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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
Report ID: MRHC - 104136 Pages: 403 Nov-2021 Formats*: PDF Category: Healthcare Delivery: 2 to 4 Hours Download Free Sample ReportThe growth of this market is attributed to the growing significance of electronic healthcare records (EHRs) and the fast-paced digital transformation in the healthcare ecosystem. Additionally, the diversified inclusion of AIDC in healthcare sectors offers new growth opportunities for the market. However, the vulnerability of AIDC technology used in healthcare to cyber-threats and lack of acceptance in developing countries are observed as some of the key challenges restraining the market growth. Currently, the use of RFID for COVID-19 vaccine management is one of the most prominent trends in the healthcare AIDC market.
COVID-19 was declared a global pandemic by the WHO as the virus spread across many countries, adversely impacting the global economy. 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.
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.
Both government and private healthcare organizations started undertaking initiatives to keep people safe and combat the spread of COVID-19. Contactless biometric systems emerged as vital solutions as social distancing became a new norm globally. Biometrics technology companies viewed this crisis as a new opportunity to restructure and revisit existing strategies and product portfolios. 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. According to data published by Investment India, a government agency that promotes and facilitates national investment, Digital Health Market is expected to grow with a CAGR of almost 30%, and the market is expected to reach USD 504.4 billion globally by 2025.
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In the past decade, healthcare IT has been among the top spending priorities of healthcare centers and other associated services. With consistent development in medicine and medical practices to improve patient care and quality of life, electronic health records (EHR) demand gained significant prominence for streamlined processes.
In contradiction to physical records, EHR allowed medical professionals unified access to critical patients’ records with utmost safety and privacy. Besides, EHR also facilitates accurate data for critical analytic for creating better workflows and efficiency within organizations. In tandem with EHR growth, demand for AIDC systems is also witnessing a surge as they allow instant error-free patient data capturing. Medical professionals use this data to communicate and update electronic records.
Presently, the U.S. has embraced EHR on a considerable scale. For instance, between 2009 to 2013, the U.S. hospitals incorporating EHR grew from 16% to 80%. However, the same rate is not relevant in other countries across the world. However, with the consistent growth of medical advancements, the adoption rate of EHR is also growing with a healthy growth rate. Owing to this, the growth of AIDC for healthcare applications is also growing with a considerable growth rate.
According to an article published by RMS Omega Healthcare, pairing AIDC with EHR can reduce data entry errors by 63% and result in a 6% growth in the use of preventative medicines. With the spread of COVID-19, vaccine administration has become a key challenge for healthcare providers. Providing vaccines and inventory management of the vaccination has emerged as a critical challenge for administrations. However, the incorporation of technologies such as RFID and real-time location systems (RTLS), combined with EHR, helped in efficient inventory management and achieved considerable accuracy
Based on technology, the healthcare automatic identification and data capture market is segmented into barcodes, RFID, biometrics, smart cards, magnetic strips, and OCR. In 2021, the RFID segment is estimated to command the largest share of the global healthcare AIDC market. The large share of the segment is attributed to the increase in demand for AIDC systems to reduce personalized data entry errors, consistently growing identity frauds, the growing significance of access control, and increasing demand for contactless data access post-COVID-19. However, the biometrics segment is projected to register the highest CAGR during the forecast period due to growing demands for biometric devices in the industry.
Based on product, the healthcare AIDC market is segmented into scanners & readers, biometric scanners, printers & recorders, mobile computers, consumables, and software. In 2021, the scanners & readers segment is estimated to command the largest share in the global healthcare AIDC market. The large share of the segment is attributed to the increase in demand for AIDC systems to reduce personalized data entry errors, patient tracking, more efficient supply chain & inventory management, and asset management. Additionally, scanners & readers are also projected to grow with the fastest growth rate over the forecast period due to the increasing demand for safe specimen management during the COVID-19 pandemic.
Based on application, the healthcare global automatic identification and data capture (AIDC) market is segmented into patient & prescription management, asset management, inventory management, facility management, medication management, specimen management. In 2021, the patient & prescription management segment is estimated to command the largest share of the global healthcare AIDC market due to advancements in AIDC technologies and the growing adoption of AIDC technologies for increased patient safety during COVID-19. However, the medication management segment is slated to register the highest CAGR during the forecast period due to the increased applications of AIDC for initial evaluation of the patient’s need for psychotropic medications, the provision of a prescription, and ongoing medical monitoring related to the patient’s use of the psychotropic medication by a qualified physician/prescriber.
Geographically, North America commanded the largest share of the global healthcare AIDC market in 2021. The presence of industry leaders offering numerous solutions with respect to healthcare AIDC technology at suitable prices, high adoption of electronic and biometric devices across the industry, and extensive demand for electronic health records are supporting the regional growth in the healthcare AIDC market. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. 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 are driving the growth of the market in the APAC region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the healthcare AIDC industry over the last three years. The key players profiled in the global healthcare AIDC market are Zebra Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Avery Dennison Corporation (U.S.), Newland EMEA (Netherlands), Datalogic S.P.A. (Italy), NEC Corporation (Japan), Alien Technologies Corporation (U.S.), Seagull Scientific, Inc. (U.S.), and SATO Worldwide (Japan).
Scope of the report:
Healthcare AIDC Market, by Product
Healthcare AIDC Market, by Technology
Healthcare AIDC Market, by Application
Healthcare AIDC Market, by Region
Key questions answered in the report:
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