Rapid expansion of the e-commerce industry globally is driving revenue growth of the market
The global healthcare
automatic identification & data capture (AIDC) market size reached
USD 14.8 Billion in 2020 and is expected to reach USD 74.6 Billion in 2028 and
register a CAGR of 22.4% over the forecast period, according to latest analysis
by Reports and Data. Growing healthcare expenditure globally, increasing need
for scheduling patient workflow efficiently, and rapid advancements in AIDC technology
in healthcare are some of the major factors expected to drive global market
revenue growth during the forecast period. Additionally, AIDC technology
enables real time monitoring on various devices and assets, and these
advantages are resulting in steadily increasing preference in healthcare, which
is contributing significantly to market revenue growth.
AIDC technology is computer-based
and aids in the identification and collection of data. AIDC functions on a
variety of technologies including bar code, magnetic stripe, QR code, Radio
Frequency Identification (RFID), biometrics, smart cards, voice recognition,
and Optical Character Recognition (OCR). AIDC is increasingly being used in the
healthcare sector to enhance operational efficiency, improve visibility of
information, and accurate data capture. Incorporation of AIDC in healthcare
enables error-free data collection, which in turn aids physicians to provide
improved patient care and also minimizes risk of medication errors. In
addition, this technology is used to obtain data through analysis of images,
videos or sounds, which is another factor expected to drive revenue growth of
the global market.
However, implementation of
increasingly stringent government legislations on the use of RFID technology
and need to comply is expected to hamper market growth to a certain extent over
the forecast period.
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Some Key Highlights From the Report:
- Healthcare IT has incorporated different systems in
order to track equipment and keep real-time inventory. Therefore,
increasing demand for advanced technologies among pharmaceutical
companies, medical device manufacturers, biopharmaceutical companies,
hospitals, and other life sciences companies to control the inventory
costs is expected to augment demand for AIDC over the forecast period.
- The RFID segment is expected to account for largest
revenue share in the global market during the forecast period. Rising
adoption of RFID in the healthcare industry for inventory monitoring and
medical devices tracking is a major factor supporting revenue growth of
this segment.
- The non-clinical segment registered the fastest
revenue CAGR in the global market in 2020, owing to rapid adoption of
barcode and RFID technologies in various non-clinical applications.
- Asia Pacific market is expected to register a
robust revenue CAGR in the global market going ahead. Market revenue
growth in the region is attributed to increasing government investment in
enhancing healthcare infrastructure, rising healthcare expenditure,
surging demand for more advanced healthcare services, large patient pool
in countries in the region, and steady shift to automation in healthcare
operations.
- Leading companies operating in the 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; and TSC Auto ID Technology Co., Ltd.
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For the purpose of this report,
Reports and Data has segmented the global healthcare automatic identification
& data capture (AIDC) market on the basis of technology, component,
application, and region:
Technology Outlook (Revenue,
USD Billion, 2018 - 2028)
- Barcode
- RFID
- Biometric
- Others
Component Outlook (Revenue,
USD Billion, 2018 - 2028)
- Hardware
- Software
- Services
Application Outlook (Revenue, USD
Billion, 2018 - 2028)
- Clinical
- Non-Clinical
Regional Outlook (Revenue, USD
Billion, 2018 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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