Radio frequency identification (RFID) technology is increasingly finding applications in tracking medical equipment, asset management, blood bank management, pharmaceutical tracking, and identification of patients in healthcare facilities. RFID tags are attached to medical devices, equipment, pharmaceutical products, blood bags at hospitals for unique identification. This helps in monitoring inventory levels, avoid loss of assets, prevent medical errors, and maintaining compliance.

The global RFID in Healthcare Market is estimated to be valued at US$ 9.47 Mn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising Concerns About Patient Safety
With the growing use of RFID technology in the healthcare sector, hospitals and clinics can uniquely track patients as well as medical equipment and supplies in real-time. RFID helps in reducing the chances of medical errors, such as administration of wrong medication, blood transfusion errors, wrong site surgeries etc. This improves patient safety significantly. As per studies, 1 in 10 hospital admissions results in preventable harm to patients. Hence, hospitals are increasingly adopting RFID solutions to avoid such medical errors and focus on patient safety, which is driving the market growth.

RFID tags attached to medical assets can store and transmit vital information about expiration dates, lot numbers of raw materials in real-time. This ensures appropriate and compliant use of devices as well as supplies within healthcare facilities. Moreover, RFID tracking provides intelligence on expiration of medical supplies which helps reduce loss of usable inventory. With growing regulatory pressures to improve operational efficiency and reduce medical errors,RFID adoption is expected to rise in the healthcare sector over the forecast period.

SWOT Analysis

Strength: RFID in Healthcare has three main strengths. First, RFID tags allow for automated tracking and monitoring of medical equipment, pharmaceuticals, and patients. This boosts efficiency. Second, RFID provides real-time location data which aids in inventory management and streamlining supply chain processes. Third, tags enable tracking patients and staff movement which improves workflow and safety.

Weakness: RFID has two main weaknesses. First, implementing an RFID system requires high upfront investment in hardware, software, tags and installation. This poses a barrier. Second, RFID tags can be easily damaged, especially those attached to individuals. Damaged tags reduce accuracy.

Opportunity: RFID presents two main opportunities. One, growth in hospitals, clinics and especially demand for home healthcare opens the door for expanded adoption of RFID to track patients, staff and assets outside facilities. Two, advancement of wearable tech allows embedding of miniature tags on/in medical devices, equipment or directly on patients for monitoring vitals.

Threats: RFID faces two threats. Regulations around use of tracking technologies pose compliance challenges. Also, RFID competes with other technologies like barcodes - the simpler, cheaper barcode format limits RFID uptake in some cases.

Key Takeaways

The global RFID IN Healthcare Market Growth is expected to witness high growth. The market size is projected to increase from US$ 9.47 Mn in 2024 to US$ 12.27 Mn by 2031, registering a CAGR of 2.8% during the forecast period.

Regional analysis: North America currently dominates the market, due to rising healthcare spending and presence of major players in the region. However, Asia Pacific is expected to offer lucrative opportunities over the forecast period aided by growing medical tourism across China, India and other Asian countries.

Key players: Key players operating in the RFID in Healthcare market are Dexcom, Inc., Medtronic plc, Abbott Laboratories, and Roche Diabetes Care. These companies have leading positions owing to strong portfolios of RFID-enabled medical devices and tools for monitoring patients in various healthcare settings including hospitals, clinics and homes.

For more insights, read- https://www.pressreleasebulletin.com/rfid-in-healthcare-market-trends-size-and-share-analysis-2/

For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html