PUBLISHER: Market Glass, Inc. (Formerly Global Industry Analysts, Inc.) | PRODUCT CODE: 1893102
PUBLISHER: Market Glass, Inc. (Formerly Global Industry Analysts, Inc.) | PRODUCT CODE: 1893102
Global RFID in Healthcare Market to Reach US$15.7 Billion by 2030
The global market for RFID in Healthcare estimated at US$6.9 Billion in the year 2024, is expected to reach US$15.7 Billion by 2030, growing at a CAGR of 14.6% over the analysis period 2024-2030. RFID Tags, one of the segments analyzed in the report, is expected to record a 16.1% CAGR and reach US$8.5 Billion by the end of the analysis period. Growth in the RFID Readers segment is estimated at 12.5% CAGR over the analysis period.
The U.S. Market is Estimated at US$1.9 Billion While China is Forecast to Grow at 17.9% CAGR
The RFID in Healthcare market in the U.S. is estimated at US$1.9 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$3.8 Billion by the year 2030 trailing a CAGR of 17.9% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.2% and 13.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.0% CAGR.
Global RFID in Healthcare Market - Key Trends & Drivers Summarized
Radio Frequency Identification (RFID) technology has revolutionized the healthcare industry by providing a robust solution for tracking and managing medical equipment, pharmaceuticals, and patient information. RFID systems use electromagnetic fields to automatically identify and track tags attached to objects, offering a high level of accuracy and efficiency. In healthcare settings, RFID tags are used to monitor the location and status of critical medical assets, ensuring that equipment is readily available when needed and reducing instances of loss or theft. Additionally, RFID technology enhances inventory management of pharmaceuticals by enabling real-time tracking of medication stocks, which helps in preventing shortages and ensuring the timely administration of drugs.
The integration of RFID technology into healthcare processes has significantly improved patient care and operational efficiency. Driven by its ability to offer safe and superior solutions to manage critical and sensitive data for end users, RFID is currently being used by various healthcare service providers. For instance, RFID wristbands are used for patient identification, ensuring that patients receive the correct treatments and medications. These wristbands can be scanned to quickly access a patient’s medical history, reducing errors and improving the speed of care delivery. Furthermore, RFID systems are employed to streamline surgical procedures by tracking surgical instruments, thus preventing the occurrence of retained surgical items. The technology also supports infection control measures by monitoring the sterilization status of medical tools and ensuring compliance with hygiene protocols. This ability to automate and verify numerous aspects of healthcare operations enhances the overall quality and safety of patient care.
The growth in the RFID in healthcare market is driven by several factors, including advancements in RFID technology, the increasing need for efficient healthcare management systems, and rising regulatory requirements for patient safety. Technological innovations have made RFID systems more affordable and easier to implement, broadening their adoption across various healthcare facilities. The growing emphasis on reducing medical errors and improving patient outcomes has led to greater investment in RFID solutions. Additionally, regulatory bodies are mandating stricter tracking and management of medical devices and pharmaceuticals, which is further propelling the demand for RFID technology. The surge in the number of patients and the need for efficient workflow management in hospitals and clinics are also significant drivers. Moreover, RFID is also being adopted on account of its role in robust tracking systems for managing medical supplies and ensuring patient safety.
SCOPE OF STUDY:
The report analyzes the RFID in Healthcare market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Type (Tags, Readers, Software, Other Types); Application (Pharmaceutical Tracking, Patient Tracking, Asset Tracking, Other Applications)
Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
Select Competitors (Total 161 Featured) -
AI INTEGRATIONS
We're transforming market and competitive intelligence with validated expert content and AI tools.
Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.
TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.