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GLobal Radiofrequency Identification (RFID) Market Revenue to Decline During Coronavirus Disruption, Stakeholders to Realign Their Growth Strategies

The healthcare industry consists of an integrated ecosystem with multiple technologies including radiofrequency identification (RFID) systems. The relevance of these systems in creating a secure, trackable, and scrutinous environment across hospitals and healthcare centers has driven market demand. There is little contention about the emergence of new technologies in the domain of healthcare and medicine. These technologies could span into equipment, devices, machinery, and healthcare aids. The ability to track these machines via RFID technology has played an integral role in driving sales across the global radiofrequency identification (RFID) market in healthcare. Besides, the willingness of the healthcare industry toward inducting new technologies offers scope for growth within the market.

There is a dire need for management of test samples of blood, urine, and other biologic matter within the healthcare industry. Manual arrangement of these samples creates scope for errors, exposing the entire diagnosis and treatment process to several vulnerabilities. In this scenario, the use of radiofrequency identification (RFID) technology has emerged as panacea for several problems within healthcare. In addition to this, the growing volume of patients who frequent hospitals and healthcare centers has also compelled the healthcare industry to use radiofrequency identification (RFID) systems. Technological advancements have been the centrepiece of growth within the market.

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What is RFID and How Does RFID Work? - AB&R®

In this report preview, Transparency Market Research (TMR) gives an illustrious account of the various trends and dynamics pertaining to market growth and maturity. The global radiofrequency identification (RFID) market in healthcare is expected to expand at a commendable CAGR of 13.90% over the forecast between 2014 and 2020. Use of integrated technologies within healthcare have helped towards popularising RFID systems. The total value of this market is poised to ascend to US$5.3 bn by 2020-end, rising up from a value of US$1.9 bn in 2013.

Identification and Tracking of Individuals as a Priority within Healthcare

As the healthcare industry embraces greater sophistication, use of RFID technologies is projected to gather momentum. On the basis of application, the global radiofrequency identification (RFID) market in healthcare is segmented into equipment tracking; medical report, samples, and blood transfer tracking; people identification and tracking; medicine tracking; and supply chain. The use of people identification systems based on RFID technology is expected to gather momentum in the times to follow. The need to maintain a database of patients, visitors, and medical staff has helped in popularising this segment.

On the basis of RFID components, the global market can be segmented into RFID tags and RFID readers. Use of RFID tags is expected to supersede the latter, and this is an important consideration from the perspective of market growth. Tags are easy to use and process at checkpoints and nodes within healthcare centers.

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North America to Emerge as Leading Market

On the basis of geography, the global radiofrequency identification (RFID) market in healthcare be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The healthcare industry in North America is characterised by spontaneous operations and activities in the field of diagnosis, treatment, and medical assistance. Each of these areas of expertise require pinpoint control at the administrative level, and radiofrequency identification (RFID) systems largely help to this end.

Use of radio waves gives RFID technologies a mark of supremacy over other similar technologies. Identification and tracking of objects were not prioritised across the healthcare industry until a couple of decades ago. However, with growing concerns related to physical security across the premises, the use of identification systems has gathered momentum, especially across US healthcare. Henceforth, the revenues index of the North America radiofrequency identification (RFID) market in healthcare is expected to improve in the years to follow.

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