Near Field Communication in Healthcare Market - Forecast(2021 - 2026)

 

Near Field Communication in Healthcare Market Overview 

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.


Report Coverage

The report: “Near Field Communication in Healthcare Market Forecast (2020-2025)”, by Industry ARC, covers an in-depth analysis of the following segments of the Near Field Communication in Healthcare Market:
By Operating Mode: Reader/Writer Mode, Card Emulation Mode and Peer-to-Peer Mode.
By Product Types: NFC Chips, NFC Tags, NFC Readers, Auxiliary Products NFC-enabled Mobile SIM and others.
By Application: Pharmaceuticals and Biotechnology, Medical Devices, Medical Implants and Hospitals and Diagnostics.
By Devices: Smartphone & Tablets, PC & Laptops and Others.
By Geography: North America, Europe, Asia-Pacific and RoW.


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.


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.


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.

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Location: United States

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