Grand View Research's Latest Report Highlights Factors Influencing RFID Adoption in Healthcare

By CIOReview | Wednesday, January 6, 2016

SAN FRANCISCO, CA: RFID (Radio Frequency Identification) in healthcare market is expected to reach $4,866 Mn by 2022 reveals the latest  report ‘RFID in Healthcare Market Analysis by Product (Systems, Tags), and Segment Forecasts To 2022’ by Grand View Research, a market research and consulting firm.
RFID is the wireless use of electromagnetic fields to transfer data for the purpose of automatically identifying and tracking tags attached to objects. The tags contain electronically stored information. Tags are also powered by electromagnetic induction from magnetic fields produced near the reader.

The report points out technological advancements such as Smart Face Technology, TexTrace RFID tags, inventory accuracy and efficient supply chains as the major driving forces behind RFID adoption in the healthcare sector during the forecast period.

The research report included key findings which suggest that high- level research expenditure is anticipated to drive the RFID adoption in healthcare market growth in the coming seven years; the improving healthcare infrastructure and high level economic growth in developing countries is also expected to accelerate usage rates of RFID systems over the forecast period.

The rising concern for patient safety and tracking of expensive medical devices are predicted to be among the key factors attributing to market growth and SpaceCode Technologies, Terso Solutions Inc., Dolphin RFID, GAO RFID, Smartrac NV, Motorola, CAEN RFID, Zebra and Alien technology are forecasted as the key vendors on the basis of their implementation of innovative approaches.