Healthcare RFID Market: Information By Component (Tags, Readers, Middleware, Printers), Application (Equipment Tracking, Medicine Tracking, Others), End-User (Pharmaceutical and Biotechnology Companies, Hospitals, Others) — Global Forecast till 2027
Market Overview
The Healthcare RFID Market share was evaluated at USD 1,154 million in 2017 and can achieve a CAGR of 23.37% during the forecast period (2018-2023), states Market Research Future (MRFR).
Growth Boosters and Top Barriers
The fundamental reasons backing market growth could be the increasing focus on the reduction of operational costs and streamlining the workflow. Other than this, rising demand for an organized supply chain management and the need for enhancing the quality and efficiency of care also favor the market.
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High operational costs in the healthcare industry boost the adoption of RFID technology within healthcare organizations. Medical device manufacturers, pharmaceutical companies, hospitals, and various other healthcare organizations extensively use this technology to curb inventory costs. RFID technology allows organizations to efficiently manage inventory and also helps prevent stock out and overstock situations. RFID tags aid the surgical staff to easily track medical devices used in operation theatres, which enhances patient safety. Growing need to reduce operating costs fuel the adoption rate of RFID. This technology also finds use in blood banks, pathology labs and laboratories for better workflow management and efficient product tracking.
RFID technology gives rise to sufficient patient monitoring, better communication, patient identification, as well as patient tracking. This helps in bringing down medication errors and elevate safety. Thus, the growing need for patient monitoring and mandates to elevate safety contribute to market growth.
Market Segmentation
The global market for healthcare RFID has been segmented on the basis of components, applications, and end-user.
Components-based segments in the market are tags, readers, middleware, printers, and others.
The applications of healthcare RFID are people identification and tracking, equipment tracking, medicine tracking, medical report and blood samples tracking, and others.
The end-users covered in the report include pharmaceutical and biotechnology companies, hospitals, research institutes, and others. The tags segment expects to cover the maximum share in the market, based on its wide application in pharmaceutical tracking and asset tracking. Meanwhile, the growth of the user research institutes segment could be the highest in the market, on account of the surge in research and development by significant vendors in the upcoming years.
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COVID-19 Impact Analysis on Patient Identification Wristbands Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the patient identification wristbands market include Tekni-plex, Inc., Selig Group, Bluemay Weston Limited, BandB Cap Liners LLC, Pres-On Corporation, Low's Capseal Sdn Bhd, Well-Pack, Tien Lik Cap Seal Sdn Bhd, Zebra, Brenmoor, FTGO.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Patient Identification Wristbands Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/patient-identification-wristbands-market/download-sampleMarket DynamicsOne of the major factors driving patient identification wristbands market growth is the increasing demand for correct identification of patients, which has increased further due to the Covid-19 pandemic.
The need for accurate patient identity is gaining utmost importance in the present scenario, when there is a dearth of space in hospitals, rapidly rising Covid-19 cases worldwide, and a limited number of Covid-19 vaccines.
However, the covid-19 outbreak has affected the production of patient ID wristbands hampering its market growth to some extent.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
Healthcare RFID Market: Information By Component (Tags, Readers, Middleware, Printers), Application (Equipment Tracking, Medicine Tracking, Others), End-User (Pharmaceutical and Biotechnology Companies, Hospitals, Others) — Global Forecast till 2027Market HighlightsRadiofrequency identification (RFID) is used for patient monitoring, efficiencies in patient care, tracking, and provider satisfaction.
RFID is a wireless system that exploits radio waves for collecting data from a tag attached to an object, for several purposes such as automatic identification, and tracking of objects.The rising concerns about inventory management, awareness about patient safety, and increasing acceptance of automation in the healthcare sector are the major factors driving the growth of the global healthcare RFID market.
Additionally, aggressive strategies adopted by the top players and the introduction of new products in the market are fueling the growth of the market during the forecast period.
For instance, Alien Technology Corporation, a leader in RFID technology introduced RFID Reader with the ALR-F800-X, the product is known for its use in maintaining the workflow and efficiently handling the data.
Also, the company is trying to expand its geographical boundaries by signing distribution agreements.The high costs associated with the RFID products and lack of awareness about the RFID in developing countries are likely to hinder market growth during the forecast period.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/7580Regional AnalysisThe market is likely to dominate by Americas during the forecast period owing to the increasing prevalence of cancer patients, increasing cases of drug counterfeiting, and well-established healthcare sector in the region.
The European market is expected to be the second-largest due to government funding and support of the healthcare sector, raising awareness about the innovative technologies, and improvement in the healthcare sector with respect to infrastructure and facilities.
