Healthcare and Life Sciences has been a market that has been growing rapidly. After browsing the news, I came across this great article. In it, it says that the Analysis and Forecast of 2017-2021: “Global Radio Frequency Identification Devices (RFID). The report focuses on Component, RFID Tags, Country Analysis, Application and Competitive Landscape”
The global healthcare RFID market is estimated to reach $4.1 billion by 2021 growing at a CAGR of 21.64% during the forecast period of 2017 through 2021.
This growth in the RFID healthcare market over the period of 2017 through 2021 is expected to be supplemented by factors such as the increasing need of patient tracking/monitoring due to the increasing geriatric population, increased advancement of product development and increasing support by government for adoption of RFID technology. Furthermore, the future of RFID in the healthcare segment is expected to be favorable due to the demand due to research and development actions being carried out within companies, expanding internet connectivity along with the rising rate of mobile adoption.
Presently, RFID tags and RFID readers are leading the components segment in RFID in healthcare. RFID tags as well as RFID readers will be the forerunner in the forecast period as well. Basically the increase in the demand for advanced technology in healthcare across the globe and the ongoing declining prices of RFID tags make this an appealing option. Within the application, inventory management/tracking is showing the largest share in the total revenue of RFID in healthcare. A similar pattern is expected to be met in the forecast period as well. A large reason behind this is due to the loss incurred by hospitals in terms of surgical assets misplacement. Moreover, it is expected that in the future, the number of patients is going to increase who ultimately needs proper medication and care.
This market is dominated by North America and Europe however, Asia-Pacific is expected to grow at the highest rate in the forecast period. The dominance of the North American region is attributed to the increasing adoption of RFID based products due to features such as low power consumption and high efficiency. Within the Asia-Pacific region, the rapid growth is due to the support from the Government in terms of tax exemptions, huge investment in R&D, rising spending on the healthcare sector, along with support from private entities for the installation of RFID based technology in healthcare.
Players in the RFID space within the healthcare market have also invested considerably towards R&D for advancement of this market. Some larger market players such as IMPINJ and Tagsys RFID Group are expected to invest millions into the RFID technology in order to expand their market share. Other leading players such as Dolphin RFID Pvt. Ltd., and ThingMagic, Inc. have also set up separate divisions for R&D in RFID in healthcare to innovate their product offerings and compete with other leading companies in the market.
In the past few years, most of the well-known companies are showing their interest in the RFID technology within the healthcare market. A few of these companies are GAO RFID, IMPINJ, and Smartrac N.V., among others who are investing in RFID technology in the healthcare market in order to improvise on their products as well as to capture a major market share. Investments into developing economies like India, China and Japan, and monitoring of consumables are the major handful of opportunities that RFID technology in the healthcare market is aligned in the coming future. Developed economies including U.S., Germany, France, and U.K., have initiated the process of incorporating RFID technology into their healthcare segment. With the growing awareness towards health in developing economies (Asia-Pacific), various technological advancements have already been initiated in the healthcare space which is only going to increase the demand for RFID technology in this rapidly growing healthcare sector.