LONDON, July 21, 2016 /PRNewswire/ -- RFID in the healthcare market is expected to witness significant growth and reach over USD 3.89 billion over the next seven years owing to major factors such as growing utilization in patient & product tracking. Technological advancements including the development of new products namely TexTrace RFID tag and Smart Face Technology are expected to fuel demand. Furthermore, improving efficiency of inventory accuracy and supply chain is expected to result in an increase in adoption level of the product in healthcare during the next seven years
According to the information published by the National Institutes of Health in 2013, approximately 98,000 deaths occur in hospitals due to medical faults each year. Increasing requirement of efficient medical devices worldwide is expected to impel the development of the product in healthcare market from 2015 to 2022
Increasing demand for these systems in automated pharmaceutical distribution, point of care solutions and electronic medical records is expected to spur demand. This can be attributed to benefits relating to patient-centric applications that employ passive RFID in stationery mobiles and devices.
Development and use of improved technological solutions such as multi-resonator based chip-less RFID tags are expected to have a positive impact on the growth over the forecast period. Continuous research and development initiatives by non-profit organizations including Health Industry Business Communications Council (HIBCC) is a major driving factor for growth.
The market is segmented on the basis of product into RFID tags and systems. Further, they are fragmented on the basis of application as blood monitoring and patient & pharmaceutical tracking. Blood monitoring systems are expected to gain prominence owing to increasing concern for inventory management of blood products over the forecast period.
In 2014, North America occupied the significant share of approximately 39.0% on account of growing number of collaborations between non-profit research organizations, medical device industry and regulatory bodies and availability to sophisticated healthcare infrastructure. Further, rising expenditure in the healthcare industry is projected to fuel the market over the next seven years.
The market is estimated to witness growth owing to development in usage rates of these systems and improving healthcare infrastructure. Also, economic growth developing countries including India, South Korea, and China is expected to propel demand over the forecast period. Asia Pacific is likely to be one of the most lucrative markets, growing at over 25.0% from 2015 to 2022. Furthermore, rising distress for tracking expensive medical devices and patient safety are expected to be the key factors attributing to increase in demand in the region
Key participants include Terso Solutions Inc., Dolphin RFID, SpaceCode Technologies, Smartrac NV, GAO RFID, CAEN RFID, Zebra and Alien Technology and Motorola. Continuous deployment of advanced approaches in unique product development, are among the major strategies adopted by these players.
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