The use of RFID offers many benefits to the healthcare industry related to patient safety, tracking, efficiencies in patient care, and provider satisfaction. RFID can help to improve patient safety, automate replenishment and billing, and authenticate quality and sterilization processes.
The global RFID in healthcare market is estimated to account for US$ 4,784.4 Mn in terms of value by the end of 2020.
Global RFID in Healthcare Market: Drivers
Increasing RFID application in healthcare is expected to assist the growth of the global RFID in healthcare market over the forecast period. For instance, in August 2020, Fresenius Kabi introduced plans to add a portfolio of medicines with RFID embedded into their labels.
Global RFID in Healthcare Market: Restraints
Technical limitations such as system errors, RFID tag readability, interference with medical equipment, and interoperability with other health information technology is expected to hinder growth of the global RFID in healthcare market.
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. Increasing RFID application in healthcare is expected to assist the growth of the global RFID in healthcare market over the forecast period
Tags segment held dominant position in the global RFID in healthcare market in 2019, accounting for 61.0% share in terms of value, technological advancement in product development is expected to propel the segment growth
Launch of medical devices with RFID scanners is expected to propel growth of the global RFID in healthcare market. For instance, in January 2020, Dentsply Sirona launched CEREC Primemill, a grinding and milling machine with 7-inch touch interface, an integrated camera for scanning blocks with compatible data matrix code, and an RFID scanner for reading tool information.
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, a provider of automated and intelligent medication management solutions, signed an agreement with SCA Pharmaceuticals that allows SCA to add an embedded RFID tag to all of its products.
If a study is in compliance with all of the parameters listed above, FDA intends to exercise enforcement discretion by not initiating a regulatory action on the basis that the study fails to comply with any of the following regulatory or statutory requirements (to the extent they apply) of the Federal Food, Drug, and Cosmetic Act (the Act) when those requirements are triggered by the use of RFID in the study. The agency intends to limit its exercise of enforcement discretion to those regulatory issues that are specifically triggered by RFID (that is, triggered by the use of RFID readers, the addition of RFID tags, or the placement of seals):
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 July 2020, Know Labs, Inc. entered into a Research Agreement with Mayo Clinic to test and validate its patented Bio-RFID platform technology. Know Labs plans to first deploy its Bio-RFID platform in its wearable UBAND as a non-invasive Continuous Glucose Monitor.
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