Healthcare RFID Global Market Report 2022

“Healthcare RFID Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global healthcare rfid market.

This report focuses on healthcare rfid market which is experiencing strong growth. The report gives a guide to the healthcare rfid market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

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Where is the largest and fastest growing market for the healthcare rfid? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Healthcare RFID market global report” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider healthcare rfid market, and compares it with other markets.

• The market characteristics section of the report defines and explains the market.

• The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.

• Market segmentations break down market into sub markets.

• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.

• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.

• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

• The healthcare rfid market section of the report gives context. It compares the healthcare rfid market with other segments of the healthcare rfid market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, healthcare rfid indicators comparison.

Scope

Markets Covered:

• 1) By Product: Tags and Labels; RFID Systems

• 2) By End-User: Hospitals; Pharmaceuticals; Research Institutions and Laboratories; Others

• 3) By Application: Asset Tracking; Patient Tracking; Pharmaceutical Tracking; Blood Tracking; Others

• Companies Mentioned: Impinj Inc.; Alien Technology Corporation; GAO RFID Inc.; Honeywell International Inc.; STANLEY Healthcare

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Executive Summary

Major players in the healthcare rfid market are: Impinj Inc., Alien Technology Corporation, GAO RFID Inc, Honeywell International Inc., STANLEY Healthcare, Mobile Aspects, RF Technologies, STiD RFID, Terso Solutions, Radianse, CCL Industries Inc, CenTrak, Carinal Health, LogiTag, Biolog-id, Metratec, Tagsys RFID, Zebra Technologies, Smartrac NV, S3Edge Inc., Champion Healthcare Technologies, SpaceCode, Pepperl+Fuchs, Hurst Green, Palex Medical, Applied Wireless Identifications Group Inc., CAEN RFID S.r.l., Invengo Information Technology Ltd. Co., Motorola Solutions Inc., and Solstice Medical.

The global healthcare RFID market is expected to grow from $2.21 billion in 2021 to $2.60 billion in 2022 at a compound annual growth rate (CAGR) of 17.30%. The market is expected to grow to $5.08 billion in 2026 at a CAGR of 18.26%.

The healthcare RFID market consists of sales of healthcare Radio Frequency Identification (RFID) technologies by entities (organizations, partnerships, and sole proprietors) that is a form of wireless communication to transfer data from an electronic tag attached to an object to a reader. RFID helps reduce drug counterfeiting, streamline the clinical trial process, facilitate better identification accuracy, simplify inventory management, consolidate patient tracking, improves caregiver-patient communication, and eliminates the risk of giving the wrong medication.

The main types of healthcare RFID products are tags and labels and RFID systems. Tags and labels are the most common type of passive RFID tag. These are paper or plastic (usually vinyl) labels with an embedded RFID inlay. Healthcare RFIDs are mainly used by hospitals, pharmaceuticals, research institutions and laboratories, and other end-users. Major applications of Healthcare RFIDs are asset tracking, patient tracking, pharmaceutical tracking, blood tracking, and others.

North America was the largest region in the healthcare RFID market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing stringent regulations in the pharmaceutical sector are significantly driving the growth of the healthcare RFID market. Governments and other regulatory bodies across various countries have started implementing stringent measures in the pharmaceutical sector to minimize counterfeiting problems and other medical-related issues. For example, in April 2020, the US FDA (Food and Drug Administration) issued guidelines stating that RFID cards are required for conducting the DPP COVID-19 IgM/IgG System tests. The FDA has also stated that using an RFID card designed for a different test type than the one being performed can lead to inaccurate test results. These kinds of regulations expand the healthcare RFID market by making RFID tags mandatory and creating a continuous demand for RFID technology in healthcare. Hence, the stringent regulatory environment in the pharmaceutical sector is expected to propel the growth of the healthcare RFID market going forward.

Technological advancement is a key trend gaining popularity in the healthcare RFID market. Major companies operating in the healthcare RFID sector are focused on developing new technological solutions to strengthen their position. For instance, in January 2019, Smartrac launched Eagle, a brand-new RAIN RFID product line with a high read range and a cutting-edge NXP UCODE® 8 chip that makes it an excellent option for worldwide retail applications areas. The memory size and typical IC features of Eagle's NXP UCODE 8 IC are the same as those of the widely used and proven NXP UCODE 7 IC. Moreover, UCODE 8 includes a fully automated adjustment feature (SELF ADJUST) that enhances the chip's sensitivity to achieve peak performance in a variety of environments.

In March 2021, BD (Becton, Dickinson and Company), a leading medical technology company, acquired GSL Solutions, for an undisclosed sum. This acquisition helps to expand traditional hospital pharmacy connected medication management solutions by providing innovative technologies for retail pharmacies. GSL Solutions is a United States-based medical technology company that develops devices for storing and tracking controlled substances, which includes RFID technology.

The countries covered in the Healthcare RFID market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.