Healthcare RFID Global Market Sees Growth Rate Of 18% Through 2026

The global healthcare RFID market size is expected to grow from $2.21 billion in 2021 to $2.60 billion in 2022 at a compound annual growth rate (CAGR) of 17.30%. The global healthcare RFID market size is expected to grow to $5.08 billion in 2026 at a CAGR of 18.26%.

What is the Global Healthcare RFID Market?

The healthcare RFID market consists of sales of healthcare Radio Frequency Identification (RFID) technologies by entities (organizations, partnerships, and sole proprietors) that is a form of wireless communication to transfer data from an electronic tag attached to an object to a reader. RFID helps reduce drug counterfeiting, streamline the clinical trial process, facilitate better identification accuracy, simplify inventory management, consolidate patient tracking, improves caregiver-patient communication, and eliminates the risk of giving the wrong medication.

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What drives the Global Healthcare RFID Market?

The increasing stringent regulations in the pharmaceutical sector are significantly driving the growth of the healthcare RFID market. Governments and other regulatory bodies across various countries have started implementing stringent measures in the pharmaceutical sector to minimize counterfeiting problems and other medical-related issues. For example, in April 2020, the US FDA (Food and Drug Administration) issued guidelines stating that RFID cards are required for conducting the DPP COVID-19 IgM/IgG System tests. The FDA has also stated that using an RFID card designed for a different test type than the one being performed can lead to inaccurate test results. These kinds of regulations expand the healthcare RFID market by making RFID tags mandatory and creating a continuous demand for RFID technology in healthcare. Hence, the stringent regulatory environment in the pharmaceutical sector is expected to propel the growth of the market going forward.

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Global Healthcare RFID Market Segments
The global healthcare RFID market is segmented:
By Product: Tags and Labels, RFID Systems
By End-User: Hospitals, Pharmaceuticals, Research Institutions and Laboratories, Others
By Application: Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, Others
By Geography: The regions covered in the healthcare RFID market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Healthcare RFID Global Market Report 2022provides market size and growth forecasts for the global healthcare RFID market, healthcare RFID global market share, healthcare RFID market segments and geographies, healthcare RFID market competitive landscape including leading competitors’ revenues, profiles and market shares. The healthcare RFID market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Healthcare RFID Industry Playersinclude Impinj Inc., Alien Technology Corporation, GAO RFID Inc, Honeywell International Inc., STANLEY Healthcare, Mobile Aspects, RF Technologies, STiD RFID, Terso Solutions, Radianse, CCL Industries Inc, CenTrak, Carinal Health, LogiTag, Biolog-id, Metratec, Tagsys RFID, Zebra Technologies, Smartrac NV, S3Edge Inc., Champion Healthcare Technologies, SpaceCode, Pepperl+Fuchs, Hurst Green, Palex Medical, Applied Wireless Identifications Group Inc., CAEN RFID S.r.l., Invengo Information Technology Ltd. Co., Motorola Solutions Inc., and Solstice Medical. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.