Implantable Radiofrequency Identification Transponder Systems Market to Witness an Outstanding Growth During 2018 – 2026
Radiofrequency identification (RFID) is a technique used by many industries, including the healthcare industry, to identify and track assets. Primarily used in retail and industrial applications, the radiofrequency identification technique is slowly gaining traction in the healthcare industry. It is being increasingly used by health care facilities to track patients and staff. RFID systems consist of a transponder and a detector. The data from the transponder is transferred to the detector using radiofrequency waves, and the detector reads or writes the data. The implantable radiofrequency identification transponder system is an advanced version of the traditionally used radiofrequency identification tags that were attached to the patients as wristbands, tags, etc. In implantable radiofrequency identification transponder systems, the transponder is implanted in the patient or asset. It emits signals that are detected by the detector. Various forms of radiofrequency are used to emit data from the transponder to track and identify patients and staff.
Increase in difficulties in tracking and identifying patients and staff by health care facilities is leading to delays in procedures and treatment. This has been one of the major reasons for rise in indirect costs of health care facilities around the world. Increase in applications of implantable radiofrequency identification transponder systems in health care settings and rise in focus of health care facilities on lowering indirect health care costs are some of the major reasons boosting demand for and adoption of implantable radiofrequency identification transponder systems by health care facilities around the world. New and advanced products are being introduced in the market and an increasing number of products are receiving regulatory approvals. This is further anticipated to drive demand for implantable radiofrequency identification transponder systems in the global market from 2018 to2026. However, lack of awareness about the products and patient and staff compliance for implantable radiofrequency identification transponders, and high cost of maintenance are some of the major factors expected to restrain the global implantable radiofrequency identification transponder systems market during the forecast period.
The global implantable radiofrequency identification transponder systems market can be segmented based on product, technique, end-user, and region. Based on product, the global implantable radiofrequency identification transponder systems can be categorized into transponders and detectors. The transponders segment accounted for a dominant share of the global market in 2017, owing to higher price and rising number of unit sales of transponders in the U.S. and European countries.
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In terms of technique, the global implantable radiofrequency identification transponder systems can be classified into active radiofrequency technique, backscatter radiofrequency technique, and passive radiofrequency technique. The active radiofrequency technique segment is anticipated to dominate the global market in 2018, owing to distinct benefits of the technique such as longer range of data transfer and comparatively lower price. Based on end-user, the global implantable radiofrequency identification transponder systems market can be divided into hospitals, long-term care centers, diagnostic centers, and others. The hospitals segment dominated the global implantable radiofrequency identification transponder systems market in 2017.
In terms of region, the global implantable radiofrequency identification transponder systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global implantable radiofrequency identification transponder systems market in 2017 and is expected to continue its dominance from 2018 to 2026. Rise in adoption of techniques in hospitals and increase in patient and staff compliance for implantable RFID transponder systems are some of the major factors expected to lead to a higher share of the region in the global market. The market in Europe is projected to expand at a comparatively higher CAGR during the forecast period. The market in Asia Pacific is expected to expand significantly between 2018 and 2026.
Key players operating in the global implantable radiofrequency identification transponder systems market include EM Microelectronic-Marin SA, Alien Technology, LLC., LUX-IDent s.r.o., BioTeq Limited, and APPLIED DIGITAL SOLUTIONS, INC.
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