RFID in Healthcare Market Porters Five Forces Analysis, Key
takeaways Forecast 2022
“RFID in Healthcare Market was valued at USD 646.7 million in 2014 and is
expected to reach over USD 3.89 billion over the next seven years. Key
influences attributing to this rapid growth include growing occurrences of
theft and loss of different medical devices which result in high losses to the
pharmacies and hospitals.”
Industry Insights
Global RFID in Healthcare Market was valued at USD 646.7 million in 2014 and is expected to reach over USD
3.89 billion over the next seven years. Key influences attributing to this rapid growth include growing
occurrences of theft and loss of different medical devices which result in high losses to the pharmacies and
hospitals. Healthcare services use radio frequency identification (RFID) and real-time location systems (RTLS) to
track, identify, monitor patients, locate, visitors, assets, equipment and staff. Know that, how of these
technologies aid in improving safety, enhancing the quality of care, reducing financial waste, and fostering
patient satisfaction.
The healthcare market is majorly driven by the cheap availability of highly efficient systems and tags. Improper
storage systems and careless handling in pharmaceutical stores have led to rising number of stock outs and
expiration of medicines. This, in turn, may impact in loss of revenue and reputation which is anticipated to
encourage better usage in the foreseeable future. Furthermore, one of the high impact rendering drivers for
the growth of this market is the development and rising usage of Kanban systems in order to achieve lean
inventory. RFID Kanban systems allow organizations to lessen their inventory value by 15-35% according to a
study shown by Stanley Healthcare. In addition, with inventory reduction by 50%, the inventory replenishment
expenses can be condensed down to a total expenditure of just 5% of overall. Furthermore, these changes are
anticipated to cut down on the storage space by 22%.
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