Five years ago, Radio Frequency Identification (RFID) was an emerging trend in the healthcare industry which gained pace slowly and steadily. The data collected through automatization has given an edge to the healthcare industry thanks to RFID technology. Now, the hospitals are innovatively integrating different RFID systems in various operations as it helps to track assets accurately and real time monitoring of key indicators which further allows higher visibility in the healthcare operations. Although, the efficient functioning of RFID system is very much dependent on the effective integration of the system in a hospital's premises and needs to be beneficial to effectively function for long term purposes.

RFID has been a boon for supply chain processes as it helps in storing and retrieving data without scanning the data source. This technology has now expanded over a wide array of industries such as manufacturing, retailing, military, traffic management, and healthcare among others. A major share of the companies utilizing this technology have experienced remarkable growth in their process and profit, and it possesses the capability to further bring a revolution in the market. Many factors are at play in fuelling the growth of RFID technology in the healthcare industry, such as its price, capability, and size.

The prices of RFID has been on a downfall which has aided the increase in its demand from different industry verticals including healthcare, retail, transportation, and defense among others. Despite such widespread popularity, several concerns such as security and privacy of data, plenty of initial installation costs and lack of skilled professionals, are acting as a hindrance to the growth of the RFID in the healthcare market.

It has been predicted that the global RFID in the healthcare market is expected to reach $4.1 billion by 2021 growing at a CAGR of 21.64% during 2017 and 2021. The governments of different countries are promoting the integration of this technology in the healthcare system. Moreover, the constant product development in the industry is opening up new possibilities to simplify the data collection in a large number. In addition to this, the increasing number of geriatric population and consequently, the increasing need for patient monitoring is propelling the growth of this market.

RFID tags and RFID readers are the most prominently used products in the industry and these are expected to dominate the market in the coming years. Furthermore, these products are being used mostly for inventory management, which has contributed a fair share of revenue in the market. Geographically, North America and Europe lead the market as these regions have always been a forerunner in adopting emerging technologies vigorously. However, it is Asia Pacific region which is expected to grow at the highest rate in the coming years.

BIS Healthcare has conducted an extensive market research on ‘Global Radio Frequency Identification Devices (RFID) in Healthcare Market-Analysis and Forecast, (2017-2021) ‘. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.

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