The
global RFID
In Healthcare Market size is expected to reach USD 10.65 Billion by
2025, according to a new report by Grand View Research, Inc. It is projected to
expand at a CAGR of 22.4% during the forecast period. Some of the key
contributors to the growth include rising focus on reducing operational costs
and streamline the workflow, demand for efficient supply chain management, and
need to improve the quality and efficiency of care.
High
operational costs associated with the healthcare industry is expected to boost
the adoption of RFID technology in healthcare organizations. Pharmaceutical
companies, medical device manufacturers, hospitals, and various other
healthcare organizations integrate this technology to control inventory costs.
RFID technology enables these organizations in efficient inventory management
and help avoid stock out and overstock situations. RFID tags enable the
surgical staff in easy tracking of medical devices used in operation theatres,
thereby improving patient safety. Growing requirement for reduction in
operating costs is expected to drive the increase in adoption of RFID. This
technology is also used in laboratories, blood banks, and pathology labs for
efficient product tracking and better workflow management.
The use
of RFID technology enables better communication, adequate patient monitoring,
patient identification, and patient tracking. This method aids in decreasing
medication errors and increases safety. The rising need for patient monitoring
and mandates for increasing safety are also contributing to the growth. Patient
tracking across different hospital sections using this technology helps reduce
waiting times and is thus gaining significance in hospitals.
Related Press Release@ RFID in Healthcare Market
RFID in Healthcare Market Report Highlights
- RFID tags
product segment held majority of the market share in 2018 due to rising
awareness regarding the benefits of these devices
- Increasing
use of tags for tracking various assets, patients, staff, pharmaceuticals,
and donated blood is expected to boost the market during the forecast
period
- Pharmaceutical
tracking application segment held the largest market share in 2018, owing
to rising needs to identify counterfeit drugs and demand for inventory
management
- North America
led the global market owing to increasing number of hospitals and presence
of regulations on patient safety
- Asia Pacific
is anticipated to witness the fastest CAGR owing to the presence of a
large pharmaceutical industry requiring this technology for process
streamlining
- Some of the
key players operating in the RFID in healthcare market include LogiTag,
CenTrak, SpaceCode, Impinj, Zebra Technologies Corporation, Biolog-id,
Terso Solutions, Carinal Health, Mobile Aspects, Tagsys RFID,
Pepperl+Fuchs, and metraTec GmbH
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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