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.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/rfid-in-healthcare-market
Further key
findings from the report suggest:
- 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
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About Grand View Research
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, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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