RFID in Healthcare Market to Reach USD 12.89 Billion by 2027

The Global RFID in Healthcare Market is predicted to reach market revenue of USD 12.89 billion by 2027, expanding at a CAGR of 15.0%, according to the latest report by Emergen Research.

The market growth is majorly driven by growing need to reduce expenditure, streamlining processes, the requirement of efficient SCM and improving the quality of care and performance,

RFID technology is anticipated to be rapidly adopted across the healthcare industry due to the high costs associated with the day-to-day operations in the sector. Pharmaceutical companies, medical device manufacturers, hospitals, and other corporations extensively deploy RFID technology to manage inventory costs, prevent stock-out, and overstock situations. RFID enabled tags to allow the surgical staff to conveniently monitor the equipment used in operating theatres, thereby enhancing patient safety. RFID also enables effective patient monitoring and a controlled workflow in hospitals, pathology labs, and blood banks.

RFID for efficient patient monitoring and tracking also reduces drug errors and ensures the right patient is receiving the proper treatment. It also reduces the waiting times in hospitals, thereby increasing its adoption across the healthcare sector.