RFID in Healthcare Market to Reach US$ 16,756.6 Million by 2027 - Coherent Market Insights

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.

Statistics:

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.

Key Takeaways:

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

Market Trends

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.

Regulations

U.S.

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):

• Any RFID-triggered requirements of 21 C.F.R. & 314.70 and section 506A of the Act.
• Any RFID-triggered submission requirements under 21 C.F.R. part 314 and section 505 of the Act, except for field alert report requirements.
• Any RFID-triggered requirements of 21 C.F.R. part 11.5
• Any RFID-triggered requirements of 21 C.F.R. parts 210 and 211 and section 501(a)(2)(B) of the Act (current Good Manufacturing Practices).6
• Any RFID-triggered requirements of 21 C.F.R. part 207 and section 510 of the Act (Registration and Listing).
• FDA expects that all of the drugs included in these studies will comply with all applicable provisions of the Act in all other respects, and they will initiate regulatory action if not complied. This policy expires automatically on December 31, *2012*, they may change policy sooner or deviate from it in particular cases in order to protect the public health. The *December 2012* date should provide sufficient time for industry to gain experience with RFID technology. When RFID is used outside of the parameters described above, they expect full compliance with all applicable FDA requirements. If RFID technology is used outside of those parameters and does not comply with applicable requirements, they do not expect to exercise enforcement discretion.

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.

Segmentation

Scope of the report

• 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.