Grand View Predicts RFID and Biometric Tech Will Drive Healthcare AIDC Market

Grand View Research has released a new report that suggests that biometric and RFID technologies will transform the healthcare industry in the next few years. The report concerns the Healthcare Automatic Identification and Data Capture (AIDC) market, and predicts that the market will grow at a CAGR of 22.3 percent to reach $62 billion by 2028.

Much of that growth can be attributed to the rising demand for RFID tools that make it easier for hospitals, pharmacies, and other healthcare organizations to track their valuable inventory. The technology makes medical supply chains safer and more efficient, and also helps facilities to comply with any hardware security requirements for scanners, card readers, and other systems. Grand View noted that such regulations are increasingly common, and that those government policies will help drive the Healthcare AIDC market moving forward.

The story is similar when it comes to biometric authentication, insofar as the technology tracks patients in the same way that RFID tracks equipment. Many regulatory bodies now ask healthcare providers to verify the identities of patients when they are admitted, and again when they are discharged to make sure that everyone receives the proper care. In that regard, a biometric check before a procedure like a blood transfusion ensures that the right person is sitting in the chair, and prevents people from mixing up their medications.

The biometric segment generated the most revenue in 2020, with COVID-19 driving much of the interest in contactless and biometric identity solutions. Meanwhile, the clinical segment and the broader Asia Pacific market will grow at the fastest rates during the forecast period.

Grand View listed Honeywell, NXP, Denso Wave Europe, and Avery Dennison as some of the key providers of AIDC technology. The Healthcare AIDC market represents a smaller portion of the overall AIDC market, which Meticulous believes will climb to $100.5 billion by 2025.

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June 1,  2021 – by Eric Weiss