RFID In Healthcare Market Size, Share & Trends Report

RFID In Healthcare Market Size, Share & Trends Analysis Report By Product (Systems & Software, Tags), By Application (Blood Tracking, Patient Tracking, Pharmaceutical Tracking, Asset Tracking), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: 978-1-68038-623-3
  • Number of Pages: 96
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the RFID in healthcare market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for RFID in healthcare market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of RFID in healthcare market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

RFID In Healthcare Market Categorization:

The RFID in healthcare market was categorized into four segments, namely product (Systems & Software, Tags), application (Asset Tracking, Patient Tracking, Pharmaceutical Tracking, Blood Tracking), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The RFID in healthcare market was segmented into product, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The RFID in healthcare market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; Spain; France; Italy; Sweden; Norway; Denmark; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; UAE; Saudi Arabia; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

RFID in healthcare market companies & financials:

The RFID in healthcare market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Logi-Tag Systems, a company established in 2005 that is headquartered in Israel, manufactures, develops, and markets RFID systems & solutions to track, monitor, & manage people, inventory, & assets. Its offerings include cloud-based technology that helps manage medical equipment, devices, and supplies. Logi-Tag’s product portfolio entails device management, supplies management, Real-Time Location Systems (RTLS), and software & analytics. It provides RFID solutions to hospitals & suppliers and its specialties include RFID solutions, SaaS platforms, inventory management systems, temperature monitoring, and asset management solutions. Including U.S., Canada, Europe, and the Middle East it has its products installed across the world. Logi-Tag Systems is a member of IBM's Global Technology Unit (GTU) and its products are promoted via IBM’s global sales and marketing channels. In April 2019, Logi-Tag Systems illustrated a comparison analysis using infographic techniques in cath labs.

  • Terso Solutions, Inc. - Established in 2005, in the United States, Terso Solutions, Inc. provides automated inventory management solutions that assist in tracking medical and scientific products in the healthcare & life science industries. It has an experience of 13 years in RFID product development & implementation and is a wholly-owned subsidiary of Promega Corporation. It provides RFID solutions such as hospital inventory management, RFID cabinets, freezers, refrigerators, smart rooms, and mobile solutions. It holds 12 U.S. patents for RFID-enabled freezers, refrigerators, and cabinets about filings that were initiated in 2001. In Jan 2018, Terso Solutions opened a manufacturing site in the U.S. to meet the growing demand for RAIN RFID solutions in the healthcare and life science sectors.

  • Cardinal Health is an integrated healthcare services and products company, established back in the year 1979, that caters to solutions to hospitals, pharmacies, ambulatory surgical centers, clinical laboratories, and physicians’ offices across the world. It offers medical products, pharmaceuticals, and solutions that help enhance supply chain efficiency. It functions in two business segments, namely Pharmaceutical and Medical. It works with the largest network of radio pharmacies in the United States. It assists more than 40,000 physicians’ offices and more than 10,000 specialty physicians’ offices & clinics in the United States. In 2014, it developed WaveMark, a company providing real-time solutions to healthcare supply chains, with a focus on inventory management and supply chain optimization. The RFID technology of WaveMark is a part of Cardinal Health Inventory Management Solutions. The products offered by the company include RFID-enabled Smart Cabinet and RFID-enabled Smart Wand.

  • Mobile Aspects, established in 2000, and headquartered in the United States, is a healthcare technology provider that distributes clinical process improvement systems based on RFID technology and emphasizes on delivery of clinical process improvement systems by using automation technologies & RFID for surgical specialty care providers. Its portfolio of solutions excludes manual processes by providing simple workflow automation. It developed and launched the first RFID system to track the usage of hospital supplies and implants. The system was first set out in hospital operating rooms and interventional suites, which resulted in revenue boosts by 18% and a reduction in supply costs by 25%. It is known for its scope management practices and has aided in the management of over 250 scopes through numerous departments in hospitals. In October 2018, the company partnered with Telecom company Agent Telarus, which would increase Mobile Aspect’s opportunity pipeline and also help in building senior-level executive connections with end customers.

  • Hurst Green Plastics Ltd. - Established in 1979, and headquartered in the UK, Hurst Green Plastics Ltd. designs & manufactures storage and dispensing solutions. Its flagship products include RFID KanBan Solutions, stock indicators, storage systems, rivet dispensers, and kitting solutions, which cater to the aerospace, rail transport, & medical industries. It is a winner of the “Queen’s Award for Enterprise” and the “North of England Excellence Awards”. This is a privately held company.

  • Tagsys RFID is a provider of RFID technology-based inventory management systems and focuses on RFID 2.0 from France, which provides advanced sensing and better inventory management. The company was established in 2001 and it is a privately held company. In June 2016, Invengo Technology BV announced the finalization of its acquisition of Tagsys RFID’s Textile Services and Legacy RFID Tag business. The acquisition was aimed to expand the global footprint of Invengo and enhance its product development capabilities in the high-growth potential markets of healthcare & medical tracking solutions, manufacturing & logistics, and textile professional rental services. The offerings include Tags and Inlays, Readers & Antennas, and Services.

  • Founded in 1945, with experience of more than seven decades now, Pepperl+Fuchs has become a fabrication and production automation manufacturer. It specializes in the development and production of sensors for applications such as automatic doors of elevators. Its business is segmented into two divisions: factory automation and process automation division, which cater to areas including sensing technology, intrinsic safety, and explosion protection technology. The company has manufacturing facilities in Germany, the U.S., Singapore, Hungary, China, Indonesia, and Vietnam. It provides products and services for various industries such as automotive, pharmaceutical, oil & gas, power, chemical, and marine. This is a privately held company.

  • metraTec GmbH - A privately held company, metraTec GmbH provides RFID solutions and is a subsidiary of ADEMICS Sensor Technology GmbH. Its product portfolio includes a wide range of RF electronics, which find applications in RFID, indoor positioning, communication, and wireless power. It develops products that help customers track the flow of goods in real-time, locate buildings, identify objects & people, and exchange data between devices. The company was founded in 2006 and is headquartered in Germany.

  • Palex Medical SA - Established seven decades ago, in 1955, Palex Medical SA provides advanced hospital solutions to Portuguese and Spanish health markets, along with systems & products used in surgery and medicine. Its specialty & product portfolio includes medical specialty, surgical specialty, laboratory & research, consumables & general equipment, and automation & engineering. It has divisions such as oncology, hospital automation, in vitro diagnostics, clinical care, and robotics. The company now has its headquarters situated in Spain. This is a privately held company.

  • A privately held company that was established in 2005, and now headquartered in France, SpaceCode is one of the leading companies in RFID inventory management technology. It provides business solutions to several industries, including diamonds, jewelry, healthcare, anti-doping, and government and defense. Its product offerings include readers, tags, chips, cabinets, software, and refrigerators. In March 2016, Australia’s National Blood Bank endorsed SpaceCode’s RFID system at the Liverpool Hospital in Sydney.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

RFID In Healthcare Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

RFID In Healthcare Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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