Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

RFID is a system based on wireless technology (non-contact system) which utilizes radio-frequency electromagnetic fields for transferring data from a tag attached to an object, for various purposes like automatic identification and tracking of objects. RFID enables identification from a distance, unlike earlier bar-code technology.

Statistics:

The global RFID in healthcare market is estimated to account for US$ 16,756.6 Mn in terms of value by the end of 2027.

Global RFID in Healthcare Market: Drivers

Concerns over drug counterfeiting in healthcare is expected to hinder growth of the global RFID in healthcare market over the forecast period. Patient safety is affected by counterfeit pharmaceuticals and biologics which is a growing problem. Specific technology is needed to deter this drug counterfeiting. RFID minimizes the risk of counterfeited, unacceptable, adulterated or tampered with and diverted drugs.

Moreover, improved operational efficiency with RFID is also expected to aid in growth of the global RFID in healthcare market. To get an accurate account of inventory, manufacturers, and distributors have to improve visibility throughout the supply chain management. Lack of visibility of customer orders and available stock will lead to increased inventory and locks finances unnecessarily as healthcare practitioners often keep buffer stocks to avoid stocks out situation. As RFID enables increased visibility of the inventory, it will reduce buffer stocks by substituting knowledge of inventory and thereby reducing inventory cost.

Statistics:

North America held dominant position in the global RFID in healthcare market in 2019, accounting for 49.5% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1: Global RFID in Healthcare Market Share (%) Value, By Region, 2019

RFID in Healthcare  | Coherent Market Insights

Global RFID in Healthcare Market: Restraints

High cost of the system is expected to hinder growth of the global RFID in healthcare market. The cost of an RFID tag can range from four cents per tag to upwards of US$ 50.00 per tag depending on the capabilities. The RFID tag readers can range from US$ 1,000.00 to US$ 3,000.00 per reader.

Moreover, lack of standardization in technology is also expected to limit growth of the market.

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RFID in Healthcare Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 4,004.0 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 19.6% 2027 Value Projection: US$ 16,756.6 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe
  • Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: North Africa, Central Africa, South Africa
Segments covered:
  • By Type:
    • Tags: Passive, Active.
    • Readers, Middleware.
Companies covered:

Microchip Technology, Accenture plc., Hitachi, IBM, 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare.

Growth Drivers:
  • Increasing technological advancements
Restraints & Challenges:
  • High Cost

Statistics:

The global RFID in healthcare market was valued at US$ 4,004.0 Mn in 2019 and is forecast to reach a value of US$ 16,756.6 Mn by 2027 at a CAGR of 19.6% between 2020 and 2027.

Figure 2: Global RFID in Healthcare Market Value (US$ Mn), 2016 – 2027

RFID in Healthcare  | Coherent Market Insights

Market Trends/Key Takeaways

Medication shortages in pharmacies is expected to propel growth of the global RFID in healthcare market. For instance, according to an annual survey published in August 2020 by Kit Check, around 60% of pharmacy staff reported dealing with up to 20 medication shortages at a time. More than 72 of respondents reported spending up to 15 staff hours to reconcile each medication shortage.

Moreover, launch of medical devices with RFID scanners is expected to propel growth of the global RFID in healthcare market. For instance, in August 2020, JADAK, a business unit of Novanta Corporation, launched HS-1RS Secure Access Handheld Barcode Scanner, enabled with software from Imprivata and HID. The HS-1RS integrates 1D and 2D barcode scanning with LF/HF RFID smartcard/contact-less and prox card reading functionality.

Regulations

U.S.

  • FDA intends to exercise enforcement discretion as described below for studies that fall within all of the following parameters:
  • A manufacturer, repackager, relabeler, distributor, retailer, or others acting at their direction will attach RFID tags (chips and antennae) to only immediate containers, secondary packaging, shipping containers, and/or pallets of drugs that are being placed into commerce. There is no limit to the number of tags or readers that may be used in the study.
  • The drugs involved will be limited to prescription or over-the-counter finished products. The drugs involved will not include those approved under a Biologics License Application or protein drugs covered by a New Drug Application. The study need not have a pre-determined time limit or endpoint, except that tag placement for the study will be completed by December 31, 2007.
  • RFID will be used only for inventory control, tracking and tracing of products, verification of shipment and receipt of such products, or finished product authentication.
  • RFID will not be used to fulfill existing FDA regulatory requirements (e.g., fulfillment of labeling or Current Good Manufacturing Practice requirements, provision of chemistry, manufacture, and control information, storage of information in fulfillment of a regulatory requirement, or performance of label and product reconciliation).
  • RFID will not be used in lieu of current labeling control systems to ensure correct labeling processes.
  • The study will use "passive," "semi-active," or "active" tags.3
  • Information will be written to the tag at the time that the tag is manufactured (e.g., "read only" tags), after the tag is manufactured but before it is affixed to a drug's container (e.g., "read-write tags"), or after the tag is affixed to a drug's container.4 The tags will contain a serial number (e.g., an electronic product code) that uniquely identifies the object to which the tag is attached, and may also contain other information such as storage and handling conditions, information from the FDA approved label and labeling, lot number, and product expiration date
  • The tags will not contain or transmit information for the healthcare practitioner.
  • The tags will not contain or transmit information for the consumer.
  • The tags will not contain or transmit advertisements or information about product indications or off-label product uses.
  • A seal containing a logo, an inventory control message unrelated to the product (e.g., a message informing the custodian that the package contains an RFID tag), and/or a unique serial number may be placed over the RFID tag or elsewhere on a drug's immediate container, secondary packaging, and/or shipping container.
  • The addition of the RFID tag and seal will not block, obscure, or alter any of the product's existing and approved label and labeling information.
  • The RFID tag will not substitute for, replace, or interfere with a linear bar code required pursuant to 21 C.F.R. § 201.25.
  • Participants will "read" the tags as needed to identify the product and/or conduct the study.
  • The tag readers will work by emitting electromagnetic energy at radio frequencies of 13.56 megahertz, 902-928 megahertz, or 2.4 gigahertz, and at powers in compliance with regulatory requirements of the Federal Communications Commission (i.e., 1-4 watts effective isotropically radiated power).

Global RFID in Healthcare Market: Competitive Landscape

Major players operating in the global RFID in healthcare market include, Microchip Technology, Accenture plc, Hitachi, IBM, 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare.

Global RFID in Healthcare Market: Key Developments

Major players in the global RFID in healthcare market are focused on adopting partnership strategies to enhance their market share. For instance, in September 2020, Kit Check announced that Premier Inc. has extended its sole source partnership with the company for its Bluesight for Controlled Substances (BCS) solution as well as its namesake kit and tray processing system.

Radio-frequency identification (RFID) also referred to as RFID transponder is a technology used for automated identification of objects, animals, vehicles, people, and other materials. RFID is a system based on wireless technology (non-contact system) used for automatic identification and tracking of healthcare product such as pharmaceuticals. Increasing RFID application in healthcare such as use in tracing counter fitted pharmaceutical is expected to assist the growth of the global RFID in healthcare market over the forecast period. Furthermore, improved operational efficiency with RFID.

Key features of the study:

  • This report provides in-depth analysis of the Global RFID in Healthcare market  and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020–2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategy adopted by key players
  • It profiles key players in the Global RFID in Healthcare market  based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include, Microchip Technology, Accenture plc., Hitachi, IBM, 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics
  • The Global RFID in Healthcare market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global RFID in Healthcare market

Detailed Segmentation:

  • Global RFID in Healthcare Market, By Product Type:
    • Tags
      • Passive
      • Active
    • Readers
    • Middleware
  • Global RFID in Healthcare Market, By Region:
    • North America
      • By Product Type:
        • Tags
          • Passive
          • Active
        • Readers
        • Middleware
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Product Type:
        • Tags
          • Passive
          • Active
        • Readers
        • Middleware
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Product Type:
        • Tags
          • Passive
          • Active
        • Readers
        • Middleware
      • By Country
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Product Type:
        • Tags
          • Passive
          • Active
        • Readers
        • Middleware
      • By Country
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Product Type:
        • Tags
          • Passive
          • Active
        • Readers
        • Middleware
      • By Country
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Product Type:
        • Tags
          • Passive
          • Active
        • Readers
        • Middleware
      • By Country
        • North Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • Microchip Technology *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • Strategies
    • Accenture plc.
    • Hitachi
    • IBM
    • 3M
    • AeroScout Inc.
    • Know Labs, Inc.
    • Kit Check
    • Fresenius Kabi
    • Siemens Healthcare
  •  “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Region
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • Product launch
    • PEST Analysis
    • Technological Advancements
    • Regulatory Scenario
    • Mergers and Acquisitions
    • Impact of COVID19 on the market
  4. Global RFID in Healthcare Market, By Product Type, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Tags
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • Passive
        • Active
    • Readers
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Middleware
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  5. Global RFID in Healthcare Market, By Region, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2026
    • North America
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Germany
        • U.K.
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  6. Competitive Landscape
    • Company Profiles
      • Microchip Technology
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Accenture plc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Hitachi
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • IBM
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • 3M
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • AeroScout Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Know Labs, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Kit Check
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Fresenius Kabi
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Siemens Healthcare
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  7. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 22 market data tables and 14 figures on “RFID in Healthcare Market - Global forecast to 2027”.

Frequently Asked Questions

The Global RFID in Healthcare market size was valued at US$ 4,004.0 million in 2019 and is estimated to exhibit a CAGR of 19.6% between 2020 and 2027.
Tags segment held the major market share in 2019 owing to an technological advancement in product design and increasing demand from pharmaceutical industry to address drug counterfeiting is expected to propel growth of the market.
Major factor driving the growth of Global RFID in Healthcare market during the forecast period increasing demand from pharmaceutical industry, increasing research & development , and adoption of expansion strategies from major companies.
Major factors hampering the growth of the Global RFID in Healthcare market during the forecast period constitutes of high cost.
North America market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are Microchip Technology, Accenture plc, Hitachi, IBM, 3M, AeroScout Inc., Know Labs, Inc., Kit Check, Fresenius Kabi, and Siemens Healthcare.
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