Radio-frequency identification (RFID) works on electromagnetic fields which automatically identify and track tags attached to the objects. It is a method of automatic identification and data capture (AIDC). It consists of two factors or ways in which it works, first is tag and other is readers. Readers throw radio frequency and get a signal back from the tag. This technology is being widely used in healthcare industries to handle mobile medical equipment, improve patient workflow, keep eye on environmental factors, and to protect patients, staff, and visitors from infection or other conditions. Apart from this, RFID technology can help with surgery asset management, asset management along with parking and medication authentication.
Healthcare is a sector in which time and accuracy are of high importance. This sector deals with human health and life. In such scenario, having real-time data in hand is very crucial. This is increasing the demand for RFID services in the healthcare market. Apart from this, high efficiency and low cost of these systems and tags are one of the reasons for increasing use of RFID in the healthcare sector. Frequent incidences of stock outs and the expiration of medication due to unhealthy storage facilities and methods, result in revenue and reputation loss; hence, a system is needed to manage healthcare functions well. In addition, this system is cost-effective. Globally, people are getting aware about their health and are seeking better and simple facilities of treatment at reasonable costs. This is forcing many companies and healthcare organizations to provide their clients with best facilities and accurate real-time data and healthy treatment conditions. All this is adding to the growth of the market worldwide. However, lack of awareness about RFID installed base of barcode systems, and lack of standardization are some of the factors restraining the growth of the global RFID in the healthcare market.
The global RFID in the healthcare market is segmented on the basis of components into tags, readers, cabinets, and printers. On the basis of applications, the global market is segmented as equipment tracking, supply chain and medical report, medicine tracking, people identification and tracking, and samples and blood transfer tracking.
The US is the leading the market for RFID in the healthcare market. This trend is followed by Europe owing to the government initiative, need for reduction in cost, and more efficiency. Asian countries are expected to grow with high rate in the RFID in healthcare market owing to lower manufacturing costs and awareness about the use of technology in the healthcare sector.
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Major Market Players
Some of the key players dominating the global RFID in healthcare market are AdvantaPure, IBM, Hitachi Ltd., Motorola, Siemens, Alvin System, American RFID Solutions, and 3M.