RFID in Healthcare Market to Surpass US$ 30.03 Billion by 2030 - Coherent Market Insights

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Nov 29, 2023, 13:30 ET

BURLINGAME, Calif., Nov. 29, 2023 /PRNewswire/ -- According to Coherent Market Insights, Global RFID in Healthcare market size was valued at US$ 8.22 Billion in 2023 and is expected to surpass US$ 30.03 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 20.3% from 2023 to 2030. The global RFID in healthcare market is experiencing strong growth owing to increased adoption for asset tracking, patient monitoring, and drug management, advancement in RFID technology, and integration of IoT.

Key Trends and Analysis of the Global RFID in Healthcare Market:

Increasing need for RFID systems in manufacturing units for improving productivity is expected to drive the market over the forecast period. For instance, in June 2021, according to a research article published by Informs, Inc., a provider of innovative and customized solutions for managing and tracking products and information for customers throughout the world, Radio frequency identification (RFID) technology has proven to be an extremely effective solution, allowing workers to quickly identify and track assets by location throughout the supply chain. RFID tags could effectively replace barcode labels so that you can easily collect data and improve manufacturing efficiency through warehouse automation.

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Key Market Takeaways:

Global RFID in healthcare market is expected to surpass US$ 30.03 Billion by 2030 and is anticipated to witness a CAGR of 20.3% during the forecast period 2023-2030, owing to increasing need for RFID systems in the manufacturing units for improving productivity and increasing product launches by the key players.

On the basis of Product Type, the tags segment is expected to dominate the global RFID in the healthcare market during the forecast period and this is attributed to their benefits, as they can be used to search, identify, track, and communicate with items and people in hospitals. Essentially, RFID tags are smart labels that can store a range of information from serial numbers, to a short description, and even pages of data.

On the basis of Region, North America is expected to dominate the market over the forecast period owing to the increase in healthcare facilities and technological advancement by the key players. Whereas, product launch by the key players is also expected to drive the North America market.

Key players in the global RFID in Healthcare market include Microchip Technology Inc., Accenture, Hitachi, Ltd., IBM, 3M, Aeroscout GmbH, Know Labs, Inc., Kit Check (Bluesight), Fresenius Kabi AG, and Siemens Healthcare GmbH etc.

Global RFID in Healthcare Market Key Developments

In February 2023, HID Global Corporation, a global company in trusted identity solutions announced it has acquired Guard RFID Solutions Inc., a provider of real-time location services (RTLS) hardware and software solutions in the healthcare space. The addition of GuardRFID expands HID's offering and relevance in the active RFID and RTLS space, including the support for new use cases catered to the needs of healthcare facilities.

In September 2021, Fresenius Kabi AG, a global healthcare company that specializes in lifesaving medicines and technologies for infusion, transfusion, and clinical nutrition, and Health Care Logistics, Inc. (HCL), a company that specializes in the manufacturing, packaging, and distribution of medical instruments announced a collaboration designed to make drug replenishment in hospitals more efficient and improve patient safety throughout the medication-use process. The new collaboration allows customers to utilize Fresenius Kabi's +RFID smart-labeled medications with HCL's Stat Stock inventory control solution.

In September 2020, International Medical Industries, Inc., a medical device company, announced that it has joined DoseID, the first member-driven industry consortium for the use of radio-frequency identification (RFID) technology in the healthcare space. DoseID consists of industry innovators who are committed to increasing the interoperability, quality, and performance of RFID-tagged products as they move through the pharmaceutical supply chain from manufacturer to patient.

Read complete market research report, "RFID in Healthcare Market, By Product Type, By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.

Global RFID in Healthcare Market Segmentation:

By Product Type
- Tags(Passive, Active)
- Readers
- Middleware
By Region
- North America
  - By Country:
    - U.S.
    - Canada
- Latin America
  - By Country:
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
- Europe
  - By Country:
    - U.K.
    - Germany
    - Spain
    - France
    - Italy
    - Russia
    - Rest of Europe
- Asia Pacific
  - By Country:
    - China
    - India
    - Japan
    - Australia
    - South Korea
    - ASEAN
    - Rest of Asia Pacific
- Middle East
  - By Country:
    - GCC Countries
    - Israel
    - Rest of Middle East & Africa
- Africa
  - By Country:
    - South Africa
    - North Africa
    - Central Africa

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