New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global RFID in Healthcare Market Size, Share & Industry Trends Analysis Report By Application, By Product, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481474/?utm_source=GNW
RFID sales are increasing as a result of the massive daily supply of pharmaceutical goods that are sent from warehouses and pharmacies to many clients throughout the world. Inventory management must be more precise, real-time, and stock-level information to enhance circulation across the supply chain. RFIDs can monitor expiry dates, prevent counterfeit goods, boost consumer safety, and accurately estimate product demand. They can also help with inventory visibility and customer service.
The major strategies followed by the market participants are Partnerships as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In December, 2020, Avery Dennison formed a partnership with Schreiner MediPharm and PragmatIC Semiconductor to leverage NFC technology. The partnership with PragmatIC and Schreiner MediPharm, the company would be able to provide enhanced patient safety and experiences through novel smart packaging applications. Moreover, in September, 2020, Honeywell teamed up with Influence Healthcare International (IHI) to explore new possibilities for both companies to digitally transform the Middle East, Russia, Turkey, and Africa’s (MERTA) healthcare sector by offering high-quality healthcare solutions by combining the Safety and Productivity Solutions of the company with IHI’s industry-leading healthcare transformation capabilities.
Based on the Analysis presented in the KBV Cardinal matrix; 3M Company, Honeywell International, Inc. and Siemens AG are the forerunners in the Market. In March, 2023, 3M teamed up with Guardhat, an industry-leading connected safety software company. The company would transfer its Safety Inspection Management (SIM) software to Guardhat. The collaboration is aimed to bring the expertise of both the companies and innovation across PPE with Guardhat’s worker-centric software platform to better serve that joint mission. Companies such as Fujitsu Limited, Avery Dennison Corporation, and Zebra Technologies Corp. are some of the key innovators in the Market.
Market Growth Factors
Strict Regulations in the Pharmaceutical Industry Regarding Medicine Labeling
Any labeling or packaging material that complies with the relevant written specifications will be authorized and made available for use, as per the Code of the Food and Drug Administration of the Health and Human Services. To avoid their usage in activities for which they are inappropriate, any labeling or packaging material that does not adhere to these standards must be rejected. Records must then be kept for each shipment of labeling and packaging material received, whether accepted or refused. Such requirements and laws boost interest in RFID, propelling the industry.
From the patient’s standpoint, increasing healthcare logistics automation
By streamlining tasks related to managing the complete traceability of materials and acquiring information on consumption per patient, the automation of logistic systems enables advancement towards effective per-patient management models. With this automation, these tasks would be nearly possible due to the significant resources and staff time needed. To effectively maintain traceability, automatic identifying technologies like barcodes and, more recently, radio-frequency identification (RFID) have been created. As a result, as healthcare logistics became more automated, the use of RFID in that industry—especially in RFID-enabled smart cabinets—would increase, fueling market expansion.
Market Restraining Factors
RFID technology is expensive
RFID-enabled smart cabinets employed in healthcare come at a significant cost to install and maintain. Such charges for hospitals and clinics in impoverished countries cannot be anticipated. It is projected that traditional lock and key cabinets would prevent the widespread use of RFID-enabled smart cabinets. Most hospitals in underdeveloped areas and countries still keep their equipment and pharmaceuticals in conventional safety and critical cabinets and freezers. The expansion of healthcare specialties, departments, and services is given greater priority due to the system’s overall performance. Due to the high cost of RFID technology, the market is anticipated to suffer throughout the projection period.
Product Outlook
Based on product, the market is divided into tags and systems & software. The tags segment held the highest revenue share in the market in 2022. A greater consumer understanding of these devices’ advantages would accelerate category expansion. Medical personnel can find any hospital patients using RFID tracking, ensuring their safety and sustaining the treatment process. Additionally, businesses are launching innovative solutions to lower risk and improve organizational efficiency. Pharmaceutical, asset, patient, and blood monitoring system tracks may all be made using RFID tags.
Application Outlook
By application, the market is segmented into asset tracking, patient tracking, medication tracking, blood tracking, and others. The pharmaceutical tracking segment garnered a significant revenue share in the market in 2022. RFID provides a reliable way to get product information, in addition to monitoring and tracking medications across the supply chain and lowering the total cost of business (TCOB) in the case of a product recall. Additionally, several pharmaceutical companies collaborate with RFID businesses to launch innovative RFID products.
Regional Outlook
Region wise, the market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2022, the North America region led the market with the maximum revenue share. The market expansion is primarily caused by a rise in patient safety legislation, requirements for monitoring medical equipment, and an increase in hospitals. Other factors influencing regional development include the availability of a well-developed healthcare infrastructure and the high adoption of cutting-edge technology in healthcare. The U.S. has a significant market in this area, which helps explain why this technology is used so often in healthcare services. Growth in the area is fueled by the rising awareness of the possible advantages of using RFID technology and the increasing worry about the dangers of prescription mistakes.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Alien Technology, LLC, Zebra Technologies Corp., Avery Dennison Corporation, Impinj, Inc., 3M Company, Invengo Technology Pte. Ltd., Siemens AG, Fujitsu Limited and Terso Solutions, Inc. (Promega Corporation).
Recent Strategies Deployed in RFID in Healthcare Market
Partnerships, Collaboration and Agreements:
Mar-2023: 3M teamed up with Guardhat, an industry-leading connected safety software company. The company would transfer its Safety Inspection Management (SIM) software to Guardhat. The collaboration is aimed to bring the expertise of both the companies and innovation across PPE with Guardhat’s worker-centric software platform to better serve that joint mission.
May-2022: Avery Dennison Corporation entered into a partnership with Wiliot, the Internet of Things pioneer to create a new era of IoT that benefits people and the planet. The passive Bluetooth technology of Wiliot offers the ability to work with existing infrastructure. The partnership would enable the company to expand its portfolio and opens up many new use cases for our customers and partners.
Product Launch and Product Expansions:
Nov-2022: Impinj released two new RFID tag chips M780 and M781 RAIN RFID. The newly launched RFID tag chips are a part of the Impinj M700 series and are intended to manage product shelf life, adhere to regulations, and reduce waste. The Impinj M780 chip is equipped with 128-bit user memory, and 496-bit electronic product code memory, while the Impinj M781 chip features, 512-bit user memory, and 128-bit electronic product code.
May-2022: Avery Dennison Corporation unveiled D Medio Web DF EM4425 and AD Web DF EM4425 V12, two added to its expanding Dual-frequency (DF) range of RFID inlays. Both the product offers combined NFC (HF) and RAIN RFID (UHF) functionality for item-level tagging in a small, cost-effective way. AD Medio Web DF has been developed for pharmaceuticals and healthcare applications, while AD Web DF focuses on retail use cases.
Jun-2021: Impinj launched three new RFID reader chips, E710, E510, and E310 RAIN RFID. The new RFID chips have use cases in multiple markets including consumer electronics, supply chain, and logistics, retail, among others. The RFID reader chips are 80% smaller and consume 50% less power.
Acquisitions and Merger:
Jun-2023: Impinj, Inc. took over Voyantic, a provider of radio frequency identification (RFID) testing and measurement solutions. With this acquisition, the company would be able to advance and accelerate design, manufacturing, and testing to drive quality products out into the market.
Jun-2022: Zebra Technologies Corporation completed the acquisition of Matrox Imaging, a developer of advanced machine vision components, software, and systems. The acquisition enables them to expand its offering of automation and vision technology solutions.
Oct-2021: Zebra Technologies Corporation announced the acquisition of antuit.ai, a provider of artificial intelligence (AI)-powered Software-as-a-Service (SaaS) solutions. Through this acquisition, the company would be able to offer its customers in the CPG industry an analytics, AI, and automation solution for more efficient planning and operations.
Scope of the Study
Market Segments covered in the Report:
By Application
• Asset Tracking
• Pharmaceutical Tracking
• Patient Tracking
• Blood Tracking
• Others
By Product
• Tags
• Systems & Software
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Honeywell International, Inc.
• Alien Technology, LLC
• Zebra Technologies Corp.
• Avery Dennison Corporation
• Impinj, Inc.
• 3M Company
• Invengo Technology Pte. Ltd.
• Siemens AG
• Fujitsu Limited
• Terso Solutions, Inc. (Promega Corporation)
Unique Offerings
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• Highest number of market tables and figures
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Read the full report: https://www.reportlinker.com/p06481474/?utm_source=GNW
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