Healthcare RFID Technologies Should Hit $3 Billion By 2012

July 27, 2007
RFID is poised to reach $3 billion by 2012 according to a new report.

RFID is making large strides in the healthcare market and is poised to reach $3 billion by 2012 according to a new report from Kalorama Information. Currently the market is at $297 million. And that number is a fraction of the $27 billion RFID market in manufacturing and supply chain management globally.

"The need for enhanced efficiency and cost-effectiveness is the main factor fueling the adoption of RFID by the healthcare industry. Mobile asset racking, better inventory management, real-time monitoring of patients, and medication tracking and dispensing systems are all advantages RFID provides," said Steven Heffner, executive publisher of Kalorama Information.

Usage of RFID at hospitals and nursing homes, pharmaceutical manufacturers, and pharmacies has increased due the technology's ability to provide better data capacity, better efficiency in terms of offering read-write ability and greater flexibility of design.

Other more practical matters are pushing the market as issues of network infrastructure scalability, interoperability and the relatively high costs of implementation are resolved said the report.

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