Press release
Radiofrequency Identification (RFID) Market : Revenue Generation, Business Strategies 2021-2031
The global radiofrequency identification (RFID) market in healthcare was valued over US$ 961.06 Mn in 2020. It is estimated to expand at a CAGR of 9.5% from 2021 to 2031. The global radiofrequency identification (RFID) market in healthcare is expected to reach the value of US$ 2.6 Bn by the end of 2031.View Report @ https://www.transparencymarketresearch.com/rfid-in-healthcare.html
The radiofrequency identification (RFID) technology has emerged as an innovative solutions for several problems within the healthcare industry. Rise in the number of patients who frequently visit hospitals and technological advancements in telemedicine are positively influencing the growth of the global radiofrequency identification (RFID) market in healthcare. In order to track manufacturing facilities by monitoring equipment and their performance, finding out defects in processes, and system failures, RFID is used.
Companies in the global radiofrequency identification (RFID) market in healthcare are accelerating product development and unlocking revenue opportunities to obtain competitive benefits. Market stakeholders are overcoming challenges and extending their services arms to gain competitive edge. Growing number of patients, technological advancements in healthcare, and rising need of tracking and managing patient records are some of the factors contributing to the global market growth.
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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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Increasing Demand for Inventory Management in Pharmaceutical Sector
The increasing need of RFID in the pharmaceutical industry to manage inventory is driving the global radiofrequency identification (RFID) market in healthcare. The huge supply of pharmaceutical drugs on a daily basis, from warehouses and pharmacies to various customers across the globe is driving the rising sales of RFID. Inventory management should be more accurate, real-time, and stock-level information to improve circulation throughout their supply chain. RFIDs can improve the inventory visibility and customer service, manage expiration dates, prevent counterfeits, and increase consumer safety and accurately forecast product demand.
Using RFID in inventory management streamlined its operations and achieved greater visibility into inventory in both pharmacies and warehouses while improving its ability to trace products throughout the pharmaceutical supply chain. In order to ensure safety of patients, automatic data collection is extremely necessary in the pharmaceutical industry. RFID is proved to be a cost-efficient technology to ensure patient safety, and visibility of products.
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Lucrative Opportunities in North America for Market Players
The North America radiofrequency identification (RFID) market in healthcare is expected to account for the largest market share of the global market. This is due to increasing advancements in healthcare, rising healthcare expenditures, and rapidly rising healthcare institutes in the region. Growth and advancement in clinical laboratories and the pharmaceutical industry are driving the RFID market in the North America region. The North America radiofrequency identification (RFID) market in healthcare is significantly driven by factors such as rise in the number of R&D activities, development in diseases diagnostics & treatment, etc. The increasing use of radio waves to identify and track healthcare records is further boosting market growth, thus creating value-grab opportunities for market players.
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
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