Global Radio Frequency Identification (RFID) in Healthcare Industry is Expected to Reach USD 3,351.6 Million by 2018: Transparency Market Research
Albany NY (PRWEB) December 14, 2012
The RFID tags segment occupies about 61% of the global RFID technology in the healthcare market. Major contributing factors for this high growth rate include increasing application of RFID technology in healthcare, rising issues of counterfeiting, need for tracking and localizing medical equipment, and enhancing safety and efficiency of healthcare delivery. The market is also getting support from the fact that the U.S. Food and Drug Administration (FDA) and many other agencies are exerting pressure to explore RFID and other technology to improve quality of patient care.
RFID is witnessing growing applications in the healthcare industry of which major applications are tracking medical hospital equipment, blood transfer monitoring, patient identification, and tracking medication from pharmacy to patient. Tracking medical hospital equipment segment of the RFID application market is the largest revenue generating segment and is expected to reach market value of USD 1,173.1 million in 2018 from the 2012 value of USD 449.5 million, growing at an estimated CAGR of 17.3% during the forecast period.
Tracking medication from pharmacy to patients is the second largest revenue generating segment as the supply chain of high cost equipments is complex and they are often supplied on consignment. Hence they need high degree of traceability from supplier to patient. The blood transfer monitoring application market for RFID is one of the fastest growing markets across the globe as blood banks need to maintain the integrity and authenticity of the blood bags delivered.
Among all the geographical regions, North America is expected to account for maximum share of about 50% followed by Europe (20%) and Asia-Pacific (17%) in 2018. The North America market is growing on account of government regulations encouraging the use of RFID chips in healthcare. Countries such as the U.K., Singapore, China and Nigeria have already mandated RFID in various projects like counterfeiting and citizen identification which are being followed by other developed and emerging countries in order to secure and safeguard the nation’s integrity.
In 2011, 3M accounted for about 15.5% market share followed by Atmel capturing about 14.8% and Accenture about 12.9% of the overall market. Other major players in this market includes HITACHI, Motorola, ACC Systems Inc, Aaid Security Solutions Inc, Siemens, ADR Advisors Inc., IBM, AdvantaPure¸ Alvin Systems, American RFID Solutions, and Bearing Point among others.