Global RFID in healthcare Market provides a brief and detailed knowledge about key players, market state and circumstances that are covered deeply in this report. The business chain supporting the RFID in healthcare market is analysed in detail covering accurate information about aspects such as the industrial chain, proficiency in utilization of the available capacity of manufacture, and industry strategies that affect the market.
RFID in healthcare Market
study offers an exhaustive summary of the vendor landscape, competitive
analysis, and key strategies to gain ruthless advantage. RFID in healthcare
Market Forecast provides sizing and growth opportunities. It provides
comprehensive insights on the latest industry trends, forecast, and growth
drivers in the market. it also includes a detailed analysis of growth drivers,
challenges, and investment opportunities and delivers a complete overview of
segments and the regional outlook of the market.
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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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