Effective Counterfeit Drug Monitoring through Radiofrequency Identification to Drive RFID Market in Healthcare to US$5.3 bn by 2020
RFID MarketTransparency 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 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.
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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.
The global radiofrequency identification market is segmented on the basis of component, region, and application. Based on region, the global radiofrequency identification market is divided into North America, Asia Pacific, Europe, and Rest of the World. The Europe radiofrequency identification market is expected to grow swiftly in the years to come due to the recovery of the healthcare industry in this region. Alien Technology, Applied Wireless Identifications Group, Intermec, Invengo, STiD, Sato Holdings, CAEN RFID, GAO RFID Inc., and Motorola Solutions (now Zebra Technologies) are some of the key players in the global radiofrequency identification market.
By component, the global radiofrequency identification market is classified into RFID tags, RFID readers, RFID cabinets, RFID printers, and RFID middleware. In 2013, the passive RFID technology accounted for a dominant share of 70% in the global radiofrequency identification market.
At present, RFID applications in healthcare include people identification and tracking, equipment tracking, medicine tracking, supply chain, and medical report and blood transfer monitoring.
Going forward, the global radiofrequency identification market is expected to be affected by factors such as the growing installed base of barcode systems and low awareness. Even though RFID technology has carries advantages such as accuracy and automation, its acceptance is obstructed due to its high expenditure as compared with barcode technology.
However, a high scope for development in the healthcare industry is expected to propel the global radiofrequency identification market in the near future. Chinese manufacturers are currently offering low cost OEM services. This is expected to benefit the global radiofrequency identification market in the years to come. Also, technological advancements have minimized the product life cycle, thus making the radiofrequency identification market more dynamic in nature. Some other factors expected to propel the global radiofrequency identification market are the presence of tire-1 and tire-2 hospitals, the rising need to have efficient supply chain management, and medical device thefts.