RFID in Healthcare Market grew at an average yearly rate of around 18% during the timeframe (2018-2020). RFID is helping to optimize the operations of healthcare organizations in areas like asset management, patient tracking, equipment tracking, and similar others. In the present scenario, inventory management and theft are problems that the industry faces and this technology has been very vital in dealing with such challenges. Similarly, real-time patient tracking is possible through RFIR tags.
The research and analytics firm Datavagyanik released the updated version if its report on “RFID in Healthcare Market – Country-wise Detailed Analysis, Business Opportunities, and Forecasts”. The updated version of the report is released with latest data, industry trends and competitive benchmarking. The report makes use of analytical models to study country level market patterns and forecast for the next seven years.
Healthcare Industry General Scenario and its impact on the RFID in Healthcare market
The healthcare industry continues to witness impressive growth, thereby, benefiting various businesses including manufacturers, suppliers, and other value chain participants. In the year 2014, the global healthcare IT market was close to $75 billion which has exceeded $300 billion in the year 2021. This indicates compounded yearly growth of nearly 20%. This increasing trend has greatly impacted the Healthcare IT infrastructure providers, software, and hardware providers. However, there is a great difference between the demand trends, consumption patterns and market scenarios between the developed countries and the emerging markets. The Healthcare IT industry is quite attractive and, in the future, the trend will continue. There are reasons for this and the most important ones are:
- Rising adoption of IoT devices in the healthcare sector – IoT devices are being used everywhere in the medical industry. Right from patient treatment, diagnosis, monitoring and facilities management, IoT devices are helping healthcare institutions in efficient data collection, tracking, management and analysis. The rising trend of connected medical devices also require a better overall IT infrastructure and connectivity. In the year 2021, the connected medical devices industry stands at $30 billion and is well poised to exceed $100 billion by the year 2030.
- Software solutions are playing a key role in treatments, patient care and operations management – Healthcare providers are using advanced information systems, electronic health records management other solutions that are helping in simplifying the service delivery and improving patient satisfaction. Products like revenue cycle management and hospital facility management have enabled automation of a range of organizational tasks and functions.
- Health problems continue to rise worldwide – The world population is ageing and the median age which was around 13 years in 1975 is 31 years in 2022. This is clearly reflective in the trend with respect to orthopedic and spinal problems, urinary conditions, heart problems and others. Moreover, negative changes in the dietary habits and lifestyles are creating more health problems for the world. Innovative technological solutions are being developed to diagnose various problems, treat diseases and track patient improvements.
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North America RFID in Healthcare Market Analysis
North America is the largest RFID in Healthcare market in the present scenario with the United States contributing nearly 80% of the regional market share.
United States RFID in Healthcare Market Analysis
The United States spends over $4 trillion each year on availing healthcare services. This is nearly 50% of the global healthcare spend and this clearly exhibits the position of the United States in the Healthcare IT industry. Hospitals in the U.S. are equipped with smart medical equipment, data management, and sharing infrastructure. The demand for RFID in Healthcare in the country is …(continued in the full report)
Canada RFID in Healthcare market analysis
In the overall Healthcare IT market, Canada holds 9% of the North American region. The demand trends of RFID in Healthcare in Canada are somewhat similar to that of the United States. The report covers the analysis of Canada RFID in Healthcare market in detail with statistics and business insights.
Europe RFID in Healthcare market analysis
Europe region is the second-largest Healthcare IT market in the present scenario, after the North America region. Countries like Germany, France, UK, Italy, and Spain cumulatively account for over 80% of the region’s healthcare spending.
Germany RFID in Healthcare market analysis
Germany has the largest population size in the EU region. The country is also the largest market for Healthcare IT in the European region with a share of 24%. The Germany RFID in Healthcare market is highly potential and …..(continued in the full report)
France RFID in Healthcare market analysis
France is the second-largest market for Healthcare IT in Europe. The country has 15% of the EU population and it ranks second, in Europe, in terms of annual healthcare IT spend. France is a very attractive market for RFID in Healthcare in the Europe region. Get a detailed analysis on France RFID in Healthcare market in the report.
UK RFID in Healthcare market analysis
UK is very close to France in the Healthcare IT market size. The country is also a very attractive market for the RFID in Healthcare market in Europe. Get detailed analysis on the UK RFID in Healthcare market in the report.
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Italy RFID in Healthcare market analysis
Get detailed analysis on Italy RFID in Healthcare market in the report.
Spain RFID in Healthcare market analysis
Get detailed analysis on Spain RFID in Healthcare market in the report.
Asia Pacific region RFID in Healthcare market analysis
The Asia Pacific region is a very rapidly growing Healthcare IT market and countries like China, Japan, South Korea, and others are becoming attractive contributors. In the overall Healthcare IT industry, the APAC region accounted for a revenue of around 17% in the year 2021 and will hold at least a quarter of the global market by the year 2030.
Middle East region RFID in Healthcare market analysis
The Middle East region presently holds around 1.5% of the global Healthcare IT market. From the growth and opportunities perspective, there is a lot happening in the region’s healthcare industry. The region’s average per capita healthcare spending has more than doubled in the past ten years and presently stands over $600. The government bodies are investing in healthcare infrastructure and are taking efforts to improve the quality of medical services. Get detailed analysis on the Middle East RFID in Healthcare market in the report.
Saudi Arabia RFID in Healthcare market analysis
Saudi Arabia is the largest market for healthcare IT in the Middle East region. The country is certainly the most developed market due to its demographic factors and stable political outlook. In 2022, Saudi Arabia’s yearly per capita healthcare spend is around $1,800 and will exceed $3,000 by the year 2030. For the coming six to seven years, the country’s healthcare sector will witness a double-digit growth, fueled by the government efforts. Get detailed analysis on Saudi Arabia RFID in Healthcare market in the report.
Covid 19 pandemic and its impact on the RFID in Healthcare market
Many product segments were adversely impacted in 2020 due to Covid 19 pandemic. Due to the lockdowns, many patients opted to postpone their treatments and surgeries to the next year which impacted the sales of products. However, the healthcare IT market grew impressively giving rise to new business streams and opportunities for market players. The report covers detailed analysis of Covid 19 impact on the RFID in Healthcare market.
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Insights Covered in the Report:
- Market size assessment and demand analysis of RFID in Healthcare: Demand analysis part of the study on RFID in Healthcare market provides details on the actual market size as well as the total addressable market size (TAM) on the global and country level.
- RFID in Healthcare market forecast: Actual market data has been provided for the year 2021 and forecast has been covered from 2022 to 2030. Seven-year market forecast has been covered in the study.
- Customer pain points: Pain points and scope of innovation is one of the key components of this study. There are specific areas that the industry participants need to understand in order to excel. Since the competition is increasing, having a competitive advantage is very important.
- Demand vs supply comparison: Understanding the supply vs demand dynamics is important for working on business strategies and future action plans. This is important for product development and pricing decisions as well. Detailed inputs provided from the demand as well as supply side is a key value addition to this RFID in Healthcare market study.
- Future market prospects: The market is evolving continuously and the study highlights the future expectations and related strategic views. In order to plan investment strategies and capitalize upon new business segments, remaining updated with these insights is important.
- Key market trends: The RFID in Healthcare market report analyzes key market trends that will impact the RFID in Healthcare market in the future. Long- and short-term impact of these factors have been presented to help decision makers understand the industry on a granular level.
- Industry Challenges: There are industry challenges that need to be addressed in order to perform well in the RFID in Healthcare business. Companies in the RFID in Healthcare market need to tackle these challenges emerging due to change in market dynamics, industry requirements and other external environmental factors.
- Market player and market share analysis: Market player and RFID in Healthcare market share assessment is a special focus area of the study. Companies have been analyzed in terms of their product portfolio, target customers, revenue and strategic business decisions. Some of these players are CenTrak, LogiTag, Zebra Technologies Corporation, SpaceCode, Terso Solutions, Impinj, Biolog-id, Carinal Health, Mobile Aspects, metraTec GmbH, Tagsys RFID, and others.
- Investment opportunities: Emerging business segments and revenue streams have been identified in order to help industry participants strategize their revenue mix and plan on their investment strategies.
- Understanding the USP: Unique value propositions that can be offered: In order to sustain the competition, companies must have certain unique value propositions in order to attract clients and gain competitive advantage. Such unique value propositions have also been highlighted in the report.
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Global and country level detailed analysis:
Global and country-level analysis has been covered in the report. The regions covered in the study are North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
- North America region covers analysis on United States and Canada.
- Europe region covers analysis on Germany, France, Italy, Spain, UK and Rest of Europe.
- Asia Pacific covers analysis on China, India, Japan, South Korea, Indonesia, Australia and Rest of Asia-Pacific.
- Rest of the World (Latin America, Middle East, Africa).
The report on the RFID in Healthcare market covers in depth analysis of ongoing technological advancements, developments and also presents market revenue forecast for the period (2021 – 2030). In addition, country-level analysis is provided in the report. With the purpose of helping strategic decision-makers to get in-depth insights the report also offers competitive profiling of leading market players, key developments, and company details.
It includes a competitive landscape to gauge market competition based on various factors such as drivers, restraints, and opportunities. Decision-makers can rely on investing in the market based on the impact analysis, which will be covered in the report based on market determinants and trends.
Key Questions Answered by This Study
- What was the RFID in Healthcare market size for historic years?
- How will the RFID in Healthcare market grow over the forecast years i.e. from 2022 – 2030?
- What is the year-on-year growth rate?
- Who are the key target audiences for the market?
- Analysis derived through consumption perspective and expenditure perspective.
- Micro and macro factors?
- Internal and External Variables?
- Purchasing powers from the perspective of end users.
- What are the marketing techniques that a company should adopt in order to advertise their brand or product or services?
- How will the market drivers, restraints and future opportunities have an impact on the market dynamics and an analysis supporting the ongoing market trends?
- Which segment and region are driving the market growth and how?
- Which are the major countries actively contributing towards the market development?
- What would be market size of each segment in major countries which in turn is responsible for revenue generation of the respective regions?
- Who are the visionaries, leaders, challengers and niche market participants of the RFID in Healthcare market?
- Strategic initiatives taken by RFID in Healthcare market participants and their influence in the market growth.
- What are goals that need to be mapped by the RFID in Healthcare market participants for introducing a product or expanding regional presence?
RFID in Healthcare Market revenue and forecast for the period (till 2030), by Region:
- United States
- Rest of Europe
- South Korea
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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