The Global RFID In Healthcare Market Growth Accelerated By Growing Demand For Asset Tracking And Patient Safety

RFID In Healthcare Market

Radio Frequency Identification (RFID) Technology Is Widely Being Adopted In The Healthcare Sector For Applications Such As Asset Tracking, Patient Safety, And Process Optimization. RFID Tags Attached To Medical Equipment, Supplies, And Medicine Help Track Their Movement In Real-Time Across The Hospital And Alert Staff In Case Of Any Theft Or Misplacement. RFID Wristbands Or Cards Help Uniquely Identify Patients And Enable Contactless Access To Their Medical Records. This Reduces The Risk Of Wrong Treatment. The Technology Also Streamlines Operations At Hospitals By Automating Processes Like Item Tagging, Monitoring Temperatures Of Blood Banks And Supply Chain Deliveries.

The Global RFID In Healthcare Market Is Estimated To Be Valued At US$ 8.22 Bn In 2023 And Is Expected To Exhibit A CAGR Of 20% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Key Trends:
The Growing Adoption Of RFID Technology For Asset Tracking And Patient Safety Applications Is One Of The Key Trends Driving The RFID In Healthcare Market. RFID Tags Attached To Medical Equipment And Supplies Enable Real-Time Tracking Of Asset Movement Across Different Locations In Hospitals. This Helps Optimize Resource Utilization And Prevents Losses Due To Theft Or Misplacement. RFID Wristbands Uniquely Identify Patients And Help Reduce The Risk Of Treatment Errors. When Scanned, They Provide Access To A Patient's Complete Medical History Without Requiring Manual Search. This Boosts Efficiency And Safety In Healthcare Delivery. Additionally, RFID Streamlines Processes Like Item Tagging, Blood Bank Monitoring And Supply Chain Management Through Automation.

Segment Analysis
The Global RFID In Healthcare Market Is Dominated By RFID Tags Sub Segment. RFID Tags Accounted For Around 60% Share Of The Total Market In 2023. RFID Tags Are Widely Used Across Various Applications Including Medication Tracking, Inventory Management, Blood And Specimen Tracking And Others. This Is Because RFID Tags Can Store And Transmit Patient Data And Can Be Integrated Seamlessly Into Existing Healthcare Systems.


Key Takeaways
The Global RFID In Healthcare Market Growth Is Expected To Witness High Growth Over The Forecast Period Of 2023 To 2030. The Increasing Regulatory Mandates Regarding Implem entation Of Real Time Patient Tracking Technology Is Driving The Growth Of RFID In Healthcare.

Regional Analysis - North America Accounted For The Largest Share Of Over 35% Of The Total RFID In Healthcare Market In 2023. This Is Due To Strong Technological Infrastructure And Early Adoption Of Advanced Healthcare Technologies In Countries Like The US And Canada. Asia Pacific Is Expected To Grow At The Fastest Pace During The Forecast Period Supported By Growing Healthcare Spending And Increasing Patient Volumes In Regions Like China And India.

Key Players - Key Players Operating In The RFID In Healthcare Market Are Microchip Technology Inc., Accenture, Hitachi, Ltd., IBM, 3M, Aeroscout Gmbh, Know Labs, Inc., Kit Check (Bluesight), Fresenius Kabi AG, And Siemens Healthcare Gmbh. These Players Are Focusing On New Product Launches And Partnerships With Healthcare Providers To Strengthen Their Presence In The Market.

For more insights, read- https://www.ukwebwire.com/rfid-in-healthcare-market-trends-size-and-share-analysis/