SAN FRANCISCO, June 3, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "RFID in Healthcare - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: February 2021
Executive Engagements: 23661
Companies: 161 - Players covered include Avery Dennison Corporation; Cardinal Health, Inc.; Dolphin RFID Pvt. Ltd.; GAO RFID, Inc.; Grifols, S.A; International Business Machines (IBM) Corp.; Impinj, Inc.; LogiTag Ltd.; metraTec GmbH; Mobile Aspects Inc.; STANLEY Healthcare; Terso Solutions, Inc.; TOSHIBA TEC CORPORATION; Zebra Technologies Corporation and Others.
Coverage: All major geographies and key segments
Segments: Type (Tags, Readers, Software, Other Types); Application (Pharmaceutical Tracking, Patient Tracking, Asset Tracking, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global RFID in Healthcare Market to Reach $9.1 Billion by 2026
Radio-Frequency Identification (RFID) refers to a wireless identification technology that employs radiofrequency waves. Healthcare and pharmaceuticals industry is emerging as a lucrative end-use market for RFID technology. Relevant applications for RFID in healthcare and pharmaceuticals sectors include patient tracking; call up records, waste management, asset/document/record tracking, medicine disposals, and real-time location systems. RFID chips and readers installed at hospitals regularly monitor temperature, blood products, drugs and even other clinical trials. The usage of RFID technology is also growing at a rapid pace in pharmaceuticals industry to avoid counterfeiting of various prescription drugs with added supply chain and operational benefits. Ongoing technological advancements in data analytics and RFID technology are enabling manufacturers to accurately analyze consumption as well as inventory data. Regulatory demands such as implementation of e-Pedigree in supply chain, as mandated by California Board of Pharmacy will also generate substantial demand for RFID in the pharmaceutical sector.
Amid the COVID-19 crisis, the global market for RFID in Healthcare estimated at US$4.2 Billion in the year 2020, is projected to reach a revised size of US$9.1 Billion by 2026, growing at a CAGR of 13.8% over the analysis period. Tags, one of the segments analyzed in the report, is projected to record a 15.4% CAGR and reach US$5.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Readers segment is readjusted to a revised 11.7% CAGR for the next 7-year period. RFID tags, also called RFID transponders, are tiny RF identification devices. Growth in the segment will be especially driven by the growing adoption of low cost tags. Passive RFID tags have managed to dominate the RFID tags market, particularly due to their cost-effectiveness over active tags.
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $2 Billion by 2026
The RFID in Healthcare market in the U.S. is estimated at US$1.3 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2026 trailing a CAGR of 17.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.6% and 12.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.3% CAGR. The deployment rate of RFID technology in the pharmaceuticals and healthcare sector is high in North America region.
Software Segment to Reach $1.2 Billion by 2026
RFID software solution is the key enabler of RFID systems allowing tags and readers to be deployed in a range of applications. The software is designed to enable the system store and manage RFID tag data and integrate the same with other systems. In the global Software segment, USA, Canada, Japan, China and Europe will drive the 13.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$405.6 Million in the year 2020 will reach a projected size of US$1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$200 Million by the year 2026, while Latin America will expand at a 14.8% CAGR through the analysis period. More
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