Global RFID in Healthcare Market Set to Grow Exponentially

North America, followed by Europe, has the largest market for RFID in healthcare due to government initiatives, major drug counterfeit events and rise in need for reducing cost and increasing operational efficiency in healthcare sector in this region. Asia is expected to show high growth rate in the RFID in healthcare market in next few years due to low cost of original equipment manufacturing (OEM) services provided by china and rise in adoption of RFID systems in healthcare in the region.

Rise in demand for RFID in healthcare sector for increasing operational efficiency, growing concern about drug counterfeit and safety, government initiatives, increasing need for reducing operational cost in healthcare and rise in incidence of medical device theft cases are driving the market for RFID in healthcare. In addition, a large number of applications of RFID in healthcare are driving the market for RFID in healthcare.

However, lack of awareness about RFID, installed base of barcode systems and lack of standardization are some of the factors restraining the growth for global RFID in healthcare market.

Growing demographics and economies in the developing countries such as China and India and low cost of RFID component such as original equipment manufacturing (OEM) services provided by China are expected to offer good opportunities in RFID in healthcare market in Asia. In addition, broader application of RFID technology in healthcare and rise in need for innovation in RFID technologies are expected to offer new opportunities for global RFID in healthcare market. Increasing number of mergers and acquisitions and rise in number of collaborations and partnerships are some of the trends that have been observed in global RFID in healthcare market.