Healthcare Automatic Identification And Data Capture Market: Clinical Segment Is Expected To Exhibit The Fastest Growth Rate
Healthcare Automatic Identification And Data Capture Industry Overview
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.
Healthcare Automatic Identification And Data Capture Market Segmentation
Grand View Research has segmented the global healthcare automatic identification and data capture market on the basis of technology, component, application, and region:
Based on the Technology Insights, the market is segmented into Barcode, RFID, Biometric, and Others.
- The biometric segment dominated the market for healthcare automatic identification and data capture and accounted for the largest revenue share of 40.5% in 2020 owing to government initiatives to support the implementation of biometrics in healthcare facilities to restrict ongoing healthcare fraud & medical identity theft.
- The counterfeiting of medications and pharmacy-related products raises concern at a global level and RFID technologies are acting as an anti-counterfeiting technology. RFID in healthcare is expanding significantly in the healthcare sector owing to its numerous applications.
Based on the Component Insights, the market is segmented into Hardware, Software, and Services.
- The hardware segment dominated the market and held the largest revenue share of 44.0% as of 2020 due to the surging adoption of biometric technology. The rising requirement for hardware-based components in the automatic identification and data capture devices such as printers, scanners, readers, cards, and other such systems is expected to drive the growth.
- Rising technological advancements specific to ease of use and patient’s willingness to adopt these technologies are driving the software segment. Additionally, the growing initiatives by the key market players are driving the growth of the segment.
Based on the Application Insights, the market is segmented into Clinical, and Non-Clinical.
- The non-clinical segment dominated the market and accounted for the largest revenue share of 74.9% in 2020 owing to the higher adoption of RFID and barcode technology in applications such as medical staff & asset tracking, supply chain management.
- Barcoding is an extremely adaptive technology in the healthcare industry. It is used for various clinical applications such as dietary management, blood transfusion verification, gamete tracking in fertilization, medication administration, verification, laboratory specimen identification, etc.
Healthcare AIDC Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market players are investing in strategies including product launches, acquisitions, expansions, and collaborations to gain a competitive advantage in the market for healthcare automatic identification and data capture. For instance, in May 2020, Datalogic S.p.A launched the Smart-VS, a device capable of identifying the exact presence/absence of components such as the caps, labels, and prints on filling lines, among others. The company expanded its product portfolio with respect to the market for healthcare automatic identification and data capture.
Moreover, in February 2019, Zebra Technologies acquired Temptime Corporation, a U.S.-based manufacturer of differentiated technology that notifies temperature deviation in the medical & biological products and shipments. This acquisition aligned well with Zebra Technologies’ strategy to expand into high-growth areas such as healthcare automatic identification and data capture. Furthermore, in March 2021, Code Corporation collaborated with Dryrain Technologies, ACS MediHealth, and MEDITECH for mobile medical barcode scanning. Thus, it allowed an expansion of geographic presence. Strategies like these are expected to fuel the market completion in the near foreseeable future.
Recent Developments
- In February 2022, AIM, an industry alliance for automated data-capturing systems, launched a new plan for the AIDC industry. AIM collaborates with like-minded groups in developing and managing these standards, updating them in real-time as they adapt to changing markets.
- In March 2021, TSC Printronix Auto ID, a leader in thermal barcode printing technology, launched a thermal barcode label printer. With the improved T6000e's capacity to print, encode, and conduct barcode verification all at once, one printer can now accomplish the job of numerous devices, performance, and cost savings.
Some of the prominent players in the healthcare automatic identification and data capture (AIDC) market include:
- Datalogic S.p.A
- SICK AG
- Honeywell International Inc.
- Cognex Corporation
- Toshiba TEC Corporation
- Bluebird Inc.
- NXP Semiconductors
- SATO Holdings Corporation
- The Code Corporation
- Jadak - A Novanta Company
- Unitech Electronics Co., LTD.
- Impinj, Inc.
- Denso Wave Europe
- Avery Dennison Corporation
- TSC Auto ID Technology Co., Ltd.
Order a free sample PDF of the Healthcare Automatic Identification And Data Capture Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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