Healthcare AIDC: Enhancing Healthcare Through Digital Way

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Healthcare Automatic Identification and Data Capture (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

Healthcare AIDC: Enhancing Healthcare Through Digital Way

According to a new market 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,” published by 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% from 2021.

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The growth of this market is primarily attributed to the growing significance of electronic healthcare records (EHRs) and the fast-paced digital transformation in the healthcare ecosystem. Furthermore, the diversified inclusion of AIDC in healthcare sector offers new growth opportunities in the market. However, the vulnerability of AIDC technology used in healthcare to cyber-threats and lack of acceptance in developing countries are some of the key challenges for market growth. Presently, the use of RFID for COVID-19 vaccine management is one of the most prominent trends in the healthcare AIDC market.

Impact of COVID-19 on Healthcare AIDC Market

The spread of COVID-19 had an unprecedented impact on various sectors and pushed the existing healthcare infrastructure to its limits. Most sectors, including healthcare, struggled primarily due to disrupted supply chains, limited availability of workforce, and patient and healthcare provider's safety challenges.

The spread of COVID-19 resulted in new safety challenges, including access and administration within a healthcare organization, medical processes for COVID-19 infection and other critical diseases, and treatment personalization. These challenges were across different levels of healthcare infrastructures irrespective of their capacity and capabilities. Besides, healthcare workers, including doctors, nurses, and supporting staff, also became a primary concern for healthcare administration.

Due to the sudden impact of COVID-19, the healthcare AIDC industry suffered considerable losses in the first quarter of 2020 (1Q20) due to the pandemic, with the leading players witnessing a massive decline in net sales. For instance, Zebra Technologies Corporation, a global leader in healthcare asset intelligence, designing and marketing specialty printers, mobile computing, data capture, RFID products, and RTLS, registered a decrease of USD 14 million (1.3%) in its net sales in the first quarter of 2020. However, considerable growth in the second quarter boosted revenue generation owing to growing demand from several healthcare organizations.

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The current scenario created tremendous demand for AIDC technologies in the healthcare sector due to their capacity to be easily integrated with various healthcare devices & platforms to enhance patient safety and support staff & patient workflows. Increased investments in the healthcare sector have also contributed to the growing demand for AIDC technologies.

The healthcare AIDC market is segmented based on product (scanner & reader, biometric scanner, printer & recorder, mobile computers, consumables, and software), technology (RFID, barcode, biometrics, smart cards, OCR, and magnetic stripes), application (patient & prescription management, asset management, inventory management, facility management, medication management, and specimen management), and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on technology, the healthcare AIDC market is broadly classified into biometrics, RFID, smart cards, optical character recognition (OCR), barcodes, and magnetic stripes. In 2021, the RFID segment is expected to command the largest share of the overall healthcare AIDC market due to the rising adoption of RFID technology in patient tracking and history records, equipment tracking, and medicine & pharmaceutical tracking. However, the biometrics segment is slated to register the highest CAGR during the forecast period.

Based on product, the healthcare AIDC market is broadly classified into scanners and readers, biometric scanners, printers and recorders, mobile computers, consumables, and software. The scanners & readers segment is estimated to command the largest share of the overall healthcare AIDC market in 2021, owing to increasing adoption in healthcare applications, such as clinical and supply chain management. This segment is also slated to grow at the highest CAGR during the forecast period. In terms of volume, the consumables segment is estimated to account for the largest share in 2021. The consumables segment is also expected to grow at the highest growth rate over the forecast period.

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Based on application, the healthcare AIDC market is broadly classified into patient & prescription management, asset management, inventory management, facility management, medication management, and specimen management. The patient & prescription management segment is expected to command the largest share of the overall healthcare AIDC market in 2021, owing to increasing demand for biometric devices in the healthcare sector. This segment is also slated to grow at the fastest CAGR during the forecast period.

Geographically, North America is expected to command the largest share of the global healthcare AIDC market in 2021. The North American market growth is majorly attributed to the factors such as well-established medical infrastructure, the high adoption rate of healthcare AIDC technology, the presence of major AIDC players in the region, and rapid digital transformation of healthcare infrastructure. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period owing to 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.

The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past three years (2018–2021). The healthcare AIDC market witnessed several partnerships, agreements & collaborations in recent years. For instance, in 2021, TrakCel (U.K.), the leading innovator of cellular orchestration solutions supporting the cell and gene therapy industry, announced a licensing partnership with BarTender by Seagull Scientific.

The global healthcare AIDC market is consolidated and dominated by a few major players, namely Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Google, LLC (U.S.), SAP SE (Germany), TIBCO Software, Inc. (U.S.), Salesforce.Com (U.S.), SAS Institute, Inc. (U.S.), AWS (U.S.), MicroStrategy (U.S.), Cloudera (U.S.), Alteryx, Inc. (U.S.), Sisense (U.S.), Atos (France), and Qlik (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/request-sample-report/cp_id=2796?utm_source=Article&utm_medium=Social&utm_campaign=Product&utm_content=29-06-2022

Scope of the Report

Healthcare AIDC Market, by Product