Healthcare RFID Market Demands Booming Growth at a CAGR of 22.0%

The global healthcare RFID market is estimated to be over US$ 3.5 billion in 2019. It is anticipated to grow at a CAGR of 22.0% from 2019 to 2030.

The significant growth of the market can be attributed to factors such as growing adoption of automated process in hospitals and pharmacies. High efficacy of the RFID systems for inventory management in hospitals and to improved patient safety are anticipated to boost the growth of the healthcare RFID market over the forecast period.

Extensive research and development by major companies or universities across the globe to introduce healthcare RFID technology with maximum safety and precision is expected to contribute to the market expansion.

RFID technology is also used in blood banks, laboratories, and pharmaceutical companies for better workflow management. These system enable organizations manage stock, prevent stock out, overstock situations and also enable real-time data management to prevent inventory loss & theft. Moreover, increasing demand for these systems among medical device manufacturers, pharmaceutical companies, biopharmaceutical companies, hospitals, and other life sciences companies to control inventory costs, is expected to propel the growth of healthcare RFID market.

In 2019, The Kingdom of Saudi Arabia, adopted RFID technology vaccination cards for Saudi children to improve vaccination process and avoid the delays and mistakes committed during vaccination.