RFID in Healthcare Market Swarming with New Market Players

23 Aug 2017
RFID technology

The RFID technology in the healthcare market has been witnessing a continuous increase in the number of manufacturers or companies offering RFID products. The presence of a large number of manufacturers in the market increases the bargaining power of the buyers (hospitals and other healthcare centers) because buyers have a large pool of manufacturers to choose from, which will reduce their cost of installation. Every year a large number of manufacturers, as well as suppliers, are shifting their bases into RFID. This would open up the opportunities for various hospitals to choose from whom they would approach in order to install RFID technology.

The players in the market are undertaking organic and inorganic business strategies to acquire a larger share of the market. In January 2017, Photonic technologies developer Novanta Inc. reached an agreement to acquire ThingMagic, developer of ultrahigh-frequency (UHF) radio-frequency identification (RFID) reader engines, for $20 million in cash. ThingMagic's business operations and product offering will be combined with the company's Jadak Technologies Inc. business, a developer of scanners and machine vision systems.1

In April 2017, Neology, a subsidiary of SMARTRAC, announced in a press release that it has received Certification for its innovative E-Plate from OmniAir Certification Services (OCS). The OCS Certification validates that Neology products comply with baseline interoperability and applied interoperability across equipment vendors and facilities, and can withstand harsh conditions of the environment.

Acknowledging the abundance of market players and the competition in the market, BIS Healthcare has compiled a report titled ‘Global Radio Frequency Identification Devices (RFID) in Healthcare Market-Analysis and Forecast, (2017-2021)'. The global healthcare RFID market is anticipated to reach $4.1 billion by 2021 growing at a CAGR of 21.64% during the forecast period between 2017 and 2021. According to the analyst at BIS Research, "the growth in RFID in healthcare market is primarily supplemented by the increasing need for patient monitoring due to the rising geriatric population, the advancement of product development and an increasing support by government for adoption of RFID technology."

This report presents a detailed and investigative study of the entire market and provides a comprehensive insight into various forms of developments, trends, and key participants. While highlighting the key driving and restraining forces, the report also provides a comprehensive section on competitive landscape, market share analysis, competitor benchmarking, and their positioning within the global RFID in the healthcare market.

References:

1 Photonics Media

 

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