Provided by BIS Research
Radio Frequency Identification (RFID) technology has become a widespread phenomenon as it is being used widely to track objects and other things as well. The healthcare sector is utilizing the RFID technology to monitor patients, real time tracking of assets, medication authentication, wait time monitoring, and hand washing, and others. It has a potential to create a competitive advantage through automating and simplifying the collection of data, allowing higher visibility in the healthcare operations.
The affordability of RFID technology has increased due to the constant downfall of the prices of RFID, and hence, its demand in healthcare has increased manifold. In addition to this, the capability and size of the RFID are major contributors to the growth of RFID market in healthcare. Despite so many advantages associated with RFID and a high potential for growth of RFID in the healthcare sector in the future, the market faces a number of hurdles in the form of security and privacy concerns, large amount of initial installation costs and lack of skilled professionals.
Currently, RFID tags as well as RFID readers are popular in the market and are going to be the forerunners in the coming years as well. The increased demand of RFID in the healthcare is because of the integration of advanced technology in the operations and declining prices of RFID. The inventory management has the largest share of revenue in the RFID in healthcare market among the various applications, and this is expected to continue in the coming years. The losses incurred by hospitals in terms of surgical assets misplacement had been huge and thus, the demand for RFID is expected to rise exponentially. The increasing number of ailing patients in the future will also contribute to this growth.
According to a new market research report by BIS Research, titled ‘Global Radio Frequency Identification Devices (RFID) in Healthcare Market-Analysis and Forecast, (2017-2021)', the global RFID in healthcare market is expected to reach $4.1 billion by 2021 growing at a CAGR of 21.64% during the forecast period between 2017-2021.
The projected growth is supplemented by factors such as increasing need for patient monitoring due to increasing geriatric population, advancement of product development and increasing support by government for adoption of RFID technology. The market has future potential because of an impelling demand which is driven by research and development activities being carried out in companies, expanding internet connectivity and the increased adoption rate of mobile.
This market report is a meticulous study of RFID technology in the healthcare market, which includes a thorough analysis of different types of components using RFID technology in healthcare. The market has been further segmented in terms of application, which helps in understanding the need of deploying RFID technology into different applications. It further explains the driving factors, challenges and growth opportunities of RFID technology in the healthcare market.
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