Global RFID in Healthcare Market is Estimated to Account for US$ 16,756.6 Mn by End of 2027, Says Coherent Market Insights (CMI)
A radio frequency identification (RFID) tag (News - Alert) typically uses electromagnetic radiation to identify and track tags, which are then attached to specific objects. An RFID tag usually has a microchip that contains the data on it. The microchip contains information about the tag, such as the tag number, identification code, and so forth. The tag can also contain an electronic signature, which tells the reader about the tag in some way.
The global RFID in healthcare market is estimated to account for 16756.6 Mn in terms of value, growing at a CAGR of 19.6% during forecast 2020-2027.
Increasing RFID application in healthcare is expected to hinder growth of the global RFID in healthcare market over the forecast period. For instance, in October 2020, QuVa Pharma Inc. expanded its partnership with Kit Check to support its increasing portfolio of products that include embedded RFID tags. The embedded RFID tags allow hospital pharmacists to add batches of medications to inventory quickly and efficiently, and track throughout the hospital - from pharmacy to patient.
Moreover, increasing healthcare spending is also expected to boost growth of the global RFID in healthcare market. For instance, according to The Centers for Medicare & Medicaid Services, the U.S. health spending is projected to reach nearly US$ 6.0 trillion by 2027.
Increasing launch of medications with RIFD is expected to offer lucrative growth opportunities for players in the global RFID in healthcare market. For instance, in October 2020, Fresenius Kabi introduced the first in a growing line of medications that come with smart labels embedded with radio-frequency identification technology. The first +RFID smart-labeled product, Diprivan (Propofol) 200 mg per 20 mL (10 mg per mL) Injectable Emulsion, USP, is now available in the United States.
Moreover, increasing demand for automated systems such as arcodes and RFID cabinets, which help stock management and inventory management is also expected to boost growth of the global RFID in healthcare market.
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North America is expected to witness significant growth in the global RFID in healthcare market, owing to increasing launch of medicines with RFID tags. For instance, in October 2020, Sandoz Inc. announced the availability of its first two injectable medicines with Radio Frequency Identification (RFID) tags in the U.S. through its collaboration with Kit Check, Inc.
The global RFID in healthcare market is witnessing significant initiatives to adoption of RFID tags. For instance, in September 2020, International Medical Industries, Inc., a leader in Secure Drug Delivery, joined DoseID, the first member driven industry consortium for the use of radio-frequency identification (RFID) technology in the healthcare space.
Major players operating in the global RFID in healthcare market include, Microchip Technology, Accenture plc, Hitachi, IBM (News - Alert), 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare.
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