RFID Market in Healthcare Size - Segmented by Product ( Tags and Labels, RFID Systems), RFID Systems (Asset Tracking Systems, Patient Tracking Systems), End-User (Hospitals, Pharmaceutical), and Region - Growth, Trends and Forecast (2018 - 2023)
RFID Market in Healthcare
The RFID Market in Healthcare is expected to register a CAGR of over 13.6%, during the forecast period 2018 - 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.
Key Developments in RFID Market in Healthcare
March 2018: CCL Industries Inc. acquired a privately specialty manufacturer of high performance labels and marking systems for the Israeli high technology sector, Nortec International Ltd. based near Tel Aviv, Israel for approximately USD 9 million in cash.
January 2018: American company Smart Label Solutions (SLS) signed a partnership with Mozaiko, a Brazilian developer of radio frequency identification (RFID) and Internet of Things (IoT) solutions.
October 2017: CCL Industries Inc. announced it has acquired the remaining 37.5% minority interest in its Acrus CCL venture for approximately $6.3 million in cash.
RFID Market in Healthcare Major Players: Smartrac N.V., CCL Industries, Inc., Alien Technology Corporation, Gao RFID, Inc., Honeywell International Inc., Impinj Inc., Mobile Aspects, Inc., RF Technologies, STiD Groupe and Stanley Healthcare, among others.
Reasons to Purchase RFID Market in Healthcare Report
Current and future RFID market in Healthcare in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segments that are expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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