A recent report estimates a nearly 10% growth in the global Radio-Frequency Identification (RFID) market in the healthcare sector, surpassing $2.5 billion by the year 2030.
The surge in RFID healthcare market growth is attributed to the increasing number of patients visiting hospitals and advancements in remote medical technologies. This has led to the utilization of RFID in healthcare for precise patient care, asset management, patient tracking, pharmaceutical authentication, blood and sample tracking, and supply chain monitoring.
Pharmaceutical Factors
The widespread application of highly advanced technologies in the healthcare sector has increased the popularity of RFID systems. The report highlights the growing demand for RFID in the pharmaceutical industry, driven by the need for inventory management, especially in identifying large daily supplies of medicines and tracking their flow from warehouses and pharmacies to different customers.
In this field, RFID technology is employed for automated inventory tracking, monitoring expiration dates, and simplifying supply chain management, thereby reducing waste and costs.
Opportunities in Healthcare
The report identifies growth opportunities for RFID companies primarily focusing on three areas:
1. Accelerating product development for healthcare companies, unlocking revenue opportunities for competitive advantages.
2. Continuous technological advancements in RFID systems, including the development of smaller, more cost-effective RFID tags and enhanced wireless communication, making RFID solutions more accessible and practical for healthcare organizations.
3. The increasing application of RFID technology in clinical trials, research, and development within the healthcare sector for tracking and monitoring research participants, samples, and research equipment, thereby driving market demand.
North America to Drive Growth
The report anticipates that the North American market will dominate the global market share. This estimation is based on continuous advancements in healthcare applications and the rising healthcare expenditure. Simultaneously, the growth and progress in clinical laboratories and the pharmaceutical industry propel the RFID market in the North American region. Profitable enterprises are more willing to embrace digitization in advance within the industry to cater to future development opportunities.
Significant Growth in the Asia-Pacific Region
The Asia-Pacific region is experiencing significant growth in the RFID healthcare market. This is attributed to the urgent need to improve healthcare infrastructure, enhance patient safety, and combat counterfeit drugs in the pharmaceutical supply chain. The report predicts that the continuous growth in healthcare investments, government initiatives, and the vast patient population will contribute to the expansion of RFID in the healthcare market.
This article was originally published by Ulink Media, the organizer of IOTE EXPO (IoT Expo in China).
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