RFID in Healthcare Market Size to Reach US$ 12 Bn by 2027

The global RFID in Healthcare market size is expected to reach around US$ 12 billion by 2027 and predicted to grow at a CAGR of 21% during forecast period 2020 to 2027.

RFID technology is viewed as the next revolution in healthcare sector and signifies numerous prospects for improved safety, cost savings and operational effectiveness by means of tagging assets, inventory, personnel, and patients.

The application of RFID presents many paybacks to the healthcare sector linked to patient tracking, safety, proficiencies in patient care, and satisfaction. As the cost of RFID technology is presenting a continual downfall, its requirement has been widely growing in both government and private hospitals.

technology in healthcare sector is anticipated to observe a remarkable growth in during years to come. Improvement of inventory management system within hospitals, pharmacies, and biotechnology firms and augmented focus for patient safety are together driving market growth. Further, high efficiency of the RFID systems, intensifying population of cancer patients, and implementation of automated process in pharmacies and hospitals are likely to offer push to the market demand during near future. RFID technology gives rise to improved communication, adequate patient monitoring, patient identification, along with patient tracking. This aids in lessening medication errors and uplift safety.

Consequently, the rising requirement for patient monitoring and directives to lift safety subsidize to market growth. Further, progress of the market is bolstered by the cumulative implementation of RFID in manufacturing units for productivity enhancement, and augmented applications of access control application are accelerating demand. Also snowballing government initiatives, high implementation of RFID technology in retail sector and expansion in the RFID ecosystem over organic growth strategies like partnerships and mergers are flourishing market demand.

However, issues in the development of the healthcare RFID market are great installation cost of RFID systems in healthcare and systems interoperability. RFID acceptance in any industry needs huge investment for readers, tags, software, electricity and running replacement services. Further additional features like IoT integration, accuracy checking of system, and training charges increases expenses for RFID solution.