The applications of Radio Frequency Identification (RFID) have widened in the healthcare industry, ranging from tracking medical equipment, patient identification and blood transfer monitoring to tracking the path of medication from pharmacy to the patient. Due to this, the RFID equipment market has witnessed a high growth rate over the years.
Providing clients with in-depth analysis and competitive intelligence, the research report evaluates the RFID equipment market and all its components. Based on the data offered in the report, companies operating within the industry get a snapshot of the market and can make informed business strategies. The report provides an array of information on market size, trends, growth rate, segments, industry share, and targets. It also determines the major contributors, high potential and emerging market segments, opportunities, strengths and weaknesses, and drivers and inhibitors.
In addition to this, the competitive landscape is outlined, providing insights on key players, new entrants, joint ventures, collaborations, product innovations, recent developments, and financial standing.
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Overview of the global RFID equipment market
Growing at a compound annual growth rate (CAGR) of 19.3% during the forecast period of 2012 to 2018, the market for radio frequency identification (RFID) is expected to grow from a $1,160 million industry to $3,351.6 million in 2018. A major factor that has positively influenced the market is the rising application of RFID in healthcare. RFID technology has greatly improved patient care. Moreover, with rising concerns regarding counterfeiting and safety, RFID has ensured proper tracking and localizing of medical equipment. The industry has received significant boost from government agencies such as the U.S. Food and Drug Administration, which has resulted in better efficiency and increased research efforts.
Tracking medical hospital equipment is the largest revenue-generating segment, worth $449.5 million in 2012 and expected to grow a CAGR of 17.3% to $1,173 million by 2018. Tracking medication from pharmacy to patient was the second largest segment in terms of revenue, while RFID tags accounted for 61% of the worldwide market.
North America accounts for the biggest share in the market and is expected to occupy approximately 50% of the industry share in 2018. Europe is expected to follow next with 20% and Asia-Pacific with 17%.
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Companies mentioned in the research report
The RFID equipment market report offers an extensive section on the competitive scenario. The leading companies identified by the report include Technology Systems International, Inc., Motorola Inc., HID Global Corporation, TransCore, Wavetrend Technologies Limited, Alanco Technologies, Inc., Savi Technology, Inc., Checkpoint Systems Inc., Zebra Technologies Corporation, Brady Corporation, TagSys RFID, Gemalto NV, Texas Instruments Inc., Precision Dynamics Corporation, Hitachi, Ltd., TagMaster AB, Intermec Inc., Sirit Inc., and NXP Semiconductors.