RFID Tags Market to Reach Valuation of USD 17.6 Million by 2028 – Growing Demand for RFID Tags for Tracking a Patient’s History Drives the Market

In terms of revenue, the Global RFID Tags Market is expected to reach USD 17.6 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 9.50% from 2022 to 2028.

RFID Tags are durable & reusable and it is on high demand in healthcare sector. In addition, increasing demand for RFID Tags for their specific design, growing demand for RFID Tags for tracking a patient’s history and increasing technological innovation in this sector are anticipated to propel the growth of the RFID Tags Market during the projected years.

Key Highlights from Report:

The retail application segment held a significant share in 2021. This is attributable to the growing interest of the retail sector in RFID technology, which permits enterprises’ desire to achieve larger visibility and speed in their supply chains. RFID in retail can be utilized to prevent theft and track items that are frequently moved & frequently misplaced. The RFID technology permits retailers to track their inventory across the retail supply chain, from warehouse shelves all the way to the sales floor. An effective supply chain operation secures that goods are delivered on time and to the place where customers are able to buy them. The potential profits from the utilization of RFID Tags which include decreased labor costs, increased sales, and lower inventory levels propels the market growth.

The passive RFID Tags segment is projected to grow at a highest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the increasing productivity of automated toll booth payment services. Commuters can propel their vehicle straight across the toll booth, depriving lining up for financial transactions and pay tolls in the booth manually. This has been made possible by utilizing RFID Tags that are located inside the vehicle. The toll is automatically withdrawn from the commuter’s account when the vehicle drives through. Therefore, increasing usage of RFID Tags in vehicles for automatic toll collection is anticipated to propel the expansion of the RFID Tags Market in the coming future.

Market Dynamics:

The RFID Tags are durable & reusable and thus, it is anticipated to augment the growth of the RFID Tags Market in the years to come. In addition, increasing demand of RFID Tags for their specific design as it works in harsh conditions is likely to boost the market growth. The durable hard case protects these RFID Tags from the effect of moisture, heat and changing weather conditions. The RFID Tags can be reused, which will decrease the prices in the deployments which are anticipated to propel the growth of the radio-frequency identification (RFID) tags market in coming years. In the healthcare sector, growing demand for RFID Tags for tracking a patient’s history has been witnessing a growth in the market. The increase in the numbers of patients related to chronic as well as non-chronic diseases also increases RFID Tags Market demand as RFID Tags have become mandatory in order to track the patient’s history and the course of treatment.

The latest technological innovation in the RFID Tags market is the chip-less RFID Tags. These devices can be 3D printed, which makes them ecologically sustainable and easy to manufacture. In addition, owing to the non-line of tag detection features and low manufacturing cost, chipless RFID Tags are suitable to replace the use of barcodes. Printing on many materials is especially helpful in a business context. The manufacturer has the liberty to label the RFID as per their guidelines, which is not the case for barcodes. Therefore, the increasing trend of chipless RFID solutions is projected to present a growth opportunity for the manufacturer and supplier in the RFID Tags Market globally.

North America held the largest shares in 2021. The US held the largest share for the RFID Tags Market in the region. This is attributable to the high adoption of RFID systems in the US and is a major factor that has led to the prominent position of the Americas in the RFID market. Retail, manufacturing, transportation, logistics & supply chain, animal tracking, healthcare, defense, and IT asset tracking are some major applications for the RFID tag market in the US as well as across the Americas. The use of RFID is high in supply chain monitoring for tracking assets in real time. The various hospitals in the US are using RFID Tags for applications such as equipment tracking, patient monitoring, and other tracking tasks. These developments are anticipated to propel the growth of the RFID tag market in the region.