Analysis of the Global Radio-frequency Identification (RFID) Market in Healthcare and Hospital Care, Forecast to 2023

Enhancing Operational Efficiency and Reducing Costs Key to RFID Adoption in Healthcare

This research analyzes the global trends in the radio-frequency Identification (RFID) market in healthcare. The global RFID market in the healthcare industry is witnessing a period of dynamic growth, with the caregivers focused more on enhancing operational efficiency by improving asset availability, inventory management, and personnel tracking. Caregivers are looking to improve user experience within the hospital premise and are looking to leverage technologies such as RFID and Bluetooth low-energy (BLE) for the same. As healthcare costs are high in several countries, caregivers are focused on reducing costs and using technology to aid the same. Connected healthcare is a trend that is expected to drive the demand for RFID technology across different applications. The market has been analyzed mainly from a product perspective through three segments including tags, readers, and middleware.

Research Highlights

The study provides the overall market size for 2018 and a revenue breakdown by product, geography, and applications. Applications include asset tracking, patient & staff tracking, inventory management, hygiene tracking, and environmental tracking. The study focuses on the various market dynamics, challenges, Mega Trends, market trends, product analysis, and other factors that are likely to drive the market growth. The base year of the study is 2018, with forecasts up to 2023. It provides an analysis of the competitive landscape with market shares (only at the global level) and SWOT analysis of top companies. The research, however, does not provide information on the unit shipment. It will present key market participants with business intelligence to help them understand the future of the RFID market in healthcare. The regions included as a part of the study are North America (NA), Latin America (LA), Europe, Middle East, and Africa (EMEA), Asia-Pacific (APAC).

From a technology perspective, active technology will continue to be the dominant technology being deployed in hospitals with a focus on Wi-Fi RTLS, IR RTLS, and ultrasound RTLS. Additionally, the rise of BLE-based location services is also attracting interest among caregivers. From a regional standpoint, North America is the largest contributor to the RFID market in the healthcare industry owing to the growing awareness about RFID technology and the related benefits among caregivers. With increasing emphasis on the user experience, caregivers are deploying technologies such as RFID, RTLS, and BLE. Caregivers are looking at combining data obtained from the RFID hardware and feeding it to artificial intelligence–powered data analytics engines to provide them with meaningful insights that enable better services being offered