The RFID for the healthcare and pharmaceutical market is estimated to grow at a CAGR of 16.41% to reach US$1,258.747 million by 2028 from US$434.500 million in 2021.
RFID (Radio Frequency Identification) is a technology that uses radio waves to automatically identify and track objects. It is used in a variety of industries, including healthcare and pharmaceutical. RFID in healthcare and pharmaceuticals enhances efficiency, safety, and inventory management. In healthcare, RFID tags are used to track and manage medical equipment, monitor patient identification, and improve medication administration accuracy. In the pharmaceutical industry, RFID helps secure the supply chain by tracking product authenticity, reducing counterfeiting, and ensuring proper storage and distribution of medications, ultimately enhancing patient safety and regulatory compliance.
Increasing use of portable RFID
The RFID for the healthcare and pharmaceutical market is moving towards the development of portable and cost-effective RFID solutions. These innovations will make RFID for healthcare and pharmaceuticals more accessible, especially in underserved areas and smaller healthcare institutes. As a result, RFID for healthcare and pharmaceuticals is set to become indispensable tools for healthcare professionals worldwide, ensuring better patient safety and more efficient healthcare delivery. RFID is a promising technology with the potential to improve patient safety, efficiency, and security in the healthcare and pharmaceutical industries. Looking ahead, the future of RFID for the healthcare and pharmaceutical market is poised for further advancement.
RFID’s advanced gathering capacity and efficiency
The growth of RFID technology in healthcare and pharmaceutical sectors is powered by its ability to collect and transmit data, which enhances quality, lowers expenses, and boosts patient safety. RFID, or radio frequency identification, represents a significant advancement in data gathering capacity and efficiency. It achieves this by utilizing small electronic tags or labels equipped with unique identification codes and radio-frequency technology. These tags can be attached to various items, such as medical equipment, medications, or patient wristbands, enabling rapid and automated data capture without the need for direct line-of-sight scanning, as is the case with traditional barcodes. RFID's ability to gather data efficiently and accurately in real-time enhances inventory management, asset tracking, patient identification, and overall operational effectiveness in healthcare and pharmaceutical settings. This technology empowers organizations to streamline processes, reduce errors, improve patient safety, and ensure compliance with regulatory standards, ultimately leading to better healthcare outcomes and cost savings.
Growing investments in RFID
As per the "A review of radio frequency identification technology for the anatomic pathology or bio-repository laboratory" report from the National Library of Medicine in 2011, it was noted that the United States investment in RFID systems for healthcare stood at roughly $90 million. The report also included 10-year projections, specifically for the year 2022, forecasting substantial growth in this spending to nearly $2 billion. This outlook indicates a significant surge in the integration and utilization of RFID technology within the healthcare sector over that decade. At the starting point in 2011, the investment in RFID systems was reported at approximately $90 million. According to these projections, there is a remarkable and consistent upward trend in spending, with the figure expected to soar to nearly $2 billion by 2022.
The United States is anticipated to be the fastest-growing country in the North American region
Several factors are anticipated to drive RFID for the healthcare and pharmaceutical market growth in the United States, including the introduction of innovations and technological advancements, the increasing demand for efficient supply chain management, and the growing adoption of RFID in conjunction with electronic product codes (EPC) for real-time monitoring, marking, and verification of drugs in the pharmaceutical industry. Further, according to The Commonwealth Fund, the annual expenditure of the United States on healthcare surged significantly from 16.70% of the GDP in 2019 to 18.80% of the GDP in the year 2020. For 2021 the expenditure was 17.80% of the United States GDP. The United States is anticipated to show steady growth in the use of RFID for healthcare and pharmaceuticals due to the nation's investment in healthcare.
Market Key Developments
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2021 |
US$434.500 million |
| Market Size Value in 2028 |
US$1,258.747 million |
| Growth Rate | CAGR of 16.41% from 2021 to 2028 |
| Base Year | 2021 |
| Forecast Period | 2023–2028 |
| Forecast Unit (Value) | USD Million |
| Segments Covered | End-User, Type, Application, and Geography |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies Covered | GAO Group, Avery Dennison Corporation, Zebra Technologies Corp, iGPS, CCL Industries Inc., Fresenius Kabi, Tageos, Denso Wave, Checkpoint Systems, Inc., Invengo Technology Pte. Ltd |
| Customization Scope | Free report customization with purchase |
Segmentation: