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RFID in Healthcare - Global Market Trajectory & Analytics

  • ID: 2390707
  • Report
  • February 2022
  • Region: Global
  • 641 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Cardinal Health, Inc.
  • Dolphin RFID Pvt. Ltd.
  • GAO RFID, Inc.
  • Grifols, S.A
  • Impinj, Inc.
  • LogiTag Ltd.

Global RFID in Healthcare Market to Reach $9.1 Billion by 2026


Radio-Frequency Identification (RFID) refers to a wireless identification technology that employs radiofrequency waves. Healthcare and pharmaceuticals industry is emerging as a lucrative end-use market for RFID technology. Relevant applications for RFID in healthcare and pharmaceuticals sectors include patient tracking; call up records, waste management, asset/document/record tracking, medicine disposals, and real-time location systems. RFID chips and readers installed at hospitals regularly monitor temperature, blood products, drugs and even other clinical trials. The usage of RFID technology is also growing at a rapid pace in pharmaceuticals industry to avoid counterfeiting of various prescription drugs with added supply chain and operational benefits. Ongoing technological advancements in data analytics and RFID technology are enabling manufacturers to accurately analyze consumption as well as inventory data. Regulatory demands such as implementation of e-Pedigree in supply chain, as mandated by California Board of Pharmacy will also generate substantial demand for RFID in the pharmaceutical sector.

Amid the COVID-19 crisis, the global market for RFID in Healthcare estimated at US$4.2 Billion in the year 2020, is projected to reach a revised size of US$9.1 Billion by 2026, growing at a CAGR of 13.8% over the analysis period. Tags, one of the segments analyzed in the report, is projected to record a 15.4% CAGR and reach US$5.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Readers segment is readjusted to a revised 11.7% CAGR for the next 7-year period. RFID tags, also called RFID transponders, are tiny RF identification devices. Growth in the segment will be especially driven by the growing adoption of low cost tags. Passive RFID tags have managed to dominate the RFID tags market, particularly due to their cost-effectiveness over active tags.



The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $2 Billion by 2026


The RFID in Healthcare market in the U.S. is estimated at US$1.3 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2026 trailing a CAGR of 17.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.6% and 12.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.3% CAGR. The deployment rate of RFID technology in the pharmaceuticals and healthcare sector is high in North America region.

Software Segment to Reach $1.2 Billion by 2026


RFID software solution is the key enabler of RFID systems allowing tags and readers to be deployed in a range of applications. The software is designed to enable the system store and manage RFID tag data and integrate the same with other systems. In the global Software segment, USA, Canada, Japan, China and Europe will drive the 13.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$405.6 Million in the year 2020 will reach a projected size of US$1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$200 Million by the year 2026, while Latin America will expand at a 14.8% CAGR through the analysis period.

Select Competitors (Total 161 Featured) -

  • Avery Dennison Corporation
  • Cardinal Health, Inc.
  • Dolphin RFID Pvt. Ltd.
  • GAO RFID, Inc.
  • Grifols, S.A
  • International Business Machines (IBM) Corp.
  • Impinj, Inc.
  • LogiTag Ltd.
  • metraTec GmbH
  • Mobile Aspects Inc.
  • STANLEY Healthcare
  • Terso Solutions, Inc.
  • TOSHIBA TEC CORPORATION
  • Zebra Technologies Corporation
Frequently Asked Questions about the Global Market for RFID in Healthcare

What is the estimated value of the Global Market for RFID in Healthcare?

The Global Market for RFID in Healthcare was estimated to be valued at $4.2 Billion in 2020.

What is the growth rate of the Global Market for RFID in Healthcare?

The growth rate of the Global Market for RFID in Healthcare is 13.8%, with an estimated value of $9.1 Billion by 2026.

What is the forecasted size of the Global Market for RFID in Healthcare?

The Global Market for RFID in Healthcare is estimated to be worth $9.1 Billion by 2026.

Who are the key companies in the Global Market for RFID in Healthcare?

Key companies in the Global Market for RFID in Healthcare include Avery Dennison Corporation, Cardinal Health, Inc., Dolphin RFID Pvt. Ltd., GAO RFID, Inc., Grifols, S.A, International Business Machines (IBM) Corp., Impinj, Inc., LogiTag Ltd. and Mobile Aspects Inc..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Cardinal Health, Inc.
  • Dolphin RFID Pvt. Ltd.
  • GAO RFID, Inc.
  • Grifols, S.A
  • Impinj, Inc.
  • LogiTag Ltd.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2019 to 2022
  • COVID-19 Pandemic Impact on Healthcare and Medical Equipment & Supplies Market
  • Global Medical Equipment & Supplies Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Impact on Pharmaceuticals Sector
  • Global Pharmaceuticals Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Role of RFID Solutions in Improving Safety During the COVID-19 Pandemic
  • RFID: A Mature Technology to Solve Cold Storage Chain Puzzle for COVID-19 Vaccines
  • Hospitals Evolve from Manual to RFID-powered Inventory & Workflow Management for COVID-19 Vaccines
  • EXHIBIT : COVID-19 Vaccines Market Estimates and Forecast In Millions of Annual Doses For Years 2020 Through 2025
  • Emerging RFID Applications to Fight COVID-19 Pandemic
  • RFID in Healthcare – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Radio-Frequency Identification (RFID): A Prelude
  • RFID Technology Components
  • RFID in Healthcare
  • Major Application Areas of RFID in Healthcare Facilities
  • Market Outlook
  • RFID Tags Emerge as the Largest Revenue Contributor
  • Significant Capabilities and Advantages of RFID Technology Continues to Boost Adoption
  • Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • COVID-19 Elevates Application of RFID Technology in Pathology Sector
  • RFID Technology Gains Prominence for Patient Care
  • Increased Adoption of RFID Readers and Tags Helps Pharmaceutical Industry Combat the Menace of Product Counterfeiting
  • A Peek into the Menace of Counterfeit Drugs
  • Growing Menace of Counterfeit Incidents in the Pharmaceutical Industry Boosts Prospects for RFID Implementation: Annual Number of Counterfeit Incidents (In Thousands) in the Pharmaceutical Industry for the Years 2000-2019
  • Most Widely Counterfeited Pharmaceuticals Worldwide: Percentage Share of Value of Fake Drugs Seized
  • RFID Beneficial for Tracking Pharmaceutical Expiries and Stocking Issues
  • Global Prescription Drug Sales (In US$ Billion) for the Years 2017, 2019, 2021, 2023 & 2025
  • Global Generic Drugs Market Size (in $ Billion) for the Years 2016, 2019, 2022 & 2025
  • Advantages of RFID Boost Use in Hospitals
  • How RFID Technology is Improving Hospital Workflow and Patient Safety
  • Introduction of Innovative Devices Foster Growth for RFID Market
  • Novel RFID Application for Reusable Hospital and Lab Equipment
  • Increased Value for Hospitals, Clinics and Labs from Smart Labeling and Smart Cabinets Enabled by RFID
  • UHF Emerges as More Profitable Option for Enterprises in their RFID Infrastructure Build-Outs
  • RFID Scores over Bar Coding in Healthcare Sector
  • RFID Beneficial Over Bar coding in Blood Monitoring Systems
  • Combination of RFID Technology and Barcodes for the Future Healthcare Sector
  • Inventory Management: Compelling Use Case for RFID Technology in Healthcare
  • RFID Aids in Optimizing Organ Transplantation Outcomes
  • RFID for Improvements in Pharmaceutical Supply Chain and Enhanced Patient Safety
  • UHF, the Better Frequency for Pharmaceutical Business Needs
  • Rising Healthcare Expenditure: A Crucial Macro Growth Driver
  • World Healthcare Expenditure (In US$ Billion) for the Years 2017-2023
  • Key Challenges Confronting RFID Technology Market
  • Cost Continues to be Key Hurdle
  • Uncertainty over ROI
  • Lack of Established Standards
  • Main RFID Standards

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)

CANADA

JAPAN

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)

EUROPE

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)

FRANCE

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

AUSTRALIA

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

IRAN


ISRAEL


SAUDI ARABIA


UNITED ARAB EMIRATES


REST OF MIDDLE EAST

AFRICA

  • RFID in Healthcare Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 161
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Avery Dennison Corporation
  • Cardinal Health, Inc.
  • Dolphin RFID Pvt. Ltd.
  • GAO RFID, Inc.
  • Grifols, S.A
  • International Business Machines (IBM) Corp.
  • Impinj, Inc.
  • LogiTag Ltd.
  • metraTec GmbH
  • Mobile Aspects Inc.
  • STANLEY Healthcare
  • Terso Solutions, Inc.
  • TOSHIBA TEC CORPORATION
  • Zebra Technologies Corporation
Note: Product cover images may vary from those shown