The Global Healthcare Automatic Identification and Data Capture Market size is expected to reach $52.8 billion by 2027, rising at a market growth of 22.1% CAGR during the forecast period. Automatic identification and data capture (AIDC) is considered as a technique which is capable to identify objects, collects data about them, and feeds the data directly into computer systems. Any kind of human intervention is not required in this technique. Technologies such as QR codes, bar codes, biometrics such as iris and facial recognition system, magnetic stripes, radio frequency identification (RFID), smart cards, optical character recognition (OCR), and voice recognition fall under the domain of AIDC.
The adoption of healthcare Automatic identification & data capture (AIDC) technology will promote error-free data collection as well as improved patient safety. The increasing need to decrease medication errors and other related healthcare expenses is expected to boost the demand for AIDC in healthcare facilities which in turn drives the growth of this market. In addition to it, there is increasing attention towards patient safety, technological revolution, and supportive government regulations on the use of barcode & RFID technology. all these factors are expected to act as a driving factor for the growth of the global healthcare automatic identification & data capture (AIDC) market.
The outbreak of the COVID-19 pandemic has a positive impact on the sales of healthcare AIDCs across the globe. It has created both opportunities and challenges for the players present in the healthcare ecosystem. The healthcare AIDC is expected to increase in demand since healthcare is still active across the globe. An individual needs to have a clean face and fingerprint for recognition in order to access the database of any system. The access to the database may fail if the individual does not have any one of the clear identification criteria. These additional security features of biometrics offer opportunities for the growth of the healthcare automatic identification and data capture market. The number of patients to be admitted to hospitals and deaths due to COVID-19 has increased. This has forced countries to increase healthcare expenditure and infrastructure. It is expected to drive the growth of the market for healthcare AIDC products and services.
Based on Component, the market is segmented into Hardware, Software and Services. The hardware segment led the market in 2020 and had the largest revenue share of the market. This is accredited to factors like the increasing adoption of biometric technology. The need for hardware-based components such as scanners, readers, printers, cards, and other such systems has been increased in the healthcare automatic identification and data capture. It is expected to boost the growth of the market. Increasing competitiveness led to having cost-effective accessibility of RFID solutions. In addition to it, due to COVID-19, the increasing installation of RFID systems is also an important factor leading to the growth of the hardware segment.
Based on Technology, the market is segmented into Biometric, RFID, Barcode and others. Barcoding is very adaptive technology, especially in the healthcare industry. It finds its application in dietary management, gamete tracking in fertilization, blood transfusion verification, medication administration, laboratory specimen identification, verification, etc. This is likely to drive the demand for automatic identification and data capture technologies in the healthcare industry.
Based on Application, the market is segmented into Non-Clinical and Clinical. The non-clinical segment led the market the previous year. It has accounted for the largest revenue share in 2020. The growth of this segment is contributed to factors like increasing adoption of RFID and barcode technology for tracking medical staff & asset and supply chain management. Manufacturers of healthcare equipment are seeking solutions for supply chain management to ensure accurate, faster, and efficient transportation and warehouse management. Thus, it is expected to boost the demand for non-clinical applications in the forecasted period.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 16.4 Billion |
| Market size forecast in 2027 | USD 52.8 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 22.1% from 2021 to 2027 |
| Number of Pages | 210 |
| Number of Tables | 350 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Technology, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is expected to experience considerable growth due to the increasing demand for healthcare automation in order to deal with the scarcity of healthcare professionals. The per capita income has increased leading to increasing investments in the healthcare industry by market players.
Free Valuable Insights: Global Healthcare Automatic Identification and Data Capture Market size to reach USD 52.8 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Datalogic S.p.A. (Hydra S.p.A.), Sick AG, Honeywell International, Inc., Cognex Corporation, Toshiba Corporation, NXP Semiconductors N.V., Impinj, Inc., Denso Corporation, Avery Dennison Corporation, and Bluebird, Inc.
By Component
By Technology
By Application
By Geography
The global healthcare automatic identification and data capture market size is expected to reach $52.8 billion by 2027.
Favorable government regulation for the utilization of healthcare AIDC are driving the market in coming years, however, High cost of installation of AIDC solutions have limited the growth of the market.
Datalogic S.p.A. (Hydra S.p.A.), Sick AG, Honeywell International, Inc., Cognex Corporation, Toshiba Corporation, NXP Semiconductors N.V., Impinj, Inc., Denso Corporation, Avery Dennison Corporation, and Bluebird, Inc.
Many consumers opt for healthcare automatic identification and data captures and other related products due to their benefits. Thus, COVID-19 brought a positive impact on the global healthcare automatic identification and data capture market during the forecast period.
The biometric segment led the market for healthcare automatic identification and data capture.
The North America has largest revenue share of the market in 2020 due to the increasing adoption of advanced technologies.
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