Effective Counterfeit Drug Monitoring through Radiofrequency Identification (RFID) to Drive RFID Market in Healthcare to US$5.3 bn by 2020 Transparency Market Research has published a new report on the global radiofrequency identification (RFID) market. According to the report, the global radiofrequency identification (RFID) market is predicted to progress from US$1.9 bn in 2013 to US$5.3 bn by 2020. The report is titled ‘Radiofrequency Identification (RFID) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.’ The counterfeit drug industry has become a real threat worldwide, creating a pressing need to use simple yet effective technology to check this problem. With RFID having proven useful in doing so, its use in the healthcare industry is only expected to rise. The report states that the global radiofrequency identification (RFID) market in healthcare is expected to expand at a 13.90% CAGR from 2014 to 2020.
Radiofrequency identification (RFID), a system based on wireless technology, utilizes radio waves to collect data from a tag that is attached to an object. RFID helps in numerous purposes such as the automatic tracking and identification of objects. Tags, middleware, and readers are three major components of RFID. Active RFID devices are primarily powered by an inbuilt power source whereas passive RFID devices are powered by electromagnetic waves. RFID cabinets and printers have expanded the application scope of RFID in the healthcare industry. Some of the application areas of RFID technology are the retail industry, government, and supply chain and logistics. Major application areas of RFID technology include retail industry, supply chain and logistics, and government. Healthcare, however, accounts for a smaller share of the overall RFID market share. Currently RFID applications in healthcare include equipment tracking, people identification and tracking, medical report and blood transfer monitoring, medicine tracking, and supply chain. Hospitals, pharmaceutical companies and distribution channels are the main customers for RFID technology. Barcode technology has been a major restraint for development of RFID market. Although RFID technology has advantages of automation and accuracy, its acceptance is impeded because of the expenditure as compared with barcode technology. This factor is strong particularly in emerging countries, wherein implementation costs are a substantial deterrent for hospitals. Cost effective and easy implementation and operation have made barcode popular across the globe.
Browse Full Research Report on Radiofrequency Identification (RFID) Market in Healthcare: http://www.transparencymarketresearch.com/rfid-in-healthcare.html Technological advances have made the RFID market more dynamic, shrinking the product life cycle. Miniaturized tags have made asset tracking convenient, especially in hospitals where medical devices can be continuously tracked or located. RFID tags play a pivotal role in acceptance of this technology and as per unit price reduces, the overall market for RFID modules is expected to grow rapidly. North America stands out as a prominent leader in the healthcare application of RFID. Large number of tier-1 and tier-2 hospitals, increasing scrutiny due to medical device theft, incidences of drug counterfeiting and need for more efficient supply chain management are other reasons driving the market growth. Impact of economic crises of 2008 has greatly impacted the growth of RFID market in the European countries. Budget cuts on healthcare sector have reduced the overall hospital expenditure. Anticipating economic recovery in the near future, the market is expected to gain momentum in the forecast period. China has emerged as the home for low cost RFID component OEM service providers. With consistent rise in RFID component suppliers in China, suppliers in Europe and North America are facing tough competition in the market. China is one of the largest suppliers of UHF and HF tags. Key players in the market include Alien Technology, Applied Wireless Identifications Group, CAEN RFID, GAO RFID, Inc., Impinj, Intermec, Invengo, Motorola Solutions (now Zebra Technologies), Sato Holdings and STiD.
Browse Full Press Release on Radiofrequency Identification (RFID) Market in Healthcare: Press Release
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