which is the innovative technology that makes secure transactions and exchanged digital content by mobile.
Additionally, growth of the home healthcare and remote patient monitoring equipment and decreasing cost of this technology.
Lack of proper long-range communication
Near field communication is one of the highest-growing healthcare-related services, the usage is limited to device-device pairing, especially in portable imaging devices, and is not efficient enough for huge data transfer. Since the data transfer speed is low, the usage of this technology is not applicable to media streaming applications in healthcare, such as, tomographic imaging, digital pathology, etc. This disadvantage with the technology is one of the major restraints for its growth in the market. Although, security level increases with the technology, the short-range is limited to 10 cm, which is also a major drawback.
Additionally, lack of awareness among the healthcare personnel and scepticism for industry experts and leaders.
North America to Dominate the Market
Near field communications in healthcare market, is segmented on the basis of operating mode, application, and by end-user. By operating mode, it is segmented into – reader/ writer mode, card emulation mode and peer-to-peer mode. By application it is segmented into – medical devices, payment, identity and access tokens, and social networking. By end-user it is segmented into –healthcare organizations, pharmaceuticals, biotechnology and others. By geography it is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa and South America.
North America dominated the near-field communications in healthcare market due to the demand of NFC-enabled devices and rise in mobile/contactless payments.
Key developments in the market