RFID in Healthcare Market Expanding Robustly and Expected to Grow at a 15.75 % CAGR to 2031

The RFID in Healthcare Market Size is valued at 5.51 Billion in 2022 and is predicted to reach 20.28 Billion by the year 2031 at a 15.75 % CAGR during the forecast period for 2023-2031.

Radio-frequency identification (RFID) technology employs radio waves to transmit data using RFID tags typically attached to objects to track and identify people. They are primarily employed in applications like patient tracking, asset tracking, and blood tracking. In both developed and developing economies, RFID technology is increasingly used to track assets and patients in the healthcare sector. As fake medications become more common, RFID technology will become more popular for drug detection and screening. The use of this technology might lessen waste and avoidance of unnecessary expenses.

Additionally, research and development efforts are anticipated to be prominent in creating novel technologies to support the use of RFID. One of the primary factors driving radio-frequency identification technology (RFID) in the healthcare market is the increased use of automated procedures in hospitals and pharmacies, along with increased demand for RFID in pharmacies, hospitals, and biotech firms.

Other important considerations include rising automatic process adoption in hospitals and pharmacies and rising public desire for more affordable and quality pharmaceuticals. Additionally, radio-frequency identification technology (RFID) would have new opportunities throughout the predicted period due to increasing demand from developing countries and greater R&D in the healthcare sector.