According to the study, the global RFID in the healthcare market is estimated to grow at a CAGR of 21.64% during 2017-2021 and is anticipated to reach $4.1 billion by 2021. In terms of region, the U.S is the leading market in North America. In terms of application, XX dominated the RFID market in healthcare in 2016. The report constitutes of an extensive study of RFID in the healthcare market. It includes a thorough analysis of different types of components that are extensively being used in deploying RFID technology.
Radio Frequency Identification (RFID) is an automated device technology which helps in storing as well retrieving data without even scanning the data source. Initially, RFID technology was majorly helpful to improve the supply chain process. However, it further extended its base into manufacturing, retailing, military, traffic management, and healthcare, among others. A majority of the companies across the globe increased exponentially and have the capability to further transforming the business productivity to the much-advanced level.
The major factors contributing to the growth of RFID market in healthcare are growing elderly population, increasing need of patient monitoring and advancement of innovative product development and increasing support by government for adoption of RFID technology. Furthermore, the future of RFID in the healthcare market is expected to be favorable on account of impelling demand due to research and development activities being carried out in companies, expanding internet connectivity along with rising rate of mobile adoption.
Over the period, the market has shown an upsurge in the demand for patient care due to increasing old age population. This factor proves to be the key growth driver for this market. However, the market is facing a lot of challenges as well in terms of high installation costs, security and privacy concerns and lack of skilled professionals. Despite the hindrances being faced by the industry, RFID in the healthcare market has a wide range of opportunities ahead. Developing economies comprise of China, India, Brazil, Saudi Arabia, and South Korea, among others, hold immense potential for RFID in the healthcare market. Due to the growing population and large unmet medical needs, these countries are expected to be the potential markets for RFID technology in the healthcare market in the near future.
Regulatory bodies have established a significant position in the industry and the future market growth is reliant on a proper framework. On one hand, the regulations will help in the adoption of RFID technology and their applications among the people; on the other hand, they also restrict the unfair practices being adopted in deploying RFID within healthcare. As the industry evolves, the role of consortiums and regulatory bodies becomes pivotal to shape the future trajectory.
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This research study includes an extensive analysis of the RFID in the healthcare market, by components, application, and geographical regions, allowing the researcher to develop a comprehensive outlook of the market. The market report presents a detailed and investigative study of the entire market and provides a comprehensive insight into various forms of developments, trends, and key participants. Some of the leading companies in the market are IMPINJ, Tagsys RFID Group, STid RFID, and ThingMagic, Inc., CAEN RFID srl, and Dolphin RFID Pvt. Ltd., among others.
The new companies are striving hard to file patents and get approvals from regulatory bodies in this growing market and launch innovative products, while established companies are busy in acquiring companies and partnerships with other ecosystem players. The increasing demand for patient monitoring in healthcare upsurge the demand for installing RFID technology within hospitals. The most prominent opportunities for the industry players is the market penetration in emerging markets such as India and China. Currently, a majority of the hospitals in Europe, as well as North America, have installed RFID technology within their healthcare. The old age population is increasing exponentially all over the world, especially in the developing countries, and due to lack of awareness among a majority of the population regarding RFID technology, the growth of the market is getting hampered. Market penetration, establishment and outreach of the key players in the emerging markets, and increasing awareness among the people will serve as a boosting opportunity for the market players to enhance their business in the future.
Key questions addressed in the report:
- What is the size, in terms of revenue, of RFID in Healthcare market in 2016, and growth rate during the forecast period, 2017-2021?
- What are the different type of components for RFID products in Healthcare by respective manufacturers?
- What is the revenue generation of RFID in Healthcare being utilized by different end-use applications in 2016 and their growth prospects?
- How is the increase in a number of RFID Tags affecting the growth of RFID in Healthcare market?
- What is the market size of RFID in Healthcare on the basis of different regions?
- What are the key trends and opportunities in RFID in Healthcare market, pertaining to countries included in different regions?
- How attractive is the market for different stakeholders present in the market by analyzing the futuristic scenario of RFID in Healthcare market?
- What are the major driving forces that tend to increase the demand for RFID technology in Healthcare during the forecast period
- What are the major challenges inhibiting the growth of the global RFID in Healthcare market?
- What kind of new strategies is being adopted by existing market players to make a mark in the industry?
- What is the competitive strength of key players in the RFID in Healthcare market by analyzing through a market share analysis and competitive benchmarking model?
- Who are the key market players in the market, along with their detailed analysis & profiles?
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