RFID in Healthcare Market Share To Represent 23.3% CAGR Owing To Rising Technological Innovation in Healthcare Industry Till 2023

RFID in Healthcare Market Analysis By Components (Tags, Readers, Middleware, Printers), Applications (Equipment Tracking, Medicine Tracking, Medical Report Tracking), Insights, Dynamics, Key Players and Regional Outlook, Forecast To 2023

Pune, India - July 12, 2019 /MarketersMedia/ —

The Radiofrequency Identification (RFID) in Healthcare Market share to represent 23.3% CAGR owing to rising technological innovation in healthcare industry and automated process adopted by pharmacy and hospitals during the forecast period (2018-2023), states Market Research Future (MRFR).

The fundamental reasons backing market growth could be the increasing focus on the reduction of operational costs and streamlining the workflow. Other than this, rising demand for an organized supply chain management and the need for enhancing the quality and efficiency of care also favor the market.

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High operational costs in the healthcare industry boost the adoption of RFID technology within healthcare organizations. Medical device manufacturers, pharmaceutical companies, hospitals, and various other healthcare organizations extensively use this technology to curb inventory costs. RFID technology allows organizations to efficiently manage inventory and helps prevent stock out and overstock situations. RFID tags aid the surgical staff to easily track medical devices used in operation theatres, which enhances patient safety. Growing need to reduce operating costs fuel the adoption rate of RFID. This technology also finds use in blood banks, pathology labs and laboratories for better workflow management and efficient product tracking.

RFID technology gives rise to enough patient monitoring, better communication, patient identification, as well as patient tracking. This helps in bringing down medication errors and elevate safety. Thus, the growing need for patient monitoring and mandates to elevate safety contribute to market growth.

RFID in Healthcare Market Segmentation:

The global RFID in healthcare market has been segmented into:
components
applications
end-user

By components market segmented into :
tags
readers
middleware
printers
others

By applications RFID in healthcare market segmented into :
people identification and tracking
equipment tracking
medicine tracking
medical report and blood samples tracking

The end-users covered in the report include:
pharmaceutical
biotechnology companies
hospitals,
research institutes

The tags segment expects to cover the maximum share in the market, based on its wide application in pharmaceutical tracking and asset tracking. Meanwhile, the growth of the user research institutes segment could be the highest in the market, on account of the surge in research and development by significant vendors in the upcoming years.

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RFID in Healthcare Market Regional Outlook

The important regions for RFID in healthcare market are
Americas
Europe
Asia Pacific
Middle East & Africa

Americas could expect to reign over other regions in the global RFID in Healthcare Market, due to increasing strategic alliance by well-established companies and the rising number of non-profit organizations giving a hand in research & development. On top of this, highly developed healthcare infrastructure in the region further stimulates the market growth. The US Department of Health and Human Services reports that in 2018, at least 1,735,350 cases of cancer were diagnosed in the country, which could lead to around 609,640 deaths.

Europe can expect to be the second-most lucrative RFID in Healthcare Market. The regional market profits from favorable government support in the form of funding as well as the support of the healthcare sector. Furthermore, increasing research and development in the region paves the way for further market expansion in the near future.

Expanding at the fastest rate in the RFID in Healthcare Market, Asia Pacific can expect strong growth backed by rising investments in healthcare and improving healthcare infrastructure. The market growth in India and China is believed to be the fastest, based on the rising focus on adopting new technology by the government, along with the availability of advanced treatment options. The World Health Organization noted that in 2010, India’s healthcare expenditure was about 3.27% of GDP, which increased to 3.89% in 2015.

Middle East & Africa could be the smallest RFID in Healthcare Market in the coming years, owing to the substandard healthcare sector, dearth in technical knowledge, and poor medical facilities.

RFID in Healthcare Market Key Players:

The companies currently leading the worldwide RFID in Healthcare Market include
Mobile Aspects, Inc.
CAEN RFID S.r.l.
Gao RFID, Inc.
Honeywell International Inc.
RF Technologies
Invengo Information Technology Ltd. Co.
STiD RFID
Applied Wireless Identifications Group, Inc.
Motorola Solutions, Inc.
Radianse
Impinj Inc.
Stanley Healthcare
Alien Technology Corporation

Table Of Content :

Research Methodology
Segmentation
Market Dynamics
Challenges
Macroeconomic Indicators
Market Profile
Drivers
Restraints
Opportunities
Market Factor Analysis
Company Landscape
List of Tables
List of Figures

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Contact Info:
Name: Akash Anand
Email: Send Email
Organization: Market Research Future
Address: Pune
Website: https://www.marketresearchfuture.com/reports/healthcare-rfid-market-7580

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