Dublin, Feb. 18, 2025 (GLOBE NEWSWIRE) — The “RFID in Healthcare – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for RFID in Healthcare was valued at US$6.9 Billion in 2024 and is projected to reach US$15.7 Billion by 2030, growing at a CAGR of 14.6% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Radio Frequency Identification (RFID) technology has revolutionized the healthcare industry by providing a robust solution for tracking and managing medical equipment, pharmaceuticals, and patient information. RFID systems use electromagnetic fields to automatically identify and track tags attached to objects, offering a high level of accuracy and efficiency.
In healthcare settings, RFID tags are used to monitor the location and status of critical medical assets, ensuring that equipment is readily available when needed and reducing instances of loss or theft. Additionally, RFID technology enhances inventory management of pharmaceuticals by enabling real-time tracking of medication stocks, which helps in preventing shortages and ensuring the timely administration of drugs.
The integration of RFID technology into healthcare processes has significantly improved patient care and operational efficiency.
Driven by its ability to offer safe and superior solutions to manage critical and sensitive data for end users, RFID is currently being used by various healthcare service providers. For instance, RFID wristbands are used for patient identification, ensuring that patients receive the correct treatments and medications. These wristbands can be scanned to quickly access a patient’s medical history, reducing errors and improving the speed of care delivery.
Furthermore, RFID systems are employed to streamline surgical procedures by tracking surgical instruments, thus preventing the occurrence of retained surgical items. The technology also supports infection control measures by monitoring the sterilization status of medical tools and ensuring compliance with hygiene protocols. This ability to automate and verify numerous aspects of healthcare operations enhances the overall quality and safety of patient care.
The growth in the RFID in healthcare market is driven by several factors, including advancements in RFID technology, the increasing need for efficient healthcare management systems, and rising regulatory requirements for patient safety. Technological innovations have made RFID systems more affordable and easier to implement, broadening their adoption across various healthcare facilities. The growing emphasis on reducing medical errors and improving patient outcomes has led to greater investment in RFID solutions.
Additionally, regulatory bodies are mandating stricter tracking and management of medical devices and pharmaceuticals, which is further propelling the demand for RFID technology. The surge in the number of patients and the need for efficient workflow management in hospitals and clinics are also significant drivers. Moreover, RFID is also being adopted on account of its role in robust tracking systems for managing medical supplies and ensuring patient safety.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as 3M Company, Cardinal Health, Inc., Accenture PLC, Bartronics India Ltd., Cadi Scientific Pte., Ltd. and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the RFID Tags segment, which is expected to reach US$8.5 Billion by 2030 with a CAGR of a 16.1%. The RFID Readers segment is also set to grow at 12.5% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, valued at $1.9 Billion in 2024, and China, forecasted to grow at an impressive 17.9% CAGR to reach $3.8 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Segments:
- Type (Tags, Readers, Software, Other Types)
- Application (Pharmaceutical Tracking, Patient Tracking, Asset Tracking, Other Applications)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 641 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $6.9 Billion |
| Forecasted Market Value (USD) by 2030 | $15.7 Billion |
| Compound Annual Growth Rate | 14.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- Global Economic Update
- RFID in Healthcare – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- Radio-Frequency Identification (RFID): A Prelude
- RFID Technology Components
- RFID in Healthcare
- Major Application Areas of RFID in Healthcare Facilities
- Market Outlook
- RFID Tags Emerge as the Largest Revenue Contributor
- Significant Capabilities and Advantages of RFID Technology Continues to Boost Adoption
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Increased Adoption of RFID Readers and Tags Helps Pharmaceutical Industry Combat the Menace of Product Counterfeiting
- A Peek into the Menace of Counterfeit Drugs
- Most Widely Counterfeited Pharmaceuticals Worldwide: Percentage Share of Value of Fake Drugs Seized
- RFID Beneficial for Tracking Pharmaceutical Expiries and Stocking Issues
- Advantages of RFID Boost Use in Hospitals
- How RFID Technology is Improving Hospital Workflow and Patient Safety
- Introduction of Innovative Devices Foster Growth for RFID Market
- Novel RFID Application for Reusable Hospital and Lab Equipment
- Increased Value for Hospitals, Clinics and Labs from Smart Labeling and Smart Cabinets Enabled by RFID
- UHF Emerges as More Profitable Option for Enterprises in their RFID Infrastructure Build-Outs
- RFID Scores over Bar Coding in Healthcare Sector
- RFID Beneficial Over Bar coding in Blood Monitoring Systems
- Combination of RFID Technology and Barcodes for the Future Healthcare Sector
- Inventory Management: Compelling Use Case for RFID Technology in Healthcare
- RFID Aids in Optimizing Organ Transplantation Outcomes
- RFID for Improvements in Pharmaceutical Supply Chain and Enhanced Patient Safety
- UHF, the Better Frequency for Pharmaceutical Business Needs
- Rising Healthcare Expenditure: A Crucial Macro Growth Driver
- Key Challenges Confronting RFID Technology Market
- Cost Continues to be Key Hurdle
- Uncertainty over ROI
- Lack of Established Standards
- Main RFID Standards
FOCUS ON SELECT PLAYERS:Some of the 161 major companies featured in this report
- 3M Company
- Cardinal Health, Inc.
- Accenture PLC
- Bartronics India Ltd.
- Cadi Scientific Pte., Ltd.
- Ascendent ID, Inc.
- Argent International, Inc.
- Bartec Auto ID Ltd.
- Applied Wireless IDentifications Group (AWID), Inc.
- Biolog-id
- Black Creek Integrated Systems Corporation
- Bluebird Inc.
- ACC Systems, Inc.
- Beijing ChinaReader Technology CO.,Ltd
- CDVI Group
For more information about this report visit https://www.researchandmarkets.com/r/sfahcw
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- RFID in Healthcare Market
