RFID in Healthcare Market Size, Share & Trends Analysis Report By Product (Systems & Software, Tags), By Application (Blood Tracking, Patient Tracking, Pharmaceutical Tracking, Asset Tracking), By Region, And Segment Forecasts, 2023 - 2030

RFID in Healthcare Market Size, Share & Trends Analysis Report By Product (Systems & Software, Tags), By Application (Blood Tracking, Patient Tracking, Pharmaceutical Tracking, Asset Tracking), By Region, And Segment Forecasts, 2023 - 2030

RFID in Healthcare Market Growth & Trends

The global RFID in healthcare market size is expected to reach USD 14.65 billion by 2030 and register a CAGR of 17.85% from 2023 to 2030, according to a new report by Grand View Research, Inc. The need to increase the quality and effectiveness of healthcare as well as the rising focus on reducing operational costs and streamlining the workflow are some of the major drivers for the market growth.

Pharmaceutical companies, medical device providers, hospitals, and other such organizations are integrating this technology to help control their inventory costs. RFID tags assist with efficient inventory management, preventing stockouts and overstocking. Furthermore, they provide surgical staff with a way of easily tracking medical devices used in operation theatres, thereby enhancing patient safety. As organizations strive to reduce their operational costs, they are increasingly turning to RFID technology. This technology is also used in laboratories, blood banks, and pathology labs to facilitate product tracking and streamline workflow.

Moreover, radio-frequency identification technology-enabled systems are being used to effectively track and monitor pharmaceuticals, which is becoming increasingly important due to the prevalence of drug counterfeiting and theft. Pharmaceutical companies and law enforcement can mitigate these problems, as well as ensure that patients receive the right medications with this technology. For instance, the Pharmaceutical Security Institute revealed that in 2020, 4,344 cases of counterfeiting, unauthorized distribution, and theft of pharmaceuticals were identified across 137 nations. These crimes involved many types of drugs, with more than 2,451 different medications from all therapeutic categories being impacted. This emphasizes the importance of implementing RFID tracking solutions.

Growing demand for technologically advanced healthcare systems, remote patient monitoring services, and increasing investments by healthcare IT players are some of the other factors expected to propel the market. In developing economies, such as India and China, the adoption of RFID technology in tier I and tier II hospitals for patient tracking is increasing at a significant rate. For instance, in December 2022, the Health Department of India launched radio-frequency identification devices at the Government Rajaji Hospital, Madurai, and the Rajiv Gandhi Government General Hospital in Chennai to monitor the supply chain management of blood and blood products.

The outbreak of the COVID-19 pandemic is positively impacted the market growth. During the COVID-19 pandemic, hospitals leveraged radio-frequency identification technology to identify and locate personnel who had been in contact with infected patients, thus supporting containment efforts. Additionally, this technology is used to track inventory, for instance, to ensure that hospitals have a sufficient supply of medicines for treating patients.

RFID in Healthcare Market Report Highlights

• On the basis of product, the tags segment captured the highest market share of 61.28% in 2022. The growth of the segment is attributed owing to the increasing adoption of tags in the pharmaceutical industry and rising awareness regarding the benefits of these devices
• On the basis of applications, the asset tracking segment captured the highest market share of 38.28% in 2022. The growing demand for effective medical equipment tracking systems, coupled with the rising adoption of RFID technology for tracking both patients and medical personnel, are key drivers behind the segment's dominant market share
• North America dominated the RFID in the healthcare market with 44.50% in 2022 due to factors such as the presence of sophisticated healthcare infrastructure and the large number of companies engaged in developing RFID platforms for healthcare
• Asia Pacific is expected to witness the fastest growth rate of 19.67% over the forecast period. An increase in investment in the healthcare IT sector and growing adoption of RFID technology in healthcare organizations is expected to drive the demand for RFID in healthcare

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