RFID in the healthcare market is expected
to witness significant growth and reach over USD 3.89 billion over the next
seven years owing to major factors such as growing utilization in patient &
product tracking. Technological advancements including the development of new
products namely TexTrace RFID tag and Smart Face Technology are expected to
fuel demand. Furthermore, improving efficiency of inventory accuracy and supply
chain is expected to result in an increase in adoption level of the product in
healthcare during the next seven years
According to
the information published by the National Institutes of Health in 2013,
approximately 98,000 deaths occur in hospitals due to medical faults each year.
Increasing requirement of efficient medical devices worldwide is expected to
impel the development of the product in healthcare market from 2015 to 2022
Increasing
demand for these systems in automated pharmaceutical distribution, point of
care solutions and electronic medical records is expected to spur demand. This
can be attributed to benefits relating to patient-centric applications that
employ passive RFID in stationery mobiles and devices.
Development
and use of improved technological solutions such as multi-resonator based
chip-less RFID tags are expected to have a positive impact on the growth over
the forecast period. Continuous research and development initiatives by
non-profit organizations including Health Industry Business Communications
Council (HIBCC) is a major driving factor for growth.
The market
is segmented on the basis of product into RFID tags and systems. Further, they
are fragmented on the basis of application as blood monitoring and patient
& pharmaceutical tracking. Blood monitoring systems are expected to gain
prominence owing to increasing concern for inventory management of blood
products over the forecast period.
In 2014,
North America occupied the significant share of approximately 39.0% on account
of growing number of collaborations between non-profit research organizations,
medical device industry and regulatory bodies and availability to sophisticated
healthcare infrastructure. Further, rising expenditure in the healthcare
industry is projected to fuel the market over the next seven years.
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Further key findings from the study suggest:
- The market is estimated to witness growth owing to development in usage rates of these systems and improving healthcare infrastructure. Also, economic growth developing countries including India, South Korea, and China is expected to propel demand over the forecast period. Asia Pacific is likely to be one of the most lucrative markets, growing at over 25.0% from 2015 to 2022. Furthermore, rising distress for tracking expensive medical devices and patient safety are expected to be the key factors attributing to increase in demand in the region
- Key participants include Terso Solutions Inc., Dolphin RFID, SpaceCode Technologies, Smartrac NV, GAO RFID, CAEN RFID, Zebra and Alien Technology and Motorola. Continuous deployment of advanced approaches in unique product development, are among the major strategies adopted by these players.
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