The North America RFID in Healthcare Market would witness market growth of 16.8% CAGR during the forecast period (2023-2030).
The healthcare industry is expected to see a rapid expansion of radio-frequency identification (RFID) technology. RFID technology is being used more and more by hospitals, biotechnology companies, and pharmacies for efficient inventory management and improved patient protection. Additionally, the market demand and adoption of automated processes in healthcare institutions are fueled by RFID systems' low cost and high productivity. In addition, rising hospital patient visits and the need for efficient supply chain management are a few of the key drivers propelling market expansion.
Inventory management can be streamlined, stock-outs can be decreased, and overstock can be avoided using RFID technology. Additionally, it may provide real-time data and aid in preventing inventory theft and loss. RFID tagging of medical products may improve patient safety in the medical industry by facilitating staff tracking of critical items utilized during operations. This is anticipated to fuel market expansion.
According to the International Trade Association, the balance of domestic production, exports, and imports in Mexico's market for medical devices, instruments, disposables, and dental items has changed dramatically in recent years. Nearly 5.91 billion USD worth of these items were imported in 2021. Additionally, Mexico imported USD 5.2 billion worth of pharmaceutical items and USD 5.9 billion worth of medical equipment and supplies in 2021. Mexico City (USD 635 million), State of Mexico (USD 204 million), Morelos (USD 101 million), Jalisco (USD 173 million), and Tamaulipas (USD 55 million) were the states with the most significant imports of pharmaceutical items in 2021. Additionally, it is anticipated to provide industry participants in the regional market development opportunities.
The US market dominated the North America RFID in Healthcare Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,150.5 million by 2030. The Canada market is poised to grow at a CAGR of 19.4% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 18.4% 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 U.S., Mexico, Canada, and Rest of North America.
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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