Meticulous Research® – a leading global market research company published a research report titled “Healthcare AIDC Market by Product (Scanner, Biometric, Printer), Technology (RFID, Barcode, Biometrics, Smart Cards, OCR), Application (Patient, Asset, Inventory, Facility, Medication, Specimen Management), and Region – Global Forecast to 2028.”
According to this latest publication from Meticulous Research®, the Healthcare AIDC Market is expected to grow at a CAGR of 22.5% from 2021 to 2028 to reach $25.91 billion by 2028. Similarly, by volume, the healthcare AIDC market is expected to reach 269,949,445.5 units by 2028, growing at a CAGR of 24.8%. The growth of the healthcare AIDC market is majorly attributed to the factors such as technological advancements along with widening applications of AIDC technologies in healthcare applications such as inventory management, patient management, and asset management. Further, the growing acceptance of advanced technologies, such as biometrics, barcode, and RFID, and increasing adoption in the healthcare supply chain, hospitals, and patient management, also promote the demand for AIDC devices.
However, although the adoption of AIDC-enabled devices is on the rise, there is still a certain level of reluctance towards adopting new technologies. This, coupled with the high cost of some AIDC devices, is restraining the growth of the automatic identification and data capture market in the healthcare industry.
The global healthcare AIDC market study presents historical market data in terms of value and volume (2019 & 2020), estimated current data (2021), and forecasts for 2028. The market is segmented on the basis of product, application, and technology. The study also evaluates industry competitors and analyses the market at a country level.
Based on product, the healthcare AIDC market is broadly classified into biometric scanners, printers & recorders, scanners & readers, mobile computers, consumables, and software. In 2021, the scanners & readers segment is estimated to account for the largest share in the global healthcare AIDC market due to the increase in demand for AIDC systems to reduce personalized data entry errors, patient tracking, more efficient supply chain & inventory management, and asset management. Moreover, this segment is projected to grow with the fastest growth rate over the forecast period due to the increasing demand for safe specimen management during the COVID-19 pandemic. In terms of volume, the consumables segment is estimated to account for the largest share in 2021. The segment is also expected to grow with the highest growth rate over the forecast period.
Based on technology, the healthcare AIDC market is broadly classified into RFID, barcodes, biometrics, smart cards, magnetic strips, and OCR. In 2021, the RFID segment is estimated to account for the largest share of the global healthcare AIDC market due to the increase in demand for AIDC systems to reduce personalized data entry errors, consistently growing identity frauds, the growing significance of access control, and increasing demand for contactless data access post-COVID-19. However, the biometrics segment is projected to register the fastest CAGR during the forecast period due to growing demands for biometric devices in the industry
Based on application, the healthcare AIDC market is broadly classified into asset management, inventory management, patient & prescription management, facility management, medication management, specimen management. In 2021, the patient & prescription management segment is estimated to account for the largest share of the global healthcare AIDC market due to the growing adoption of AIDC technologies for patient safety during COVID-19 and advancements in AIDC technologies. Besides, the medication management segment is projected to register the fastest CAGR during the forecast period due to the increased applications of AIDC for the initial evaluation of the patient’s need for psychotropic medications.
Geographically, North America is expected to command the largest share of the global healthcare AIDC market in 2021. The North American region is one of the most advanced regions in terms of technology adoption and development. The large share of North America is primarily attributed to the presence of leading healthcare AIDC solution providers and their increasing focus on developing advanced healthcare AIDC technology and increasing government funding for further advancements. Moreover, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The economic growth of the region, growing per capita income, rising per capita consumption with a large population base, high economic growth rate, and increasing government investments for enhancing safety & security in the healthcare sector in the region are driving the growth of the market in the APAC region.
The key players operating in the global healthcare AIDC market are Zebra Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Avery Dennison Corporation (U.S.), Newland EMEA (Netherlands), Datalogic S.P.A. (Italy), NEC Corporation (Japan), Alien Technologies Corporation (U.S.), Seagull Scientific, Inc. (U.S.), and SATO Worldwide (Japan).
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