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Radiofrequency Identification (RFID) Market in Healthcare to Cross the Value of US$ 2.6 Bn By 2031, Latest TMR Study

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Transparency Market Research delivers key insights on the global Radiofrequency Identification (RFID) market in healthcare. In terms of revenue, the global radiofrequency identification (RFID) market in healthcare market is estimated to expand at a CAGR of 9.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global radiofrequency identification (RFID) market in healthcare.

The global radiofrequency identification (RFID) market in healthcare is broadly affected by several factors, including a radiofrequency identification (RFID) market in healthcare is largely used in asset management, patient monitoring, and inventory management in pharmaceutical. Thus, the demand for radiofrequency identification (RFID) market in healthcare is projected to rise across the globe in the near future, owing to the rising need of accurate patient care.

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Radiofrequency Identification (RFID) Market in Healthcare: Dynamics

The radiofrequency identification (RFID) market in healthcare is an integrated circuit that helps to manage power requirements of the host system. Radiofrequency identification (RFID) in healthcare is used to improve patient experience, manage and track the assets, and for drug inventory management. Using RFID reduces the cost of asset loss, increases focus on patient care, streamlines operation process and audit process in the pharma industry.

Pharmaceutical, an industry that boasts of over $100 Bn in revenue, industry discovers, develops, produces, and markets drugs or pharmaceutical drugs for use as medications to be administered to patients, with the aim to cure them, vaccinate them, or alleviate symptoms. Automatic data collection is necessary in the pharmaceutical industry to ensure patient safety and decrease expenses. The cutting-edge technology of RFID has the potential to decrease immense costs in the pharmaceutical industry by augmenting patient safety, ensuring visibility of products, and simplifying management of inventory.

Thus, the need of a cost-efficient healthcare system in driving the radiofrequency identification (RFID) market in healthcare, as the expenditure on healthcare is increasing day-by-day, which may affect the various macroeconomic factors.

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Identification and Tracking of Individuals as Priority in Healthcare Industry

RFID technologies are widely used in healthcare equipment, devices, machinery, healthcare aids, etc. The global radiofrequency identification (RFID) market in healthcare is driven by rising applications in tracking these machines. The increasing need of testing the samples of blood, urine, and other biologic matter within the healthcare industry is driving the global radiofrequency identification (RFID) market in healthcare.

There is a rising demand for radiofrequency identification (RFID) in healthcare for accurate patient care, also in asset management, patient tracking, and pharmaceutical counterfeiting, blood and sample tracking, device and supply tracking, etc. The highly advanced technology and the use of integrated technologies in healthcare have increased the popularity of RFID systems. Radiofrequency Identification (RFID) market in healthcare is improving patient experience, manage, track the assets, and helps in drug inventory management. Radiofrequency Identification (RFID) market in healthcare is an integrated circuit that also helps to manage power requirements of the host system. In the healthcare sector, it is very difficult to manage the assets manually. Doctors, nurses and administrative staff around the globe move medical equipment and devices around their facilities. RFID plays a major role in managing and tracking these assets. The RFID technology is a low-cost and highly efficient technology that attracts consumers across the globe.

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Radiofrequency Identification (RFID) Market in Healthcare: Prominent Regions

In terms of region, the global radiofrequency identification (RFID) market in healthcare has been segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa. North America accounted for a major share of the global radiofrequency identification (RFID) market in healthcare. North America is estimated to account for a major share of the market, in terms of revenue, during the forecast period owing to the increasing healthcare expenditures in the United States.

The rapid adoption in various healthcare institutes, clinical laboratories, and pharmaceutical industry is driving the RFID market in the North America region.

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Radiofrequency Identification (RFID) Market in Healthcare: Key Players

Key players operating in the global radiofrequency identification (RFID) market in healthcare are Alien Technology, Applied Wireless Inc., Avery Dennison Corporation, CAEN RFID S.R.L., Honeywell International Inc., Checkpoint Systems, Inc., Impinj, Inc., Invengo Information Technology Co. Ltd, Motorola Solutions, Inc., NXP Semiconductors, and Savi Technology.

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