The global RFID market is experiencing significant growth and is projected to reach $40.9 billion by 2032, up from $15.8 billion in 2023, according to MarketsandMarkets research. Applying RFID technology to healthcare is expected to grow at the second-highest rate during the forecast period, the research finds. Patient monitoring within hospitals presents ample opportunities to integrate RFID solutions. These technologies offer a means to track and accurately identify patients, which enhances safety protocols. By leveraging RFID-enabled patient monitoring solutions, hospitals can optimize patient flow and throughput, streamlining routing workflows while reducing medication errors. These systems also facilitate the monitoring of patient movement history and activity levels, ensuring comprehensive room-level patient visibility. Additionally, RFID technology can detect instances of patients falling from beds or wheelchairs. Real-time monitoring capabilities afforded by RFID solutions offer a proactive approach to preventing such incidents. “The demand for temperature-controlled shipments, especially for vaccines, is on a steady rise. This trend, coupled with the fact that most healthcare-related items also require temperature control, could potentially lead to a squeeze in the availability of services. It’s crucial to anticipate these challenges and ensure we are prepared to meet the growing demand.” —Joel Pinsky, President, Customized Logistics and Delivery Association and CEO and CFO, Global Messenger and Logistics RFID: HOSPITALS TAG ALONG North America Pharmaceutical Logistics Market Size by type, 2020-2030 (USD Billion) The pharmaceutical logistics market continues to grow at an accelerating pace. Drivers of growth include a robust culture of innovation, driven by a rising demand for over-the-counter medicines and the government’s emphasis on developing infrastructure for the healthcare supply chain.
AT-HOME TESTS NOT GOING AWAY Over the past few years, in large part due to COVID-19, healthcare providers have become more comfortable with patients self- administering tests and reporting the outcomes. As a result, the market now offers more intelligent, technology-forward devices for general consumers proactively taking charge of their own healthcare. As healthcare and medical device companies continue to navigate this booming market, they’re also running into a host of issues: regulatory compliance, risk mitigation, quality assurance, logistics and distribution, inventory management, and typical global supply chain disruptions. In the life sciences space, regulatory compliance is critical to guaranteeing that at-home testing kits and medical devices safely get to consumers. Companies are subject to strict mandates imposed by health authorities across the globe. The challenges that at-home testing kits and medical devices face in supply chains aren’t going away, and are likely to get only more nuanced. It's vital that providers work with partners that have experience in medical device logistics to help mitigate risk and successfully navigate this rapidly evolving market. – John Marrow, President, RRD Supply Chain Solutions
$30.5B
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Cold Chain Logistics Non-Cold Chain Logistics
Source: Grand View Research
April 2024 • Inbound Logistics 13
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