RFID in the healthcare market is expected to witness significant growth
RFID in the healthcare market is expected to witness significant growth and reach over USD 3.89 billion over the next seven years owing to major factors such as growing utilization in patient & product tracking.
Technological advancements including the development of new products namely TexTrace RFID tag and Smart Face Technology are expected to fuel demand. Furthermore, improving efficiency of inventory accuracy and supply chain is expected to result in an increase in adoption level of the product in healthcare during the next seven years
According to the information published by the National Institutes of Health in 2013, approximately 98,000 deaths occur in hospitals due to medical faults each year. Increasing requirement of efficient medical devices worldwide is expected to impel the development of the product in healthcare market from 2015 to 2022
Increasing demand for these systems in automated pharmaceutical distribution, point of care solutions and electronic medical records is expected to spur demand. This can be attributed to benefits relating to patient-centric applications that employ passive RFID in stationery mobiles and devices.
Development and use of improved technological solutions such as multi-resonator based chip-less RFID tags are expected to have a positive impact on the growth over the forecast period. Continuous research and development initiatives by non-profit organizations including Health Industry Business Communications Council (HIBCC) is a major driving factor for growth.