RFID in Healthcare - RFID Applications and Adoptions in Healthcare, Market Size Worth US$ 16,756.6 Mn | 19.6% CAGR By 2027

Global RFID in Healthcare Market Analysis

A system which is based on non-contact systems or wireless technology that uses electro-magnetic fields of radio frequencies to transmit information through a tag which is connected to an object, for multiple reasons such as for traction of objects and identification purpose, is known as RFID system. Unlike the previous bar-code technologies, the RFID allows the identification from a distance.

Statistics:

The global RFID in healthcare market is estimated to attain a market valuation of US$ 16,756.6 million by 2027.

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Drivers

Furthermore, better efficiency of RFID operations is expected to propel growth of the global RFID in healthcare market. To obtain the exact information of manufacturers and inventory, the suppliers need to enhance the transparency across the distribution channel administration. Poor transparency of consumer orders and scarcity of goods will result in increase of inventory and leads to unnecessary expenditure as the professionals of healthcare usually keep the buffer stocks to sustain in stock-crisis situation. As RFID promotes high transparency of the inventory, it minimizes the buffer stocks by alternating data of inventory and hence minimizing the cost of inventory.

Statistics:

The North American region has maintained its dominating position in the global RFID in healthcare market in 2019, with an estimated 49.5% of share, which is followed by Europe and Asia Pacific, sequentially.

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Restraints

Awareness related to the drug counterfeiting in the healthcare sector is expected to hamper growth of the global RFID in healthcare market during the forecast period. The safety of patients is impacted by counterfeit biologics and pharmaceuticals, which has been a rising issue. A certain technology is required to identify the drug counterfeiting. The RFID system reduces the hazard of counterfeit problems with a diverted drug.

High cost associated with the RFID system is expected to limit growth of the global RFID in healthcare market. The price of an average RFID tag ranges from 4 cents/tag to US$ 50/tag, considering the capability of the tag. The RFID tag readers typically range from US$ 1,000/reader to US$ 3,000/reader.

Furthermore, scarcity of standardization in technology is expected to hinder growth of the global RFID in healthcare market.

Market Taxonomy

    According to Type

• Tags: Passive, Active.
• Readers, Middleware.

Statistics:

In 2019, the global RFID in healthcare market was worth at US$ 4,004 million and is estimated to attain a market valuation of US$ 16,756.6 Mn by 2027 and is expected to manifest a CAGR of 19.6% over the forecast period of 2020-2027.

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Market Trends/Key Takeaways

Scarcity of drugs in pharmacies is expected to boost growth of the global RFID in healthcare market. In August 2020, Kit Check published a survey revealing that around 60% of staff working in pharmacies are dealing with over 20 drug scarcity problems. Over 72 respondents have claimed of spending about 15 hours for reconciling every drug scarcity.

Furthermore, approval of medical devices having RFID scanner features is expected to boost growth of the global RFID in healthcare market. In August 2020, a business of Novanta Corporation, JADAK, had launched HS-1RS Secure Access Handheld Barcode Scanner, integrated with application from HID and Imprivata. The HS-1RS combines the 1D as well as 2D barcode scanning.

Regulations

U.S.

• FDA intends to exercise enforcement discretion as described below for studies that fall within all of the following parameters:
• A manufacturer, repackager, relabeler, distributor, retailer, or others acting at their direction will attach RFID tags (chips and antennae) to only immediate containers, secondary packaging, shipping containers, and/or pallets of drugs that are being placed into commerce. There is no limit to the number of tags or readers that may be used in the study.
• The drugs involved will be limited to prescription or over-the-counter finished products. The drugs involved will not include those approved under a Biologics License Application or protein drugs covered by a New Drug Application. The study need not have a pre-determined time limit or endpoint, except that tag placement for the study will be completed by December 31, 2007.
• RFID will be used only for inventory control, tracking and tracing of products, verification of shipment and receipt of such products, or finished product authentication.
• RFID will not be used to fulfill existing FDA regulatory requirements (e.g., fulfillment of labeling or Current Good Manufacturing Practice requirements, provision of chemistry, manufacture, and control information, storage of information in fulfillment of a regulatory requirement, or performance of label and product reconciliation).
• RFID will not be used in lieu of current labeling control systems to ensure correct labeling processes.
• The study will use "passive," "semi-active," or "active" tags.3
• Information will be written to the tag at the time that the tag is manufactured (e.g., "read only" tags), after the tag is manufactured but before it is affixed to a drug's container (e.g., "read-write tags"), or after the tag is affixed to a drug's container.4 The tags will contain a serial number (e.g., an electronic product code) that uniquely identifies the object to which the tag is attached, and may also contain other information such as storage and handling conditions, information from the FDA approved label and labeling, lot number, and product expiration date
• The tags will not contain or transmit information for the healthcare practitioner.
• The tags will not contain or transmit information for the consumer.
• The tags will not contain or transmit advertisements or information about product indications or off-label product uses.
• A seal containing a logo, an inventory control message unrelated to the product (e.g., a message informing the custodian that the package contains an RFID tag), and/or a unique serial number may be placed over the RFID tag or elsewhere on a drug's immediate container, secondary packaging, and/or shipping container.
• The addition of the RFID tag and seal will not block, obscure, or alter any of the product's existing and approved label and labeling information.
• The RFID tag will not substitute for, replace, or interfere with a linear bar code required pursuant to 21 C.F.R. § 201.25.
• Participants will "read" the tags as needed to identify the product and/or conduct the study.
• The tag readers will work by emitting electromagnetic energy at radio frequencies of 13.56 megahertz, 902-928 megahertz, or 2.4 gigahertz, and at powers in compliance with regulatory requirements of the Federal Communications Commission (i.e., 1-4 watts effective isotropically radiated power).

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Competitive Landscape

Key companies contributing in the global RFID in healthcare market are AeroScout Inc., Hitachi, Siemens Healthcare IBM, Fresenius Kabi, 3M, Inc., Microchip Technology, Accenture plc, Kit Check, and Know Labs.

Key Developments

The focus of the key companies operating in the global RFID in healthcare market on adopting inorganic strategies to increase their shares in the market. In September 2020, Kit Check had revealed the extension of partnership in between Premier Inc., and Bluesight for developing Controlled Substances (BCS) solution and its tray processing system.

Table of Contents

1. Research Objectives and Assumptions
• Research Objectives
• Assumptions
• Abbreviations
2. Market Purview
• Report Description
• Market Definition and Scope
• Executive Summary
• Market Snippet, By Product Type
• Market Snippet, By Region
• Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
• Market Dynamics
• Drivers
• Restraints
• Market Opportunities
• Impact Analysis
• Key Highlights
• Product launch
• PEST Analysis
• Technological Advancements
• Regulatory Scenario
• Mergers and Acquisitions
• Impact of COVID19 on the market
4. Global RFID in Healthcare Market, By Product Type, 2019 – 2027, (US$ Mn)
• Introduction
• Market Share Analysis, 2020 and 2027 (%)
• Y-o-Y Growth Analysis, 2017 – 2027
• Segment Trends
• Tags
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
• Passive
• Active
• Readers
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
• Middleware
• Introduction
• Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
5. Global RFID in Healthcare Market, By Region, 2019 – 2027, (US$ Mn)
• Introduction
• Market Share Analysis, By Region, 2020 and 2027 (%)
• Y-o-Y Growth Analysis, For Regions, 2017–2026
• North America
• Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
• Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
• U.S.
• Canada
• Latin America
• Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
• Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Europe
• Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
• Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
• Germany
• U.K.
• France
• Spain
• Italy
• Russia
• Rest of Europe
• Asia Pacific
• Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
• Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
• China
• Japan
• India
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East
• Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
• Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
• GCC Countries
• Israel
• Rest of Middle East
• Africa
• Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
• Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
• North Africa
• Central Africa
• South Africa
6. Competitive Landscape
• Company Profiles
7. Section
• References
• Research Methodology
• About us and Sales Contact

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