RFID in the medical industry shows good prospects

Coherent Market Insights research shows that by the end of 2027, the global RFID market in the medical field may grow to approximately US$16.76 billion, with an annual growth rate of 19.6%. Studies have shown that the application of RFID technology to track all Hospital Assets such as medicines, medical equipment, and documents, including the application of UHF and HF passive tag systems, is being driven by a variety of factors. The company found that the prevalence of counterfeit medicines, patient safety concerns, the need to improve efficiency and the development of more effective and affordable technologies combined to drive the expected growth.

The study titled "RFID Applications in Healthcare Market" was completed in September 2020. The study found that although the application of RFID technology in the medical field has reached 4 billion US dollars in 2019, it will quadruple by 2027. The study is a blend of primary and secondary research, with analysts conducting initial interviews with large and medium-sized hospitals, pharmaceutical and medical device companies, manufacturers, distributors, and supply chain and logistics companies. Currently, North America dominates the RFID medical market, followed by Europe and Asia Pacific.

Another extended application of RFID is in the document management of pharmaceutical and medical companies. Some documents containing drug development data, product stability data, technical audit reports, product recalls and market complaints need to be consulted by all parties. RFID electronic tags can prevent these documents from entering and leaving some designated places. The RFID label has a barcode and an RFID chip and can be printed by an RFID printer. More and more companies are beginning to use RFID (usually UHF RFID technology) to solve the security problems associated with the physical movement of confidential documents.

The study found that RFID technology can simplify the time-consuming work of the pharmaceutical industry, reducing the time by about 20% to 30%. These efforts include recording, storing data related to drug development, and obtaining information related to the use and sale of biological products, reducing errors in drug administration and dispensing.