May 29, 2024
RFID in Healthcare Market

The RFID In Healthcare Market Is Driven By Growing Adoption Of RFID Systems For Asset Management And Supply Chain Management

Radio Frequency Identification (RFID) technology is being widely used across the healthcare industry for tagging and tracking medical equipment, supplies, drugs and blood products. RFID systems help in streamlining supply chain management and enhancing asset management capabilities of healthcare providers. RFID tags attached to medical assets like infusion pumps, ultrasound machines etc allow real-time location tracking which helps optimize equipment utilization and reduce waiting times. RFID is gaining popularity for tracking high-value implants, pharmaceutical products and blood bags during transportation from manufacturer to end-user. Tagged supplies and pharmaceuticals can be easily identified, sorted and sorted at each transit point across the supply chain. This ensures efficiency, accuracy and security of supply transfers.

The global RFID in Healthcare Market is estimated to be valued at US$ 9.47 Mn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

The major trend in the RFID in Healthcare Market is the growing transition towards cloud-based RFID solutions. Traditional on-premise RFID management systems required high upfront hardware and infrastructure costs. However, cloud-based RFID platforms allow remote management of RFID networks through any internet-enabled device without needing RFID hardware at every location. This offers significant benefits in terms of flexibility, scalability and reduced total cost of ownership. Cloud solutions are enabling even smaller healthcare facilities and clinics to leverage RFID technology for various use cases. Many major RFID vendors are offering Software-as-a-Service models to expand their customer base. The cloud trend is expected to accelerate RFID adoption across diverse segments of the healthcare sector over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as RFID technologies are widely used and accepted in healthcare industry. However, setting up manufacturing and achieving economies of scale pose barriers.

Bargaining power of buyers: The bargaining power of buyers is high as healthcare providers can switch between RFID vendors and demand better pricing and services.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as RFID tags, readers and related components are available from multiple suppliers globally.

Threat of new substitutes: The threat of substitutes is low as RFID provides seamless benefits over barcode technology that cannot be easily substitutable.

Competitive rivalry: The rivalry among existing players is high due to their ongoing focus on enhancing RFID portfolio through investments in R&D and new product launches.

Key Takeaways

The global RFID IN Healthcare Market Growth is expected to witness high growth over the forecast period. The global RFID in Healthcare Market is estimated to be valued at US$ 9.47 Mn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024-2031.

The North American region currently dominates the market and is expected remain the highest revenue generating region during the analysis period due to growing healthcare spending and stringent laws regarding patient safety management in the region.

Key players

operating in the RFID in Healthcare are Dexcom, Inc., Medtronic plc, Abbott Laboratories, and Roche Diabetes Car. RFID helps in tracking medical equipment, streamlining supply chain management, and improving staff workflow. It provides real-time location of patients and enhances overall management of healthcare operations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it