Healthcare RFID Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company’s Healthcare RFID Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, November 1, 2024 /EINPresswire.com/ -- The healthcare RFID market has experienced significant growth in recent years, increasing from $2.95 billion in 2023 to $3.46 billion in 2024, with a compound annual growth rate (CAGR) of 17.1%. This growth during the historical period can be attributed to a reduction in medication errors, improved patient experiences, streamlined supply chain processes, optimized inventory management, and enhanced workflow automation.
What Is The Estimated Market Size Of The Global Healthcare RFID Market And Its Annual Growth Rate?
The healthcare RFID market is projected to experience substantial growth in the coming years, reaching $6.76 billion by 2028 with a compound annual growth rate (CAGR) of 18.3%. This anticipated growth is driven by the integration of RFID technology with electronic health records, the expansion of RFID applications in laboratory settings, the rise of telehealth and remote patient monitoring, and the customization of RFID solutions.
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Growth Driver Of The Healthcare RFID Market
The growing stringency of regulations in the pharmaceutical sector is a key factor propelling the growth of the healthcare RFID market. Governments and regulatory bodies worldwide have begun enforcing strict measures in the pharmaceutical industry to reduce counterfeiting and address other medical-related challenges.
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Which Market Players Are Driving The Healthcare RFID Market Growth?
Key players in the market include 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.
What Are The Emerging Trends Shaping The Healthcare RFID Market Size?
Key companies are prioritizing the integration of Internet of Things (IoT) technology with healthcare RFID systems to enhance data analytics and improve the storage of information gathered from RFID devices. The Internet of Things (IoT) refers to a network of interconnected devices that communicate and share data with one another and with the cloud.
How Is The Global Healthcare RFID Market Segmented?
1) By Product: Tags and Labels, RFID Systems
2) By End-User: Hospitals, Pharmaceuticals, Research Institutions and Laboratories, Other End Users
3) By Application: Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, Other Applications
Geographical Insights: North America Leading The Healthcare RFID Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Healthcare RFID Market Definition
Healthcare RFID is a type of wireless communication that transmits data from an electronic tag attached to an object to a reader. RFID technology helps minimize drug counterfeiting, streamline the clinical trial process, enhance identification accuracy, simplify inventory management, consolidate patient tracking, improve communication between caregivers and patients, and eliminate the risk of administering the wrong medication.
Healthcare RFID Global Market Report 2024 from The Business Research Company covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global healthcare rfid market report covering trends, opportunities, strategies, and more
The Healthcare RFID Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on healthcare rfid market size, healthcare rfid market drivers and trends and healthcare rfid market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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