Healthcare RFID Global Market Report 2024

The healthcare RFID is a form of wireless communication to transfer data from an electronic tag attached to an object to a reader. RFID helps reduce drug counterfeiting, streamline the clinical trial process, facilitate better identification accuracy, simplify inventory management, consolidate patient tracking, improve caregiver-patient communication, and eliminate the risk of giving the wrong medication.

The main types of healthcare RFID products are tags and labels and RFID systems. Tags and labels are the most common type of passive RFID tags. These are paper or plastic (usually vinyl) labels with an embedded RFID inlay. Healthcare RFIDs are mainly used by hospitals, pharmaceuticals, research institutions and laboratories, and other end-users. Major applications of Healthcare RFIDs are asset tracking, patient tracking, pharmaceutical tracking, blood tracking, and others.

The healthcare RFID market research report is one of a series of new reports that provides healthcare RFID market statistics, including healthcare RFID industry global market size, regional shares, competitors with a healthcare RFID market share, detailed healthcare RFID market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare RFID industry. This healthcare RFID market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The healthcare rfid market size has grown rapidly in recent years. It will grow from $2.95 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to reduction of medication errors, enhanced patient experience, streamlined supply chain processes, inventory management optimization, enhanced workflow automation.

The healthcare rfid market size is expected to see rapid growth in the next few years. It will grow to $6.76 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to integration with electronic health records, expansion of rfid in laboratory settings, telehealth and remote patient monitoring, customization of rfid solutions. Major trends in the forecast period include integration with emerging technologies, expansion of rfid in patient tracking, wearable rfid technology, real-time location systems, cloud-based rfid solutions.

The increasing stringent regulations in the pharmaceutical sector are significantly driving the growth of the healthcare RFID market. Governments and other regulatory bodies across various countries have started implementing stringent measures in the pharmaceutical sector to minimize counterfeiting problems and other medical-related issues. For example, In June 2023, the government of Germany announced the Health Data Use Act (GDNG) and a draft Digital Act (DigiG). The Health Data Use Act plans to grant industry companies access to the right to patient health data for research purposes. This will help healthcare RFID market by allowing companies to use RFID tags to track patient health data and secure the data from hackers. The data collected from RFID tags can be used for research purposes.

Rapidly aging population is significantly contributing to the growth of healthcare RFID market going forward. The elderly population is defined as people aged 65 and over. The aging population is more prone to serious health issues and physical decline. RFID technology can be used for user activity monitoring, allowing caregivers to track the well-being and location of elderly individuals. For instance, in October 2022, according to the data released by the World Health Organization (WHO) a Switzerland-based intergovernmental organization spreading awareness on public healthcare, the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion by 2030. By 2050 the world’s population of people aged 60 years and older will double to reach 2.1 billion. Therefore, rapidly aging population will drive the healthcare RFID market.

Technological advancement is a key trend gaining popularity in the healthcare RFID market. Major companies operating in the healthcare RFID sector are focused on developing new technological solutions to strengthen their position. For instance, in May 2022, Avery Dennison, a US-based materials science and manufacturing company, introduced AD Medio Web DF EM4425, a dual frequency RFID inlays for medical applications such as inventory management and product authentication. AD Medio Web DF EM4425 tags have a compact form factor that can be easily converted into end-application usage and are available in paper tag delivery format.

Major companies are focusing on integrating internet of things (IoT) with healthcare RFID technology to boost data analytics and storage of data from RFID instruments. Internet of things (IoT) refers to a network of interrelated devices that connect and exchange data with other IoT devices and the cloud. For instance, in November 2022, Impinj Inc., a US-based provider of internet of things (IoT) and RFID technology, launched M780 and M781 RAIN RFID tag chips. The new RFID instruments can be used for connecting pharmaceuticals that require extended product identifier with internet of things (IoT) network. These new tag chips are designed to help enterprises manage product shelf life, reduce waste, and comply with regulations.

In March 2021, BD (Becton, Dickinson, and Company), a leading medical technology company, acquired GSL Solutions, for an undisclosed sum. This acquisition helps to expand traditional hospital pharmacy-connected medication management solutions by providing innovative technologies for retail pharmacies. GSL Solutions is a United States-based medical technology company that develops devices for storing and tracking controlled substances, which includes RFID technology.

Major companies operating in the in the healthcare rfid market report are Impinj Inc., Alien Technology Corporation, GAO RFID Inc., Honeywell International Inc., STANLEY Healthcare Pvt. Ltd., Mobile Aspects India Private Limited, RF Technologies Inc., STiD SAS, Terso Solutions Inc., Radianse Inc., CCL Industries Inc., CenTrak Inc., Cardinal Health Inc., LogiTag Systems Ltd., Biolog-id SAS, metraTec GmbH, TAGSYS RFID, Zebra Technologies Corporation, Smartrac N. V., S3Edge Inc., Champion Healthcare Technologies, SpaceCode Pty. Ltd., Pepperl-Fuchs Pvt. Ltd., Hurst Green Ltd., PALEX MEDICAL S. A., Applied Wireless Identifications Group Inc., CAEN RFID S. r. l., Invengo Information Technology Ltd. Co., Motorola Solutions Inc., Solisitice Medicine Company, Avery Dennison Corporation, Bartronics India Ltd., Intermec Inc.

North America was the largest region in the healthcare RFID market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare rfid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the healthcare rfid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The healthcare RFID market includes revenues earned by entities by providing solutions that automate the healthcare processes for better tracking patients' conditions, medical supplies, and equipment to improve patient care by reducing the risk of human error and cutting operational costs in healthcare settings. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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