Radio-frequency identification (RFID) works on radio frequency technology, wherein digital information is encoded in smart labels or RFID tags. This technology is based on wireless technology that utilizes radio-frequency electromagnetic waves for transferring data from a tag attached to an object, for various reasons such as tracking of objects and automatic identification. RFID technology holds immense potential in the healthcare industry owing to the growing use of tagging for locating various healthcare assets, increasing demand for reducing medication errors and combating counterfeit.
Radio-frequency identification system minimizes the risk of unacceptable (i.e., recalled, and expired), counterfeited, and adulterated drugs by enabling manufacturers to track products as it moves through the supply chain. Thereby, companies can achieve more accurate recalls, improve their operational efficiencies, and in the long run, gain valuable business proficiency. Likewise, due to enhanced visibility over the value chain, helps hospital facilities to stop the growth and spread of “unofficial” inventory. Major applications of RFID in healthcare are tracking medical hospital equipment, patient identification, tracking medication from pharmacy to patient and blood transfer monitoring. On contrary, despite such bright prospects vis-à-vis revenue, the global industry is expected to face challenges in terms of increasing sale of cheaper barcode systems and privacy issues.
Request to Fill The Form To get Sample Copy of This Report: https://www.sdki.jp/sample-request-53414 Products Takeaway In terms of products, the market is broadly divided as readers, tags, and middleware. RFID Tags are the largest revenue-generating segment, accounted for over 60% of the industry revenue throughout the study period. Wide application areas in various assets, drugs, and medical devices support the segment growth. The RFID tag is a device, which consists of a microchip attached with an antenna.
Application Takeaway
Application wise, the industry is bifurcated as Hospital Equipment Tracking, Blood Transfer Monitoring, Pharmacy – Patient Medication Tracking, Patient Identification, and Localization. Among which hospital equipment tracking recorded maximum revenue share, with USD 896.3 million in 2017. This system is proven to be the most effective technology in tracking medical devices as it eliminates the extra time consumed during the usage of conventional tracking systems.
Regional Takeaway
Regionally, North America accounted for the highest revenue share. The market is determined to cross more than USD 1.5 billion in 2017 owing to the favorable government initiatives coupled with the technology advancements. In addition, Asia Pacific region is considered to be an important market due to the recent increase in the product installations in hospitals and other medical facilities.
Key Vendor Takeaway
Companies namely Accenture, Atmel, 3M, HITACHI, Siemens, IBM, and AAID Security Solutions are operating in this market. The global industry is largely consolidated with top 10 players accounting for more than 80% share of the market revenue. This leads to high competition among the smaller players to grab their share of the pie. In addition, there are significant pricing pressures within the industry that enunciates the strong rivalry among the key players. A key element of companies’ business strategy includes expansion through the acquisition of assets, products, technologies or complete businesses that allows them to complement existing product offerings and hence expand market coverage. The market size and forecast for each segment and sub-segments has been considered as below: Historical Year – 2014 & 2016 Base Year – 2017 Estimated Year – 2018 Projected Year – 2025 TARGET AUDIENCE Traders, Distributors, and Suppliers Manufacturers Government and Regional Agencies and Research Organizations Consultants Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS Readers Tags Middleware MARKET, BY APPLICATION Hospital Equipment Tracking Blood Transfer Monitoring Pharmacy – Patient Medication Tracking Patient Identification Localization MARKET, BY REGION North America U.S. Canada Europe Germany France Rest of Europe Asia Pacific India China Rest of APAC Rest of the World Middle East and Africa Latin America
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