RFID technologies market to reach $3 billion by 2012

Healthcare Technology Industry Articles

07/25/07

Radio Frequency Identification technologies, estimated at $297 million in the U.S. healthcare industry in 2007, are expected to experience explosive growth over the next five years, reaching more than $1 billion by 2010 and $3.1 billion by 2012, according to a new report by the market research firm Kalorama Information.

In its new report, entitled "RFID Opportunities in Healthcare in the US", Kalorama Information suggests that - although the adoption of RFID in the healthcare industry is at an early stage – growth in the healthcare market will occur as issues of network infrastructure scalability, interoperability, and the relatively high costs of implementation are resolved.

“RFID has the capability of transforming the way healthcare services are delivered,” said Steven Heffner, Executive Publisher of Kalorama Information. “The need for enhanced efficiency and cost-effectiveness is the main factor fueling the adoption of RFID by the healthcare industry. Mobile asset tracking, better inventory management, real-time monitoring of patients, and medication tracking and dispensing systems are all advantages RFID provides. ”

The New York-based research firm says that RFID technology is “sounding alarms” in the U.S. healthcare industry as hospitals and nursing homes, pharmaceutical manufacturers, and pharmacies realize the benefits of RFID, including better data capacity, better efficiency in terms of offering read-write ability, and greater flexibility of design.

Kalorama claims that RFID technologies in general will see growth as awareness of its benefits increases and as common standards and regulations for the adoption of RFID arise. RFID is already a $27 billion market in manufacturing and supply chain management worldwide.

Source: Healthcare IT News

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