RFID Market in Healthcare - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The RFID market in healthcare can be segmented by Product (Tags and Labels, RFID Systems), End User (Hospitals, Pharmaceutical), and Geography.

Market Snapshot

RFID Market in Healthcare Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: North America
Largest Market: North America
CAGR: 13.8 %

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Market Overview

The RFID market in healthcare was valued at USD 1.72 billion in 2020 and is expected to reach USD 3.69 billion by 2026, at a CAGR of 13.8% over the forecast period 2021 - 2026.

  • The growing stringency in the pharmaceutical sector with regard to medicine labelling is the major driver for the introduction of RFID in this market. Manufacturers operating in the European Union have been adding unique identification numbers to the outer packaging of all prescription drugs and equipping containers with tamperproof seals starting February 2019.
  • The stricter government policy in quality assurance in the healthcare sector indirectly assists the RFID market and creates an opportunity for the new entrants in the market. For instance, the government of India released the National Health Policy (NHP) 2017 to serve as a guiding document for the policymakers in the achievement of India's national goals and international commitments. The capital requirements are moderate, making it competitive for the businesses to quit easily.
  • Many alternate labelling methods are being developed like linear barcoding and 2D data matrix barcoding, which hamper the growth of RFID. GS1 logistics label is the latest example which is used in the serial shipping container.

Scope of the Report

The counterfeiting of medicines and pharmacy-related products have become a matter of worldwide concern. One of the reasons that RFID is expanding considerably in the healthcare market is the sheer number of applications that can benefit. In hospitals that have been outfitted with the technology, RFID is present in many forms – from tracking of surgical tools to tracking patients and staff.

By Product
Tags and Labels
RFID Systems
Asset Tracking Systems
Patient Tracking Systems
Pharmaceutical Tracking Systems
Blood Monitoring Systems
By End User
Hospitals
Pharmaceutical
Other End Users (Research Institutes and Laboratories)
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Latin America
Middle East & Africa

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Key Market Trends

Asset Tracking Using RFID Holds a Significant Market Share Among All Other Applications

  • Manually managing hospital assets, which include medical equipment, surgical equipment, data charts, etc., becomes tedious, especially during emergencies.
  • Moreover, according to the World Health Organization estimates, one million people die each year from counterfeit medicines. 
  • Therefore, with RFID asset tracking solutions, hospitals are able to save significant time and even costs, as they are able to curb theft and losses to a significant extent.
  • North America leads when it comes to the highest number of counterfeits concerning pharmaceuticals, followed by Asia. 
RFID Market in Healthcare Share

North America to Witness the Fastest Growth.

  • Most physicians in North America believe that digital health has robust potential in terms of improving patient care and thus are actively adopting digital solutions in their practices.
  • The North York General Hospital is the first hospital in Canada to leverage RFID medication management solution, to enhance accuracy and efficiency within its pharmacy operations
  • Furthermore, in June 2018, Fujitsu Frontech North America (FFNA) released one of the smallest laundry tags on the market with built-in RFID technology. The size is at six to seven millimetres in width. The use of RFID by the health-care markets has grown fast enough in this region that it is putting pressure on manufacturers to insert RFID tags into their products before shipping them to customers.
  • Therefore, digital health technology expansion coupled with distinguished players, such as Alien Technology LLC, Avery Dennison Corp., Allflex USA Inc., Applied Wireless Identifications Group Inc., investing in RFID technology, is driving the market growth in the region.
RFID Market in Healthcare Growth Rate By Region

Competitive Landscape

The market is gradually fragmenting since some of the companies already exist in the market and stringent government policy in the healthcare sector indirectly assists the RFID market and creates an opportunity for SMEs. Some key players dominating the market are Smartrac NV, Avery Dennison Corporation, CCL Industries Inc., Alien Technology Corporation and GAO RFID Inc.

  • April 2019 - Alien Technology announced the Higgs-9 IC, the first release of its next-generation of Higgs RFID semiconductor integrated circuits. It enables enterprise-critical applications to run faster, smarter, and with quicker ROI in RFID deployments. 
  • January 2019 - Smartrac NV introduced Eagle, an all-new RAIN RFID product line whose top read range and state-of-the-art UCODE® 8 chip by NXP make it a superior choice for global retail applications.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Introduction to Market Drivers and Restraints

    3. 4.3 Market Drivers

      1. 4.3.1 Growing Stringency in Pharmaceutical Sector with Regard to Medicine Labelling

      2. 4.3.2 Increased Applications and Use of Devices Supporting RFID Across the Healthcare Sector

    4. 4.4 Market Restraints

      1. 4.4.1 Development of Alternate Labelling Methods

    5. 4.5 Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Tags and Labels

      2. 5.1.2 RFID Systems

        1. 5.1.2.1 Asset Tracking Systems

        2. 5.1.2.2 Patient Tracking Systems

        3. 5.1.2.3 Pharmaceutical Tracking Systems

        4. 5.1.2.4 Blood Monitoring Systems

    2. 5.2 By End User

      1. 5.2.1 Hospitals

      2. 5.2.2 Pharmaceutical

      3. 5.2.3 Other End Users (Research Institutes and Laboratories)

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Rest of Asia-Pacific

      4. 5.3.4 Latin America

      5. 5.3.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Smartrac NV

      2. 6.1.2 Avery Dennison Corporation

      3. 6.1.3 CCL Industries Inc.

      4. 6.1.4 Alien Technology Corporation

      5. 6.1.5 GAO RFID, Inc

      6. 6.1.6 Honeywell International Inc.

      7. 6.1.7 S3Edge Inc.

      8. 6.1.8 STANLEY Healthcare

      9. 6.1.9 Biolog Inc.

      10. 6.1.10 Impinj Inc.

      11. 6.1.11 Mobile Aspects Inc.

      12. 6.1.12 RF Technologies

      13. 6.1.13 STid Groupe

      14. 6.1.14 Champion Healthcare Technologies

      15. 6.1.15 Terso Solutions Inc

    2. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The RFID Market in Healthcare market is studied from 2018 - 2026.

The RFID Market in Healthcare is growing at a CAGR of 13.8% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Smartrac NV, Avery Dennison Corporation, CCL Industries Inc., Alien Technology Corporation, GAO RFID Inc. are the major companies operating in RFID Market in Healthcare.

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