The global RFID in healthcare market was valued at USD 766.1 Million in 2016 and is estimated to reach USD 3,655.6 Million by 2024, growing at a CAGR of 25.1% over the period of 2017 to 2024.
North America accounted for 39.19% of the overall market share in 2015 which also depicts the largest regional market. This is majorly attributed to the early technology adoption in the region with a large number of hospitals, clinics, pharmacies, diagnostic centers, blood banks and CROs installing advanced devices and equipment to better serve patients. Consequent improvements in healthcare sector within Latin America and the Middle East is estimated to positively reinforce market growth.
Escalating geriatric population, increased investment in healthcare automation, demand for lesser human intervention, government support, and technological advancement are anticipated to bolster usage rates of RFID systems significantly over the next few years. Demand for better compliance and stringent regulatory norms are going to drive the market further. Asia Pacific emerged as the fastest growing regional market with a CAGR of 26.5% over the forecast period.
“Optimal Price Point (OPP) for RFID in Healthcare Products”
Estimated Average system and tags cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Due to the presence of very large applications, the prices vary across different industries and regions. Prices across the different states of the U.S. also vary due to the difference in quality of product, state taxes, and other regulatory restrictions hampering the supply chain.
The global RFID in the healthcare market is segmented by product and by region. Based on product, the market is split as systems and tags. Each segment is further split based on applications such as asset tracking, pharmaceutical tracking, patient tracking and blood monitoring. The various technologies used earlier such as barcode are now being replaced with RFID, QR Codes, and Unique Identification Codes. The growing problem of counterfeit drugs, loss of products during transit across the various supply chain channels is driving the use of various RFID technologies.
The growing problem of counterfeit drugs, loss of products during transit across the various supply chain channels is driving the use of various RFID technologies. Some key advantages of using these solutions include tracking import and exports of raw materials, data integration across the supply chain, providing product history from manufacturer to end user, reduces inventory management expenses, minimizes human intervention in delivery of services and reduces product recall costs and time.
The outlook by region includes North America, Europe, Asia Pacific, Latin America and Middle East and Africa. To arrive at the global estimates, the country level bottom-up analysis for the major spearheads in each region is performed.
Merger and Acquisition Insight
The industry is characterized by intense competition with a number of well-established players governing the market. However, with growing competition, companies are focusing on the development of new and innovative technologies in an attempt to prevail in this highly competitive environment. In addition, firms are also emphasizing on partnerships, collaborations, mergers and acquisitions as a key growth strategy.
Top Players & Company Share
As of 2016, key market players include Log Tag, Mobile Aspects Inc., Solstice Medical LLC, Wave Mark, Terson Solutions, Hurst Green Plastics Ltd., Tagsys RFID Group, Pepperl+Fuchs, Metra Tec GmbH, Bollhoff Group, Wurth Group, Innerspace (Stanley Black and Decker), Datelka Innerspace, Brooks Automation, Grifols and others. The smaller companies find it difficult to sustain the long-term competition, and therefore creating opportunities for mergers and acquisitions in the market.
RFID in Healthcare Market by Product Categories (Revenue, USD Million, 2014- 2024)
RFID in Healthcare Market by Application (Revenue, USD Million, 20124- 2024)
- Asset Tracking
- Patient Tracking
- Pharmaceutical tracking
- Blood Monitoring
RFID in Healthcare Market Regional Outlook (Revenue, USD Million, 20124- 2024)
- North America
- Latin America
- Asia pacific
- Middle East & Africa
- Saudi Arabia
- South Africa