RFID in Healthcare Market Business Strategy Forecast 2022

 

Global RFID in Healthcare Market strategic research study offers company accounts, industry investors, and industry members with consequential insights to enable them to make reliable strategic decisions regarding the opportunities in the global market.

 

In this report, we thoroughly examine and analyse the Global market for RFID in Healthcare so that market participants can improve their business strategy and ensure long-term success. This report provides players with useful information and suggests result-based ideas to give them a competitive advantage in the global RFID in Healthcare industry. It will show how other players compete in the global RFID in Healthcare Market and explain the strategies you use to differentiate yourself from other participants.

 

This Research Report Answers the Following Questions:

·         How RFID in Healthcare market will grow in the coming year?

·         Will the COVID-19 pandemic surge the demand for such platforms?

·         How are key companies planning to promote benefits of RFID in Healthcare?

·         What are the industry growth drivers, obstacles, and dynamics?

·         Which segment is expected to lead in the coming years?

 

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Industry Insights

Global RFID in healthcare market was valued at USD 646.7 million in 2014 and is expected to reach over USD 3.89 billion over the next seven years. Key influences attributing to this rapid growth include growing occurrences of theft and loss of different medical devices which result in high losses to the pharmacies and hospitals. Healthcare services use radio frequency identification (RFID) and real-time location systems (RTLS) to track, identify, monitor patients, locate, visitors, assets, equipment and staff. Know that, how of these technologies aid in improving safety, enhancing the quality of care, reducing financial waste, and fostering patient satisfaction.

 

The healthcare market is majorly driven by the cheap availability of highly efficient systems and tags. Improper storage systems and careless handling in pharmaceutical stores have led to rising number of stock outs and expiration of medicines. This, in turn, may impact in loss of revenue and reputation which is anticipated to encourage better usage in the foreseeable future.

 

Furthermore, one of the high impact rendering drivers for the growth of this market is the development and rising usage of Kanban systems in order to achieve lean inventory. RFID Kanban systems allow organizations to lessen their inventory value by 15-35% according to a study shown by Stanley Healthcare. In addition, with inventory reduction by 50%, the inventory replenishment expenses can be condensed down to a total expenditure of just 5% of overall. Furthermore, these changes are anticipated to cut down on the storage space by 22%. As a result, storage costs are reduced substantially subsequently decreasing energy costs as well.

 

Implementation of advanced Kanban systems in existing hospital inventory management and timely placement of orders to the supplier directly for requisite medical devices and medication is expected to encourage hospitals and pharmacies to incorporate these systems. RFID systems find widespread applications in the healthcare sector and have an increasing penetration in areas including infection control, injection safety, tracking prescription drugs and radiology. These systems are anticipated to improve market capitalization in coming seven years. For instance, Sanraku Hospital collaborated with BayNexusin an attempt to manage their medical equipment efficiently. Which also, to reduce time taken to inspect medical conditions, Wake Forest Baptist Medical Center integrated RFID tags on the closures of x-ray vests.

 

Regional Insights

Asia-Pacific, North America, Latin America, MEA and Europe are key regional markets. In 2014, North America was the dominant market player which captured over 50% of the overall share. Key factors accrediting to its large share include the existence of developed healthcare infrastructure together with high awareness levels about the advantages of these systems.

 

Further, in November 2013, U.S. president entered into a contract with The Drug Quality and Security Act (DQSA) that outlines essential steps to form an interoperable and electronic system that could trace and ascertain prescription drugs while they are distributed in the United States. The usage of RFID tags and systems in the U.S. is expected to rise owing to the emergence of aforementioned steps over the forecast period.

 

However, Asia Pacific is projected to grow at a rapid over the forecast period. New multinational hospital chains, continuously improving healthcare infrastructure and favourable government initiatives in the region will considerably propel growth in Asia Pacific market.

 

Market Share Insights

Key performers functioning in the industry include Terson Solutions, Log Tag, Solstice Medical LLC, Mobile Aspects Inc, Logi Tag, Wave Mark, Hurst Green Plastics Ltd., Pepperl+Fuchs, Tagsys RFID Group, Metra Tec GmbH, Wurth Group, Bollhoff Group, Stanley Innerspace, Brooks Automation, Grifols and Datelka.

 

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