Radio-Frequency Identification (RFID) Technology Is Transforming Various Aspects Of Healthcare Through Benefits Such As Improved Asset Management, Efficient Supply Chain Operations, And Streamlined Patient Workflow. RFID Tags Automatically Identify Patients, Staff, Equipment And Medical Supplies Using Radio Waves To Transmit Data Without Any Physical Contact Or Line-Of-Sight. This Enables Real-Time Tracking Of High-Value Medical Equipment And Supplies Across Different Locations Within A Healthcare Facility. RFID Also Helps In Automating Manual Processes Like Specimen Collection, Blood Bag Labeling And Controlled Substance Administration. Asset Tracking Using RFID Has Emerged As A Simple Yet Effective Way To Optimize Resource Utilization And Prevent Losses Due To Misplacement Or Theft In Healthcare Settings.

The Global RFID In Healthcare Market Is Estimated To Be Valued At US$ 8.22 Bn In 2023 And Is Expected To Exhibit A CAGR Of 20.% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Key Trends:

Active RFID Tags Are Gaining Traction Due To Advantages Such As Long Range And Internal Power Source, Allowing Real-Time Tracking Even In Complex Environments Like Hospitals. Surgically Implanted RFID Tags That Transmit Patient ID Information Are Being Tested To Prevent Errors And Improve Management Of High-Risk Procedures. Major Healthcare Facilities Are Increasingly Adopting Cloud-Based RFID Solutions For Secure Centralized Data Storage And Analytics On Assets, Staff And Patient Movements Across Locations. Standards Such As ISO/IEC 24730-1 Provide Unified Guidelines To Ensure Global Interoperability Of RFID Healthcare Applications And Their Integration With Existing IT Infrastructure.

Porter’s Analysis

Threat Of New Entrants: The Threat Of New Entrants Is Moderate As Considerable Capital Is Required To Establish Operations In This Market And RFID Being An Emerging Technology Acts As A Deterrent For New Players.

Bargaining Power Of Buyers: The Bargaining Power Of Buyers Is Moderate As RFID Technology Allows Tracking Patients And Assets In Real-Time But Its Adoption Is Still Growing.

Bargaining Power Of Suppliers: The Bargaining Power Of Suppliers Is Low As RFID Tags And Readers Can Be Sourced From Various Global Suppliers And Technology Providers.

Threat Of New Substitutes: The Threat Of Substitutes Is Low As RFID Provides Enhanced Accuracy And Real-Time Visibility Which Cannot Be Replicated By Alternative Identification Technologies.

Competitive Rivalry: The Competitive Rivalry Is High Among Existing Players Due To Their Focus On Innovation And Development Of Advanced RFID Solutions.

Key Takeaways

The Global RFID In Healthcare Market Growth Is Expected To Witness High Growth. The Market In North America Is Expected To Dominate The Global Market During The Forecast Period Owing To Increasing Adoption Of Advanced Technologies And Significant Investments In RFID Infrastructure By Leading Hospitals.

Regional Analysis: North America Is Expected To Hold The Largest Share Of The Global RFID In Healthcare Market During The Forecast Period. This Is Attributed To Rapid Technological Advancements And Increasing Healthcare Expenditure In Countries Like The US And Canada.

Key Players: Key Players Operating In The RFID In Healthcare Market Are Microchip Technology Inc., Accenture, Hitachi, Ltd., IBM, 3M, Aeroscout Gmbh, Know Labs, Inc., Kit Check (Bluesight), Fresenius Kabi AG, And Siemens Healthcare Gmbh. These Players Are Focused On Developing Innovative RFID Solutions To Gain Competitive Advantage.

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