Near Field Communication in Healthcare Market size was valued at $ 267.85 Million by 2019, and is anticipated to grow at a CAGR of 9.35% during the forecast period 2020-2025. The Near Field Communication in Healthcare Market growth rate is attributed to the growing mobile penetration with improved payment infrastructure and data connectivity presents a significant opportunity in the growth of the near field communication in Healthcare market in the forecast period of 2020-2025. The rapid development and adoption of information technologies are changing the medical sector globally. For instance, the US Food and Drug Administration (FDA) have mandated the safety, effectiveness, and security of the medical devices in the country. Therefore, near field communication in healthcare is anticipated to have the largest share in the United States.
Near Field Communication in Healthcare Market Segment Analysis - By Product Type
On the basis of product type, NFC tags and NFC readers segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 9.25%. The reason behind robust growth is being attributed to the high demand originating from payments and access control segments. Apart from this, over the forecast period 2020-2025, the NFC-enabled Mobile SIM segment is anticipated to witness significant CAGR during the forecast period 2020-2025. The ability of SIM cards for cashless payments with improved user experience is anticipated to improve the product market. Furthermore, increasing demand for connectivity between devices for sharing information and data through online and in-store payments in pharmacy has also led to the growth of the NFC technology in the segment.
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Near Field Communication in Healthcare Market Segment Analysis - By Geography
North America dominated the Near Field Communication in Healthcare Market with a share of 36.5% in 2019. The application of Near Field Communication in Healthcare has grown rapidly over the last few years owing to the fact that the US population has taken considerable measures toward medical data security. Medication errors are increasing in the U.S. and can lead to increased harm to patient's health, healthcare utilization, and costs. NFC reduces medication errors and potential adverse drug events (ADEs), thereby driving the market's growth in the region. Furthermore, the Asia Pacific NFC-based healthcare market is anticipated to be the key revenue-generating region owing to increasing penetration of smartphones and tablets is estimated to be the reason behind the adoption of the NFC technology. The rapid diversification of mobile payment services has accelerated collaboration amongst the industry participants resulting in the development of the technology. The international banks have been enthusiastically investing in building the mobile payment network which is further anticipated to increase the application segment collaborating the financial service provider and retailers.
Near Field Communication in Healthcare Market Drivers
Innovative Patient Monitoring
Presently, numerous advantages of patient observing through NFC, which incorporates Ideal Technology for medication for understanding checking, for example, keen sensor, which estimates physical state of patients, and in this manner, transmits the information to close by checking gadgets, versatile systems, and clinical experts for observing and assessment. Answer for quiet checking can be standard or modified to get customized treatment and secure clinical information, consequently, numerous organizations are planning redone NFCs for patients. Secure physical access is given by NFC labels to following patient information. Home observing by NFC-empowered gadgets is by and large progressively utilized, and therefore, clinical information can be transmitted to the doctor. This is the major factor that drives the growth of global near field communication technology market from 2019 to 2027.
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Near Field Communication in Healthcare Market Challenges
Lack of presence for auxiliary equipment at its nascent stage
Market growth is poised to be hampered by the lack of presence for auxiliary equipment required for Near Field Communication which is set to slow down the growth of NFC systems market, in the above-mentioned forecast period 2020-2025. Thus, in future with the increasing adoption of mobile commerce and NFC standards at a global level, potential scope for a large number of applications in healthcare sector is poised to drive the market growth.
Near Field Communication in Healthcare Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Near Field Communication in Healthcare Market. In 2019, Near Field Communication in Healthcare Market share is fragmented by the top ten players present in the market. Near Field Communication in Healthcare Market top 10 companies are Gemalto, Broadcom, Infineon Technologies, Inside Secure, NXP Semiconductors, MediaTek, Samsung Electronics Corporation, Renesas Electronics Corporation, Texas Instruments, STMicroelectronics NV and others.
Acquisitions/Product Launches
In April 2020, Infineon Technologies AG completed the acquisition of Cypress Semiconductor Corporation. With this, the company can offer its customers the industry’s most comprehensive portfolio to link the real with the digital world and shape digitalization, one of the most important global trends
Key Takeaways
North America dominated the Near Field Communication in Healthcare Market with a share of 36.5% in the year 2019.
The factors such as the introduction of new features in healthcare and by providing accuracy to tract various medical devices are amongst the major factor projected to impel growth of Near Field Communication in Healthcare Market.
Employee access gaining, patient check-in and check-out, prescription content, based payment, employee visitation, inventory and wrist band by eliminating paper-based documentation work and increases automation and efficiency are the key factors owing to the growth in the segment during forecast period 2020-2025.
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