July 22, 2024

The Global U.S. RFID Tags Market Is Estimated To Propelled By Increasing Adoption In Healthcare Sector For Asset Tracking

The U.S. RFID tags market has been gaining significant traction over the years owing to the various advantages offered by RFID tags over conventional barcode systems. RFID tags provide real-time tracking and monitoring of assets and goods across various industries such as retail, manufacturing, healthcare, transportation and logistics. RFID tags offer benefits such as improved inventory management, enhanced operational efficiency, reduced theft and errors. Growing need for efficient asset management solutions in the healthcare sector has been a major factor driving the demand for RFID tags in the U.S.

The global U.S. RFID Tags Market is estimated to be valued at US$ 887.15 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing adoption of RFID tags in the healthcare sector for tracking medical equipment, supplies and patients is a key trend fueling growth of the U.S RFID tags market. RFID tags help healthcare providers efficiently manage medical assets across different departments and locations. They help reduce costs associated with misplaced equipment and supplies. RFID tags also improve patient safety by reducing the risk of administering wrong treatment. Growing emphasis on healthcare cost optimization and operational efficiency in the U.S. is expected to further drive the demand for RFID tags in the healthcare sector.

SWOT Analysis
Strength:
RFID tags provide enhanced security as they help accurately track inventory and assets in real-time. This enables organizations to prevent theft and loss.
Weakness: Concerns regarding data privacy and security come with RFID technology as tags can be scanned from a distance without consent. Some may not find this acceptable.
Opportunity: Growing e-commerce industry is embracing RFID tags for improved supply chain management and logistics. This provides an opportunity to increase sales.
Threats: Alternative technologies like barcodes are still dominating certain application areas. This poses a threat to RFID tag market growth. Stringent regulations around radio frequencies also restrict market growth to some extent.

Key Takeaways

The U.S. RFID Tags Market Size is expected to witness high growth over the forecast period. The growing adoption across industries like retail, manufacturing, healthcare is driving the market. The global U.S. RFID Tags Market is estimated to be valued at US$ 887.15 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030.

Regional analysis:
The North America region currently dominates the market due to high adoption across verticals. Major players operating in this region along with supportive government regulations are supporting market growth. The APAC region is expected to grow at the fastest pace during the forecast period. Countries like China and India provide immense growth opportunities for RFID tag manufacturers.

Key players:
Key players operating in the U.S RFID tags market are RF Code Inc., HID The U.S. Corporation, AMS AG, Omni- ID Ltd., Impinj Inc., NXP Semiconductors N.V., Alien Technology, Invengo Information Technology Co., Ltd., and Confidex Ltd., Avery Dennison Corporation. These players are launching innovative products to cater to growing needs across industries. They are also focusing on partnerships and mergers to strengthen their foothold in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it