The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Explosive Growth Trajectory: Market Insights

• The healthcare RFID market has witnessed rapid expansion, growing from $2.95 billion in 2023 to a projected $3.46 billion in 2024, boasting a compelling compound annual growth rate (CAGR) of 17.1%.
• Historic growth drivers include the reduction of medication errors, enhanced patient experience, streamlined supply chain processes, and optimized inventory management through RFID technology.
• Forecasts indicate continued rapid growth, with the market poised to reach $6.76 billion by 2028, fueled by integration with electronic health records, expansion in laboratory settings, and customization of RFID solutions.

Rapidly Aging Population Driving Market Growth

• Aging Population Dynamics: The rapidly aging population significantly contributes to the growth of the healthcare RFID market.
• RFID technology facilitates user activity monitoring, allowing caregivers to track the well-being and location of elderly individuals.
• According to the World Health Organization (WHO), the global population aged 60 years and over is expected to reach 1.4 billion by 2030 and double to 2.1 billion by 2050, highlighting the critical role of RFID in elderly care.

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Technological Advancements Fueling Innovation

• Focus on Technological Solutions: Major players in the healthcare RFID sector are committed to developing innovative technological solutions to strengthen their market position.
• Avery Dennison introduced AD Medio Web DF EM4425, a dual-frequency RFID inlay designed for medical applications like inventory management and product authentication.
• BD’s acquisition of GSL Solutions enhances medication management solutions, especially in retail pharmacies, leveraging RFID technology for controlled substance storage and tracking.

Market Segmentation and Regional Dynamics

• Product Segmentation: Tags and Labels, RFID Systems, catering to diverse healthcare needs and applications.
• End-User Categories: Hospitals, Pharmaceuticals, Research Institutions and Laboratories, among others, reflecting the broad spectrum of RFID utilization.
• Application Focus: Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking, and other specialized applications, addressing key healthcare requirements.
• North America emerged as the largest region in the healthcare RFID market in 2023, with Asia-Pacific expected to exhibit the fastest growth in the forecast period.

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The Healthcare RFID Global Market Report 2024  provides comprehensive insights on the healthcare RFID market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the healthcare RFID market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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