US RFID in Healthcare Market Insights Forecasts to 2033

• The US RFID in Healthcare Market Size was valued at USD 1.84 Billion in 2023.
• The Market is Growing at a CAGR of 17.13% from 2023 to 2033
• The US RFID in Healthcare Market Size is Expected to reach USD 8.94 Billion by 2033

US RFID in Healthcare Market is anticipated to Exceed USD 8.94 Billion by 2033, Growing at a CAGR of 17.13% from 2023 to 2033.

Market Overview

RFID applications cover blood transfusion, equipment and asset tracking, drug tracking, identification and administration, patient tracking, identification and monitoring, and sensor-derived data collecting. This entails lowering human mistake rates in patient-provider interactions to improve the quality of care for patients. However, due to high prices and challenges in justifying the investment, hospitals have only modestly adopted RFID technology. Patient identification, patient tracking, patient monitoring, and patient medication compliance are the four applications that fall under the category of patient safety. Among the main drivers are the growing need for effective workflow management, increased patient safety and care, expanding asset management needs, and growing compliance and regulatory requirements.

Report Coverage

This research report categorizes the market for the US RFID in healthcare market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the RFID in healthcare market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the RFID in healthcare market.

Driving Factors

Numerous advantages of RFID technology contribute to its rising acceptance and commercial growth. RFID's capacity to greatly enhance inventory management is one of its main benefits. Moreover, the demand for affordable treatments and pharmacy automation is propelling the RFID in the healthcare market expansion because of its extensive acceptance in healthcare facilities for inventory management, workflow optimization, and mistake reduction. The RFID market is expanding due to the increasing utilization of pharmacy automation in hospitals and pharmacies. Furthermore, the growing demand for patient comfort and safety in the medical industry in the United States is fuelling the growth of the RFID market.

Restraining Factors

The expansion of RFID in healthcare market is anticipated to be hampered throughout the projected period by the high cost of the technology. Therefore, the danger associated with RFID's high cost can be reduced by using NFC.

Market Segmentation

The US RFID in healthcare market share is classified into product and application.

• The tags segment is expected to hold the largest market share through the forecast period.   

The US RFID in healthcare market is segmented by product into systems & software and tags. Among these, the tags segment is expected to hold the largest market share through the forecast period. The expansion of this market is primarily being driven by improvements in patient safety and care as well as effective workflow management. The product category within the RFID market is anticipated to expand and diversify as the American healthcare sector keeps up its evolution and adoption of cutting-edge technologies, such as RFID. For example, AVERY DENNISON CORPORATION introduced the Pure Line, a line of environmentally friendly RFID tags and inlays, in October 2023. These tags and inlays are intended primarily for use in the retail, healthcare, and logistics industries.

• The asset tracking segment is expected to hold the largest share of the US RFID in healthcare market during the forecast period.

Based on the application, the US RFID in healthcare market is divided by application into asset tracking, blood tracking, patient tracking, and pharmaceutical tracking. Among these, the asset tracking segment is expected to hold the largest share of the US RFID in healthcare market during the forecast period. The supply chains and inventories of blood banks, hospitals, and pharmaceutical companies are being improved and maintained. RFID technology facilitates the effective tracking of assets, patients, pharmaceuticals, and blood, thereby reducing the risk of theft and loss and promoting efficient management.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the US RFID in healthcare market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Impinj, Inc.
• Honeywell International Inc.
• Zebra Technologies Corporation
• CenTrak, Inc.
• Siemens Healthineers AG
• AVERY DENNISON CORPORATION
• International Business Machines Corporation (IBM)
• GE Healthcare
• Savi Technology
• SMARTRAC N.V.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In August 2023, SML introduced its most recent Clarity RFID delivery vehicle system to improve the effectiveness of proof-of-delivery across a range of companies.

Market Segment

This study forecasts revenue at US RFID, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the US RFID in healthcare market based on the below-mentioned segments:

US RFID in Healthcare Market, By Product

• Systems & Software
• Tags

US RFID in Healthcare Market, By Application

• Asset Tracking
• Blood Tracking
• Patient Tracking
• Pharmaceutical Tracking