The Healthcare RFID Industry to Grow 25% Annually

Aug 15, 2016

In the next seven years it is expected that RFID usage is expected to rise in healthcare. The healthcare market is expected to witness USD $3.89 billion of RFID technology to monitor product and patient tracking until 2022.

TexTrace RFID and Smart Face Technology are expected to be most popular and in demand to track efficiency and accuracy of inventory and supply. By 2022, the adoption of RFID technology is expected to rise especially due to the statistic published by the National Institute of Health (2013), that there are approximately 98,000 deaths in hospitals as a result of medical deficiencies or errors. As a result, RFID enactment is expected to rise, especially in healthcare. The new report was published by market research analyst firm Grand View Research.

The increasing demand of point of care solutions, automated pharmaceutical distribution and electronic medical records is also what will lead to a greater demand for radio frequency identification technology. Inventory management of blood and blood monitoring systems require improvements which can be met by embracing RFID tags and systems. Non-profit organizations such as Health Industry Business Communications Council (HIBCC) are a driving force in growth of RFID technology because their ongoing research suggests that an increased demand exists in the future for to patient-centric applications that use passive RFID in stationary mobile and devices. There is some debate about whether RFID technology will be more prominent for blood monitoring or patient and pharmaceutical tracking.

In accordance with improvement in healthcare structure, the RFD market in healthcare is estimated to grow over the next few years. Developing countries outside of North America including China, India and South Korea are also forecasted to have higher demand for RFID technology usage. Asia Pacific is projected to be one of the areas around the world with highest growth rates. It is projected that the market for such technology will increase up to 25% by the year 2022. A rising demand to track expensive medical devices is prompting a greater interest in tracking solutions.

Key contributors and producers of RFID technology currently are Terso Solutions Inc., Spacecode Technologies, Dolphin RFID, GAO RFID, CAEN RFID, Smartrac NV, Allen Technology, Zebra and Motorola.

Source: RFID World Canada