RFID in Healthcare Market was valued at USD 646.7 million in 2014 and is expected to reach over USD 3.89 billion over the next seven years. Key influences attributing to this rapid growth include growing occurrences of theft and loss of different medical devices which result in high losses to the pharmacies and hospitals. Healthcare services use radio frequency identification (RFID) and real-time location systems (RTLS) to track, identify, monitor patients, locate, visitors, assets, equipment and staff. Know that, how of these technologies aid in improving safety, enhancing the quality of care, reducing financial waste, and fostering patient satisfaction.
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Market Synopsis of RFID in Healthcare Market:
The healthcare market is majorly
driven by the cheap availability of highly efficient systems and tags. Improper
storage systems and careless handling in pharmaceutical stores have led to
rising number of stock outs and expiration of medicines. This, in turn, may
impact in loss of revenue and reputation which is anticipated to encourage
better usage in the foreseeable future.
Furthermore, one of the high
impact rendering drivers for the growth of this market is the development and
rising usage of Kanban systems in order to achieve lean inventory. RFID Kanban
systems allow organizations to lessen their inventory value by 15-35% according
to a study shown by Stanley Healthcare. In addition, with inventory reduction
by 50%, the inventory replenishment expenses can be condensed down to a total
expenditure of just 5% of overall. Furthermore, these changes are anticipated
to cut down on the storage space by 22%. As a result, storage costs are reduced
substantially subsequently decreasing energy costs as well.
Implementation of advanced Kanban
systems in existing hospital inventory management and timely placement of
orders to the supplier directly for requisite medical devices and medication is
expected to encourage hospitals and pharmacies to incorporate these systems.
RFID systems find widespread applications in the healthcare sector and have an
increasing penetration in areas including infection control, injection safety,
tracking prescription drugs and radiology. These systems are anticipated to
improve market capitalization in coming seven years. For instance, Sanraku
Hospital collaborated with BayNexusin an attempt to manage their medical
equipment efficiently. Which also, to reduce time taken to inspect medical
conditions, Wake Forest Baptist Medical Center integrated RFID tags on the
closures of x-ray vests.
Product Insights
On the basis of product type,
RFID systems and tags are segmented into two main products. In 2014, RFID
systems contributed to over 55% of the overall market share. Key factors
contributing to this large share includes high penetration of these devices in
the market owing to better awareness levels regarding the advantages of RFID
devices such as their ability to embed into existing hospital ERP software
systems and reduction in overall operational costs. Systems are further
categorized as pharmaceutical tracking, asset tracking, blood monitoring and
patient tracking.
In 2014, the pharmaceutical
segment constituted for the largest share and is projected to emerge as the
dominant market leader in the next seven years. RFID tags cost approximately
4-6 cents which turn to be cost effective and may render as a high impact
driver for market growth in the next seven years. Additionally, tags market is
also sub divided on the basis of their end-use in varies departments including
pharmaceutical tracking tags, asset tracking tags, blood monitoring tags and
patient tracking tags.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 RFID in Healthcare:
Market Variables, Trends & Scope
Chapter 4 RFID in Healthcare:
Product Estimates & Trend Analysis
Chapter 5 RFID in Healthcare:
Application Estimates & Trend Analysis
Chapter 6 RFID in Healthcare:
End-use Estimates & Trend Analysis
Chapter 7 RFID in Healthcare:
Industrial End-use Estimates & Trend Analysis
Chapter 8 RFID in Healthcare:
Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 RFID in Healthcare:
Manufacturers Company Profiles
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