Global healthcare RFID market is anticipated to reach $4.1 billion
At present RFID tags and RFID readers leading the components segment in RFID in healthcare. It is expected that RFID tags as well as RFID readers will going to be the forerunner in the forecast period as well. This is generally due to increase in the demand for advanced technology in healthcare across the globe and continuous declining prices of RFID tags. Within application, currently inventory management is showing the largest share in the total revenue of RFID in healthcare. Similar pattern is expected to be maintained in the forecast period as well. The major reason behind this is due to the loss incurred by hospitals in terms of surgical assets misplacement. Moreover, it is expected that in future, number of patients is going to increase who ultimately needs proper medication and care.
The market is dominated by North America and Europe however, Asia-Pacific is expected to grow at the highest rate in the forecast period. The dominance of North American region is attributed to the increasing adoption of RFID based products due to features such as low power consumption and high efficiency. Within Asia-Pacific region, the rapid growth is on account of the support from Government in terms of tax exemptions, huge investment in R&D, rising spending on healthcare sector, along with support from private entities for the installation of RFID based technology in healthcare.
Furthermore, players in RFID in healthcare market have also invested considerably towards R&D for advancement of this market. Market Players such as IMPINJ and Tagsys RFID Group are expected to invest in millions in RFID technology in order to expand their market share. Other leading players such as Dolphin RFID Pvt. Ltd., and ThingMagic, Inc. have also set up separate divisions for R&D in RFID in healthcare to innovate their product offerings and compete with other leading players in the market.
Over the years, most of the well-known players are showing their interest in RFID technology in healthcare market. Players like GAO RFID, IMPINJ, CAEN RFID, STid RFID and Smartrac N.V., among others are investing in RFID technology in healthcare market to a large extent in order to improvise on their products as well as to capture a major market share. Investments into developing economies like India, China and Japan, among others and monitoring of consumables are the major handful of opportunities that RFID technology in healthcare market is lined up with in the coming future. Developed economies including U.S., Germany, France, and U.K., among others have initiated the process of incorporating RFID technology into their healthcare segment. Moreover, with the growing awareness towards health in developing economies (Asia-Pacific), various technological advancements have already been initiated in the healthcare which is further going to increase the demand for RFID technology in the healthcare sector.
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