The Asia Pacific RFID in Healthcare Market would witness market growth of 18.4% CAGR during the forecast period (2023-2030).
RFID is being more widely used in healthcare due to the growing need to prevent the market from being overrun by expired, spoiled, and counterfeit goods. Healthcare practitioners may perform Automatic Identification and Data Capture (AIDC) to increase patient safety, save time, and keep costs by combining RFID technology with the application of barcodes or numerical information.
This market's expansion is driven by the rapidly expanding use of RFID in industrial facilities for efficiency improvement, increased use of access and security control, and soaring government initiatives. Large-scale use of RFID technology in the retail industry and expansion of the RFID ecosystem via organic growth tactics, including mergers and acquisitions, and partnerships, have all contributed to the market's development.
Southeast Asia's medical tourism industry has grown significantly in recent years, playing a significant role in the growth of international medical travel. Due to the region's low costs, excellent healthcare, cutting-edge technology, and well-known medical expertise, Thailand, Singapore, and Malaysia have made significant inroads among the popular ASEAN (Association of Southeast Asian Nations) destinations for medical travel. Since healthcare facilities require cutting-edge technology for inventory management solutions, the region's expanding medical tourism and healthcare industry will facilitate the implementation of RFID in healthcare.
The China market dominated the Asia Pacific RFID in Healthcare Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $927.1 million by 2030. The Japan market is experiencing a CAGR of 17.7% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 19.2% during (2023 - 2030).
Based on Application, the market is segmented into Asset Tracking, Pharmaceutical Tracking, Patient Tracking, Blood Tracking and Others. Based on Product, the market is segmented into Tags and Systems & Software. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide RFID in Healthcare Market is Projected to reach USD 13.3 Billion by 2030, at a CAGR of 17.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Alien Technology, LLC, Zebra Technologies Corp., Avery Dennison Corporation, Impinj, Inc., 3M Company, Invengo Technology Pte. Ltd., Siemens AG, Fujitsu Limited and Terso Solutions, Inc. (Promega Corporation).
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