RFID market in healthcare to grow

The radio frequency identification (RFID) market in the healthcare industry is expected to grow at a compound annual growth rate of 29%, according to research conducted by TechNavio, reports Bradenton.

Technavio's report, which examines the Americas, EMEA, and Asia-Pacific regions, indicates that the market is being driven by the price drop of RFID tags.

Technological advances in the manufacture of RFID chips are also expected to reduce the cost of tags, which will further drive the RFID market, especially in the healthcare industry, says a TechNavio analyst.

Market Wire says in spite of the demand for RFID tags in the healthcare industry, privacy and safety concerns are hindering the growth of this market.

However, the need to streamline operations in the healthcare industry is expected to drive the market. The adoption of next-generation of RFID tags in the healthcare industry is also forecast to increase.

Key vendors dominating the RFID market space in the healthcare industry include Motorola Solutions, Alien Technology, IBM, Intermec, and Impinj, states Bezinga.

The RFID market in the healthcare industry has also been witnessing vendors entering into strategic alliances and partnerships. Analysts warn security issues regarding inventory could pose a challenge to the growth of this market.