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Global Share of RFID in Healthcare Market Expecting 21.5% CAGR Growth, to Reach US $7,700 Million by 2026

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Global Share of RFID in Healthcare Market Expecting 21.5% CAGR Growth, to Reach US $7,700 Million by 2026

June 22
07:11 2021
Global Share of RFID in Healthcare Market Expecting 21.5% CAGR Growth, to Reach US $7,700 Million by 2026
Global RFID in healthcare market size & share in 2019 is nearly USD 1,960 million and is expected to reach around USD 7,700 million by 2026. The anticipated CAGR for global RFID in healthcare market is above 21.6% from 2020 to 2026. Top players are IBM, Palex Medical SA, Zebra Technologies Corporation, Siemens, Cardinal Health, Hitachi Ltd, and others.

According to the research report by Facts and Factors Market Research, global RFID in healthcare market size & share in 2019 is nearly USD 1,960 million and is expected to reach around USD 7,700 million by 2026. The anticipated CAGR for global RFID in healthcare market is above 21.6% from 2020 to 2026.

RFID (Radiofrequency Identification) is a wireless technology that employs radio waves to track objects or devices outfitted with radio frequency tags and readers. Through this technology, healthcare professionals and clinicians can track documents, patients, and other important assets related to healthcare such as blood samples, medical reports, equipment, and medicines. The connectivity range of RFID tags is over one hundred meters. Moreover, technology can efficiently read thousands of RFID tags simultaneously.

Extensive advancement in automation and technology are propelling global RFID in healthcare market

Various sectors including healthcare are incorporating automation technology for swift completion of processes. RFID enhances the speed and efficiency of healthcare processes by cutting the workforce required for hunting reports and equipment in a hospital.

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Market Growth & Dominance:

  • Component-based segmentation analysis

 

Based on components, the “Tags” sub-segment dominated the global RFID in healthcare market by holding nearly 50% share in the market. The key reason behind its dominance is the huge penetration rate in numerous sectors. The sub-segment is expected to bloom splendidly at a CAGR of around 25% throughout the forecast period.

  • End-User based segmentation analysis

 

Based on the end-user, the global RFID in healthcare market is segmented into biotechnology companies, hospitals, and pharmaceutical companies. Among all, hospitals accounted for more than 40% share in the global market. However, analysts’ prediction states that the “biotechnology companies” category is likely to flourish at a faster pace during 2019–2026.

  • Application-based segmentation analysis

 

Application-wise, the global RFID in healthcare market is categorized into people identification and tracking, medicine tracking, samples & blood transfer tracking, supply chain & medical report, and equipment tracking. Among all, the “samples and blood transfer tracking” category dominates the global market by holding a major share, as the demand for blood products inventory management is propelling phenomenally. However, the “supply chain & medical report” category is anticipated to flourish at a greater CAGR, according to the market analysts.

  • Region-based segmentation analysis

 

Based on region, North America is in the dominating position, in terms of holding global market share. North America accounts for more than 40% market share. However, analysts’ projection indicates that the Asia Pacific market will expand substantially owing to the growing adoption of RFID in the healthcare sector and the availability of services at affordable prices in the region, particularly in China.

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Key market players

Some of the key players driving the global RFID in healthcare market are IBM, Palex Medical SA, Zebra Technologies Corporation, Siemens, Cardinal Health, Southwest Solutions Group, Hitachi Ltd., American RFID Solutions, 3M, NewAge Industries Inc., and ACC Systems Inc., among others.

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The research study provides a critical assessment of the global RFID in healthcare industry by logically segmenting the market on the basis of component, application, end-user, and regions. Based on the past, present, and future trends, all the segments were analyzed from the bottom up, and the market sizes have been estimated from 2020 to 2026. The regional segmentation of the global RFID in healthcare industry includes the holistic bifurcation of all the five major continents including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The global RFID in healthcare market is segmented based on component, application, end-user, and region. By component, the market is segmented into tags, storage and cabinets, readers, and printers. Based on application, the market is bifurcated into people identification and tracking, medicine tracking, samples and blood transfer tracking, supply chain and medical report, and equipment tracking. By end-user, the global market is divided into biotechnology companies, pharmaceutical companies, and hospitals.

In December 2018, the American multinational conglomerate corporation, 3M (formerly known as the Minnesota Mining and Manufacturing Company)revealed its decision to procure the tech business of M*Modal. This procurement decision was taken after 3M pledged to invest strategically in its Health Information Systems business.

Browse detail report with in-depth TOC @ https://www.fnfresearch.com/global-rfid-in-healthcare-market-by-component-tags

The global RFID in healthcare market is segmented as:

Global RFID In Healthcare Market: Component Segmentation Analysis

  • Tags
  • Storage and Cabinets
    • RFID Refrigerator
    • RFID-enabled Freezer
    • RFID Smart Cabinet
  • Readers
  • Printers

 

Global RFID In Healthcare Market: Application Segmentation Analysis

  • People Identification and Tracking
  • Medicine Tracking
  • Samples and Blood Transfer Tracking
  • Equipment Tracking
  • Supply Chain and Medical Report

 

Global RFID In Healthcare Market: End-User Segmentation Analysis

  • Biotechnology Companies
  • Pharmaceutical Companies
  • Hospitals

 

About Us:
Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

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