Global RFID in Healthcare Market to Reach $9.1 Billion by 2026

Amid the COVID-19 crisis, the global market for RFID in Healthcare estimated at US$4.2 Billion in the year 2020, is projected to reach a revised size of US$9.1 Billion by 2026, growing at a CAGR of 13.8% over the analysis period, according to a new report.

Tags, one of the segments analyzed in the report, is projected to record a 15.4% CAGR and reach US$5.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Readers segment is readjusted to a revised 11.7% CAGR for the next 7-year period.

RFID tags, also called RFID transponders, are tiny RF identification devices. Growth in the segment will be especially driven by the growing adoption of low cost tags. Passive RFID tags have managed to dominate the RFID tags market, particularly due to their cost-effectiveness over active tags.

The RFID in Healthcare market in the U.S. is estimated at US$1.3 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2026 trailing a CAGR of 17.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.6% and 12.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.3% CAGR. The deployment rate of RFID technology in the pharmaceuticals and healthcare sector is high in North America region.