Global Radiofrequency Identification (RFID) Market is expected to reach US$5.3 Billion by 2020

Transparency Market Research Report Added “Radiofrequency Identification (RFID) Market in Healthcare (Tags, Readers, Middleware, Printers and Cabinets) “ to its database.

Radiofrequency Identification (RFID) Market in Healthcare:

Radiofrequency identification (RFID) is a system based on wireless technology which utilizes radio waves for collecting data from a tag attached to an object, for various purposes like automatic identification and tracking of objects. RFID technology has been applied in various sectors such as retail, supply chain, government, and manufacturing industries. Major applications of RFID technology include assess control and asset tracking. Application of RFID technology in healthcare is rather restricted and accounts for a smaller share in the overall RFID market. This report studies the RFID market exclusively for healthcare applications. Radiofrequency identification (RFID) market in healthcare has been studied from three main perspectives: RFID components, applications and geography.

RFID components mainly include tags, readers and middleware. RFID printers and cabinets have assisted in expanding the market scope, especially in healthcare. RFID tags and readers market has been further segmented in to active and passive components. Active tags and readers have an internal power source such as battery, while passive components receive power from radio waves emitted by the tag or reader. Passive components are also studied according to frequency at which they operate. The passive RFID tags and readers market has been further segmented into low, high and ultrahigh frequency. Passive RFID technology dominated the RFID market with more than 70% of the market share. Radiofrequency Identification market in healthcare is expensively studied from the point of view of applications. The segments include equipment tracking, people identification and tracking, medical report, sample and blood transfer monitoring, medicine tracking, and supply chain. Increasing incidences of medical devices theft, drug counterfeiting and increasing need of effective supply chain management due to increased patient visits at hospitals are main drivers of the market. From the point of view of geography, the market has been segmented into North America, Europe, Asia-Pacific and Rest of the World. Each of these geographies is further divided according to application areas, while also giving overall scenario of RFID Components market for each geographical region.

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Radiofrequency Identification (RFID) Market: Overview

Radiofrequency identification (RFID) is a system based on wireless technology which utilizes radio waves for collecting data from a tag attached to an object, for various purposes like automatic identification and tracking of objects. RFID system comprises of three major components – tags, readers and middleware. RFID tags and readers are further subdivided into active and passive. The active RFID devices are powered by inbuilt power source while passive RFID devices derive their power from the electromagnetic waves emitted by the readers. RFID printers and cabinets have expanded the scope of application of RFID in healthcare.

Major application areas of RFID technology include retail industry, supply chain and logistics, and government. Healthcare, however, accounts for a smaller share of the overall RFID market share. Currently RFID applications in healthcare include equipment tracking, people identification and tracking, medical report and blood transfer monitoring, medicine tracking, and supply chain. Hospitals, pharmaceutical companies and distribution channels are the main customers for RFID technology. Barcode technology has been a major restraint for development of RFID market. Although RFID technology has advantages of automation and accuracy, its acceptance is impeded because of the expenditure as compared with barcode technology. This factor is strong particularly in emerging countries, wherein implementation costs are a substantial deterrent for hospitals. Cost effective and easy implementation and operation have made barcode popular across the globe.

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