- RFID systems have diverse applications in the healthcare sector that include infection control, injection safety, radiology, and tracking prescription drugs. Global RFID in healthcare market was worth USD 645 million in 2014. It is projected to reach USD 4,800 million by 2022. This may be attributed to rising theft of medical devices that lead to huge losses for pharmacies and hospitals. RFID technology is being preferred in healthcare owing to advantages like affordability and efficiency. Improper storage and handling often result in expiration of medication and stock-outs. This problem is overcome by RFID.
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Growing adoption of lean inventory management systems like Kanban is also fueling market growth. RFID Kanban systems lower inventories, thereby reducing storage and energy costs. Technological advancements have facilitated development of new products like Smart Face Technology, TexTrace RFID Tags, etc. This could prove beneficial to growth.
Passive RFID can be embedded into mobiles and stationary devices. This is boosting demand in areas like electronic medical records, automated pharmaceutical receipt and distribution, and point of care solutions.
The market can be segregated on the basis of products and regions. Main product segments are systems and tags. RFID systems, with a market share of over 56%, dominated in 2014. RFID systems offer benefits like lower operational costs and seamless integration with prevalent hospital ERP software. Consumers are increasingly becoming aware of these advantages. This would contribute to future growth.
Systems are split into pharmaceutical tracking, blood monitoring, patient tracking, and asset tracking. Pharmaceutical tracking held the maximum market share in 2014. It would continue its dominance over the next seven years. RFID tags are set to grow due to low costs. They are divided into asset tracking tags, patient tracking tags, pharmaceutical tracking tags, and blood monitoring tags.
Regional segments comprise North America, Latin America, Europe, Asia Pacific, and MEA – Middle East and Africa. North America accounted for more than half of the total revenues in 2014. Superior healthcare infrastructure, favorable regulations and high consumer awareness are the main reasons for this dominance.
Asia Pacific will grow at the fastest rate (CAGR of more than 30% from 2015 to 2022). Emerging economies of India, China, and South Korea will contribute to this stupendous growth. Leading market players are Terson Solutions, Logi Tag, Log Tag, Solstice Medical LLC, and Mobile Aspects Inc. Development of innovative products is an important growth strategy adopted.
Information Source: Grand View Research
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