RFID (Radio Frequency Identification) Technology Market, By Products (Readers, Tags, and Middleware), By Application (Hospital, Blood Transfer, Pharmacy ? Patient Medication, Patient Identification, and Localization) and Geography (NA, EU, APAC, and RoW) ? Analysis, Share, Trends, Size, & Forecast From 2017 ? 2028

Published:
2022-10-01
Report ID:
784
Pages:
300
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Summary

REPORT HIGHLIGHT

The RFID (Radio Frequency Identification) technology market is estimated to represent a global market of USD 11.93 billion by 2017 with growth rate of 15.1%.

Market Dynamics

Radio-frequency identification (RFID) works on radio frequency technology, wherein digital information is encoded in smart labels or RFID tags. This technology is based on wireless technology that utilizes radio-frequency electromagnetic waves for transferring data from a tag attached to an object, for various reasons such as tracking of objects and automatic identification. RFID technology holds immense potential in the healthcare industry owing to the growing use of tagging for locating various healthcare assets, increasing demand for reducing medication errors and combating counterfeit.

Radio-frequency identification system minimizes the risk of unacceptable (i.e., recalled, and expired), counterfeited, and adulterated drugs by enabling manufacturers to track products as it moves through the supply chain. Thereby, companies can achieve more accurate recalls, improve their operational efficiencies, and in the long run, gain valuable business proficiency. Likewise, due to enhanced visibility over the value chain, helps hospital facilities to stop the growth and spread of ?unofficial? inventory. Major applications of RFID in healthcare are tracking medical hospital equipment, patient identification, tracking medication from pharmacy to patient and blood transfer monitoring. On contrary, despite such bright prospects vis-a-vis revenue, the global industry is expected to face challenges in terms of increasing sale of cheaper barcode systems and privacy issues.

Products Takeaway

In terms of products, the market is broadly divided as readers, tags, and middleware. RFID Tags are the largest revenue-generating segment, accounted for over 60% of the industry revenue throughout the study period. Wide application areas in various assets, drugs, and medical devices support the segment growth. The RFID tag is a device, which consists of a microchip attached with an antenna.

Application Takeaway

Application wise, the industry is bifurcated as Hospital Equipment Tracking, Blood Transfer Monitoring, Pharmacy ? Patient Medication Tracking, Patient Identification, and Localization. Among which hospital equipment tracking recorded maximum revenue share, with USD 896.3 million in 2017. This system is proven to be the most effective technology in tracking medical devices as it eliminates the extra time consumed during the usage of conventional tracking systems.

Regional Takeaway

Regionally, North America accounted for the highest revenue share. The market is determined to cross more than USD 1.5 billion in 2017 owing to the favorable government initiatives coupled with the technology advancements. In addition, Asia Pacific region is considered to be an important market due to the recent increase in the product installations in hospitals and other medical facilities.

Key Vendor Takeaway

Companies namely Accenture, Atmel, 3M, HITACHI, Siemens, IBM, and AAID Security Solutions are operating in this market. The global industry is largely consolidated with top 10 players accounting for more than 80% share of the market revenue. This leads to high competition among the smaller players to grab their share of the pie. In addition, there are significant pricing pressures within the industry that enunciates the strong rivalry among the key players. A key element of companies? business strategy includes expansion through the acquisition of assets, products, technologies or complete businesses that allows them to complement existing product offerings and hence expand market coverage.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year ? 2017 ? 2021
Base Year ? 2021
Estimated Year ? 2022
Projected Year ? 2028
TARGET AUDIENCE

Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies and Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY PRODUCTS

Readers
Tags
Middleware
MARKET, BY APPLICATION

Hospital Equipment Tracking
Blood Transfer Monitoring
Pharmacy ? Patient Medication Tracking
Patient Identification
Localization
MARKET, BY REGION

North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America

Region

Global

TABLE OF CONTENT1. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET OVERVIEW
1.1. Study Scope
1.2. Assumption and Methodology
2. EXECUTIVE SUMMARY
2.1. Key Market Facts
2.2. Geographical Scenario
2.3. Companies in the Market
3. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY KEY MARKET TRENDS
3.1. Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Market Opportunities
3.4. Market Future Trends
4. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY INDUSTRY STUDY
4.1. Porter?s Analysis
4.2. Market Attractiveness Analysis
4.3. Regulatory Framework Analysis
5. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET LANDSCAPE
5.1. Market Share Analysis
6. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET ? BY PRODUCTS:
6.1. Overview
6.2. Readers
6.2.1. Overview
6.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
6.3. Tags
6.3.1. Overview
6.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
6.4. Middleware
6.4.1. Overview
6.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
7. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET ? BY APPLICATION:
7.1. Overview
7.2. Hospital Equipment Tracking
7.2.1. Overview
7.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
7.3. Blood Transfer Monitoring
7.3.1. Overview
7.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
7.4. Pharmacy ? Patient Medication Tracking
7.4.1. Overview
7.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
7.5. Patient Identification
7.5.1. Overview
7.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
7.6. Localization
7.6.1. Overview
7.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8. RFID (RADIO FREQUENCY IDENTIFICATION) TECHNOLOGY MARKET? BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. Overview
8.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.2.3. U.S.
8.2.3.1. Overview
8.2.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.2.4. Canada
8.2.4.1. Overview
8.2.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.3. Europe
8.3.1. Overview
8.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.3.3. France
8.3.3.1. Overview
8.3.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.3.4. Germany
8.3.4.1. Overview
8.3.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.3.5. Rest of Europe
8.3.5.1. Overview
8.3.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.4. Asia Pacific (APAC)
8.4.1. Overview
8.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.4.3. China
8.4.3.1. Overview
8.4.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.4.4. India
8.4.4.1. Overview
8.4.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.4.5. Rest of APAC
8.4.5.1. Overview
8.4.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.5. Rest of the World
8.5.1. Overview
8.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.5.3. Latin America
8.5.3.1. Overview
8.5.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
8.5.4. Middle East and Africa
8.5.4.1. Overview
8.5.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2017 ? 2028, (US$ Billion)
9. KEY VENDOR ANALYSIS
9.1. Atmel
9.1.1. Company Overview
9.1.2. SWOT Analysis
9.1.3. Key Developments
9.2. Accenture
9.2.1. Company Overview
9.2.2. SWOT Analysis
9.2.3. Key Developments
9.3. HITACHI
9.3.1. Company Overview
9.3.2. SWOT Analysis
9.3.3. Key Developments
9.4. 3M
9.4.1. Company Overview
9.4.2. SWOT Analysis
9.4.3. Key Developments
9.5. IBM
9.5.1. Company Overview
9.5.2. SWOT Analysis
9.5.3. Key Developments
9.6. Siemens
9.6.1. Company Overview
9.6.2. SWOT Analysis
9.6.3. Key Developments
9.7. AAID Security Solutions
9.7.1. Company Overview
9.7.2. SWOT Analysis
9.7.3. Key Developments
*Client can request additional company profiling as per specific requirements
10. 360 DEGREE ANALYSTVIEW
11. APPENDIX
11.1. Research Methodology
11.2. Abbreviations
11.3. Disclaimer
11.4. Contact Us

List of Figures
Figure 1 Research Methodology
Figure 2 Research Process Flow Chart
Figure 3 Comparative Analysis, by Geography, 2017-2028 (Value %)
Figure 4 Regulatory Framework Analysis
Figure 5 RFID (Radio Frequency Identification) Technology Market, by Products, 2017 ? 2028 (USD Billion)
Figure 6 RFID (Radio Frequency Identification) Technology Market, by Application, 2017 ? 2028 (USD Billion)
Figure 7 RFID (Radio Frequency Identification) Technology Market, by Geography, 2017 ? 2028 (USD Billion)