The global Healthcare Automatic Identification And Data Capture Market size is expected to reach USD 62.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 22.3% from 2021 to 2028. The growth is attributed majorly due to the increasing focus of pharmaceutical companies on optimizing the supply chain. For instance, in October 2020, Sandoz launched its first RFID-tagged critical injectable medicines in the U.S.
Furthermore, technological advancements by market players and favorable government policies pertaining to automatic identification and data capture (AIDC) solutions are expected to fuel the market demand in coming years. The National Health Authority of India issued new guidelines for the Ayushman Bharat scheme. These guidelines for to introduce biometric authentication at the time of admission and discharge of the patients. These types of initiatives are anticipated to propel market growth.
In recent years, RFID tools, which use wireless communication to identify and track equipment and assets, have seen strong adoption in healthcare settings. Upgrading of inventory management in pharmacies, hospitals, life and science companies, high demand for enhanced patient safety by healthcare providers, and implementation of automated processes in healthcare facilities are expected to fuel the healthcare RFID market growth during the forecast period.
The COVID-19 outbreak is also becoming an emerging driver for the adoption of biometric solutions. As the COVID-19 is revealing the importance of AIDCs around the world. Hence, it is estimated that the market will witness lucrative opportunities due to the COVID-19 outbreak.
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Healthcare Automatic Identification And Data Capture Market Report Highlights
- The biometric emerged as the largest revenue-generating segment of the healthcare AIDC market in 2020. Increasing adoption of RFID technology for AIDC services in the healthcare industry is estimated to drive market
- The hardware segment dominated the market in 2020 owing to the growing installation of RFID systems. The rising requirement for hardware-based components in the AIDC devices such as printers, scanners, readers, cards, and other such systems is expected to drive the market
- The clinical segment is expected to exhibit the fastest growth rate during the study period. Growing adoption of AIDC for clinical applications such as blood transfusion verification, medication administration, verification laboratory specimen identification is anticipated to drive the market
- Asia Pacific region has emerged as the fastest-growing market during the forecast period. Existence of a large pharmaceutical industry requiring this technology for process streamlining