The study on the Global rfid in healthcare Market is the latest report covering the impact analysis of the currently ongoing COVID-19 pandemic. The pandemic has directly affected the market by causing disruptions in the global supply chains and indirectly by inducing financial difficulties. The rfid in healthcare market has witnessed dynamic changes in trends and demands owing to the ongoing COVID-19 pandemic. The report provides a detailed outlook on how the pandemic has affected the key segments of the rfid in healthcare industry. The report includes an in-depth impact analysis of the COVID-19 pandemic on the overall rfid in healthcare industry.
RFID technology allows these companies to manage their inventories effectively and help prevent situations of stock-out and over-stocking. RFID tags allow surgical staff to easily monitor the medical devices used in operation theatres, thereby increasing patient safety. A growing operating cost reduction requirement is expected to cause a rise in RFID adoption. This system is also used for effective patient monitoring and better control of the workflow in hospitals, blood banks, and pathology labs.
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Using RFID technology allows for improved communication, effective patient monitoring, patient recognition, and tracking of patients. This approach helps to decrease drug errors and increases health. Growth is also driven by the growing need for patient care and legislation to improve health. With this technology, patient monitoring through various parts of the hospital helps minimize waiting times and is, therefore, gaining popularity in hospitals.
Some Key Highlights from the Report
Increased use of tags is expected to boost the market during the projected period for monitoring various properties, patients, staff, drug products, and supported blood. The segment held a market share of 62.2% in the year 2019.
Due to the growing need to identify fake drug products and demand for inventory management, the pharmaceutical monitoring application segment is the leader in the adoption of RFID technology. The segment is forecasted to grow with a CAGR of 15.1% during the forecast period.
Due to the growing number of hospitals and the presence of patient safety laws, North America has dominated the global market. The US is the region's biggest market, helping to make this technology more popular in healthcare. The regional growth is driven by high awareness of the advantages of incorporating RFID together with growing concern about the risk of medication errors.
Key participants include Logi-Tag Systems, Cardinal Health, LLC, Terso Solutions, Hurst Green Plastics Ltd, CenTrak, Tagsys, Zebra Technologies Corporation, Impinj, Inc., MetraTec GmbH, and Palex Medical SA, among others.
Market Dynamics:
The report offers insightful information about the market dynamics of the rfid in healthcare market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the rfid in healthcare market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the rfid in healthcare market
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For the purpose of this report, Emergen Research has segmented into the global RFID in Healthcare Market on the basis of product, application, and region:
Product Outlook (Revenue: USD Billion; 2017-2027)
- Systems Software
- Tags
Application Outlook (Revenue: USD Billion; 2017-2027)
- Asset Tracking
- Patient Tracking
- Pharmaceutical Tracking
- Blood Tracking
- Others
Radical Highlights of the rfid in healthcare Market Report:
- Comprehensive overview of the rfid in healthcare market along with analysis of the changing dynamics of the market
- Growth Assessment of various market segments throughout the forecast period
- Regional and global analysis of the market players, including their market share and global position
- Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
- Impact of the technological developments and RD advancements on the rfid in healthcare market
- Information about profit-making strategies and developmental strategies of major companies and manufacturers
- Insightful information for the new entrants willing to enter the market
- Details and insights about business expansion strategies, product launches, and other collaborations
- The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
The report further studies the latest technological and product developments of the regions and offers key insights into current and emerging trends. It also studies investment opportunities, consumption and production patterns, supply and demand, consumer demand and behavior, economic growth, macro- and micro-economic growth factors, regulatory framework, government support, and presence of key players in each region. The key regions list comprises of North America, Latin America, Europe, Asia Pacific, and Middle East Africa along with their market size, market share, and revenue CAGR with key factors influencing the market growth.
Key questions addressed in the report:
- Who are the leading players dominating the global rfid in healthcare Market?
- Which factors could potentially hamper the global market growth during the forecast period?
- Which regional market offers the most attractive growth opportunities to the companies operating in this market?
- How is the raw material availability affecting the demand for rfid in healthcare in this industry vertical?
The study dives deep into the profiles of top market players and their key financials. This comprehensive report is not only for business analysts and any existing and new entrant can use it when designing their business strategies. The research is one of its kind global analyses of aspects such as import and export status, supply chain management, profit and gross margin worldwide for the forecast period 2020 - 2027. Extensive coverage of statistics associated with recent events including acquisition and mergers and strengths and weaknesses of a company forms an important part of the study on the rfid in healthcare market.
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