Global RFID in the healthcare market is estimated to account for over $116,756.6 Million in terms of value by the end of 2027 and is predicted to grow at a CAGR of 19.6% during the forecast period of 2020 to 2027, as highlighted in a report published by Coherent Market Insights.

Concerns over drug counterfeiting in healthcare are expected to hinder the growth of the global RFID in the healthcare market over the forecast period. 

Patient safety is affected by counterfeit pharmaceuticals and biologics which is a growing problem. Specific technology is needed to deter this drug counterfeiting. RFID minimizes the risk of counterfeit, unacceptable, adulterated or tampered with and diverted drugs.

Moreover, improved operational efficiency with RFID is also expected to aid in the growth of global RFID in the healthcare market. 

To get an accurate account of inventory, manufacturers, and distributors have to improve visibility throughout the supply chain management. 

Lack of visibility of customer orders and available stock will lead to increased inventory and locks finances unnecessarily as healthcare practitioners often keep buffer stocks to avoid stocks out situation. As RFID enables increased visibility of the inventory, it will reduce buffer stocks by substituting knowledge of inventory and thereby reducing inventory cost.

North America held a dominant position in the global RFID in the healthcare market in 2019, accounting for 49.5% share in terms of value, followed by Europe and Asia Pacific, respectively.

According to Coherent Market Insight's study, the tags segment held a dominant position in the global RFID in healthcare market in 2019, accounting for 61% share in terms of value, technological advancement in product development is expected to propel the segment growth.

The launch of medical devices with RFID scanners is expected to propel the growth of the global RFID in the healthcare market.