The Global Radio Frequency Identification (RFID) In Healthcare Market Size accounted for USD 2,028 Million in 2021 and is estimated to achieve a market size of USD 12,064 Million by 2030 growing at a CAGR of 22.2% from 2022 to 2030. Some of the major factors propelling the development of improvement RFID in healthcare market include resource management in hospitals, pharmacies, and research institutes, as well as promoting patient safety by healthcare professionals. Furthermore, the RFID systems' high performance and low cost, as well as the installation of automated systems in hospitals and pharmacies are driving the RFID in healthcare market growth.

Radio Frequency Identification (RFID) In Healthcare Market Report Key Highlights

• Global radio frequency identification (RFID) in healthcare market revenue is estimated to expand by USD 12,064 million by 2030, with a 22.2% CAGR from 2022 to 2030
• Based on product, tags segment will account for more than 60% of overall market share in 2021
• North America regional market accounting for nearly 45% of the total market share in 2021
• Asia-Pacific RFID in healthcare market will attain a notable CAGR from 2022 to 2030
• According to studies, RFID technology can increase inventory accuracy to 99.99%
• Growing use of automated systems in pharmacies and hospitals drives the radio frequency identification (RFID) in healthcare market value

Radio frequency identification (RFID) is a fast developing technology that uses radio waves for data collection and transfer. It can capture data efficiently and automatically without human intervention. RFID is predicted to be the next generation innovation for automatic data collection and asset tracking. According to the Perspective Health Information Management, there is rising adoption of RFID in hospital settings and healthcare systems. Since RFID is expected to reduce cost of hospitals, sales of RFID technology for supply chain application have recorded US$ 1.43 Bn in 2019 with a solid plunge from US$ 94.6 Mn. The benefit associated with the increased security of patient privacy is an important aspect for the future growth of RFID in the hospital market trend.

Global Radio Frequency Identification (RFID) In Healthcare Market Dynamics

Market Drivers

• Growing strictness in the pharmaceutical industry regarding medicine labeling
• Increased RFID-enabled device applications and use in the healthcare sector
• The growing use of automated processes in pharmacies and hospitals
• The increasing usage of RFID technology in healthcare organizations to combat the spreading of COVID-19

Market Restraints

• Advancement of alternate labeling methods
• Concerns regarding data privacy and security

Market Opportunities

• Growing demands for inventory management in the pharmaceutical industry
• Increasing RFID technology awareness and benefits

Radio Frequency Identification (RFID) In Healthcare Market Report Coverage

Big Calls For "Auto-ID Technologies"

Proponents of RFID possess many potential advantages over existing and conventional Auto-ID technologies that involve bar-coding for improvement in the supply chain and other processes. Barcode labels are normally read-only, however, RFID tags have specialties like both read and write capability, making them versatile. Unlike barcode scanning, which requires labels to be individually read, groups of RFID tags can be read simultaneously thereby enhancing productivity. The U.S. Food and Drug Administration (FDA) evaluate the use of RFID tags for verifying product degree. In June 2013, FDA announced clearance to RFDI to track the safety and efficiency of the nation’s blood supply. The lab was one of the three lead Wisconsin partners in the project that involves Blood Center of Wisconsin and SysLogic Inc., a Milwaukee-based information systems firm. Together, the teams researched, designed, developed, and tested a new RFID-enabled solution namely, "iTrace" for blood centers that will automatically identify, reconcile, and track blood products.

RFID Technology Possesses Huge Potential For Healthcare Facilities

RFID cites the high potential for healthcare facilities the improvement in patient safety and reduces costs. Early adoption of RFID directs to track medical devices, drugs, staff, and patients. RFID is a technology that uses electronic chips embedded in tags to transmit radio waves. The tag contains information about products or people, their physical location in real-time, and other information such as lot number ad expiration date for medical supplies and drugs, patient allergies or blood type, and others. When transmitted to a reader within the facility, the information can be stored in a database or used by the staff. In the past, majority of the healthcare facilities used to track various resources and patients manually, or by using bar-coding. RFID is a tool that can overcome manual efforts. RFID technology utilization in blood banks, laboratories, and pharmaceutical companies for better workflow management AVERY DENNISON CORPORATION a pioneer in RFID-based drug management systems implements Smartrac’s RAIN RFID tags that guarantee the integrity of the supply chain. Additionally, Hanmi Pharmaceutical Co., one of Korea's largest pharmaceutical companies, employs RFID to increase efficiency, monitor product movements, and assist in carrying out government-regulated quality management. The company already uses RAIN RFID tags to track 60 million product units annually, from packaging to picking and shipping. This enables an automated process from order receipt to the shipment of a packed carton to the wholesaler. As pharmaceutical goods are one of the most sensitive and supervised product groups globally, product tracking and management system must be completely reliable and proof against theft, fraud, and counterfeiting.

RFID In Inventory Management Plays A Vital Role

Incorporation of RFID enables effective management of inventory, prevention of stock, ad overstock situations. These systems enable real-time data management, which leads to the prevention of inventory loss and theft. By integration of RFID-enabled systems facilitates better inventory management in situations of less overstock thereby improving operational efficiency. Spacecode's technologies and healthcare inventory management solutions revolutionize inventory management and traceability with their RFID technology resulting in more effective workflow, optimized patient care, and lower costs. Spacecode's BLOODSPACE solution is a blood bank management system for hospitals. It utilizes BLOODSPACE RFID in combination with compatible software to track and trace blood components within the hospital's Critical Control Points (CCP). This ensures safe cold chain control and prevention of adverse effects.

Rising Demand From Healthcare Companies Drives The Market Growth

The surge in demand for this system among medical device manufacturers, pharmaceutical companies, biopharmaceutical companies, hospitals, and other life sciences companies aiming to control inventory costs boosts the market growth during the forecast period. Incorporating such systems enables organizations to manage stocks and prevent stock out and overstock situations. They also enable real-time data management to prevent inventory loss and theft. RFID-enabled systems facilitate better inventory management resulting in improved operational efficiency.

Radio Frequency Identification (RFID) In Healthcare Market Segmentation   

The worldwide radio frequency identification (RFID) in healthcare market segmentation is based on the product, application, and geography.

Radio Frequency Identification (RFID) In Healthcare Market By Product

• Systems & Software
• Tags

According to the radio frequency identification (RFID) in healthcare industry analysis, tags segment will hold the largest market share in the forecast period. Rising awareness regarding the benefits associated with the devices is projected to drive the growth of this segment. Such tags can be used at any location to track and trace different types of assets, thereby enabling easy access to inventory, faster processing, and real-time asset monitoring.

Radio Frequency Identification (RFID) In Healthcare Market By Application

• Asset Tracking
• Patient Tracking
• Pharmaceutical Tracking
• Blood Tracking
• Others

According to the radio frequency identification (RFID) in healthcare market forecast, the patient tracking segment is expected to grow significantly in the market throughout the projected period. Patient monitoring is a vital technique in large and medium hospitals for arranging operating theatre and testing room visits. Using this method to monitor each patient's travel throughout various departments of the hospital helps to reduce downtime and wait period, and therefore the segment is predicted to register the quickest Rate due to the accompanying benefits.

Radio Frequency Identification (RFID) In Healthcare Market Regional Outlook