North America RFID Market

North America RFID Market Size (2022 To 2027)

The RFID market size in North America is estimated to be valued at USD 6.1 billion by 2027 from USD 4.45 billion in 2022, growing at a CAGR of 6.49% from 2022 to 2027.

The growing adoption and usage of RFID in the healthcare sector in North America are majorly driving the growth of North America's RFID market. For instance, Terso Solutions, Inc. deployed their RAIN RFID solutions in over 1000 healthcare facilities in the U.S. In hospitals, an RFID band surrounds a patient's wrist, which helps track the patient and contains essential patient information, such as personal information, medical records, and allergies in medication thus helping with patient safety. In addition, most of the hospitals for deliveries among pregnant women provide RFID wristbands to both mother and infant to avoid the mismatch of babies; thus, the wristband helps secure the infants from unknown people. For example, if an unknown person carries the baby to the exit door, it alerts the nurses or staff to save the child.

The growing usage of RFID in manufacturing units is further propelling the market’s growth rate in North America. RFID helps manufacture excellent quality devices and uses the correct quantity of materials for the perfect design. It also helps monitor the report data through the production stage, and these reports may be helpful for other purposes if any damage or flaws are seen in the devices.

In addition, the growing adoption of technological developments to improve the performance of RFID to serve better the end-users is anticipated to promote the North American market growth. Furthermore, the rising demand levels for RFID solutions from various applications, healthcare, animal stocking, and retail is estimated to fuel the growth of the North American RFID market. Furthermore, factors such as the growing adoption of IoT solutions, the increasing importance of improved inventory management, rising demand for automation across the North American region, and an increasing number of initiatives of North American governments in favor of RFID are anticipated to fuel the growth rate of the RFID market in North America during the forecast period.

However, the high installation costs of the RFID system are one of the key factors hampering the RFID market in North America. In addition, owing to fewer budget constrain in some hospitals; they prefer to have something other than an RFID system. In addition, the lack of skilled professionals for maintenance, data security issues, and reimbursement policies is inhibiting the growth of the RFID market in North America.

This research report on the North America RFID market has been segmented and sub-segmented into the following categories.

By Component Type:

• RFID Tags
• RFID Readers
• RFID Middleware

By Tag Type:

• Passive Tags
• Active Tags

By End-User:

• Logistics and Manufacturing
• Retail and Consumer Goods
• Healthcare
• Aerospace and Defence
• Government
• Others

By Country:

• The United States
• Canada
• Rest of North America

Geographically, North America occupied the largest share of the global market in 2021 and is predicted to hold a considerable share of the worldwide market during the forecast period owing to the increasing number of advancements in healthcare and rapid adoption of technological developments. In recent years, many hospitals are adopting radio frequency systems that help with inventory control. In addition, due to the pandemic, many hospitals have increased inventory units, such as beds, oxygen cylinders, and medical equipment. The tags attached to these inventories help identify whether the device is working or needs to be modified without wandering throughout the hospital. As a result, these radio frequency tags help in reducing the time for searching the specific devices and less workforce.

The U.S. RFID market captured a major share of the North American market in 2021. In the United States, RFID has become essential for farmers to adopt RFID tags for livestock for healthcare management and other things. For example, in the U.S., the National Animal Identification System promoted the adoption of RFID tags for animal health. As a result, these radio frequency tags also help check the time of individual healthcare check-ups, food or medication given at a particular time, and the terms of insurance policies, etc.

During the forecast period, the Canadian market is estimated to hold a considerable share of the North American market. The Canadian government also increased its investment in producing radio frequency identification devices, which helped reduce the coronavirus spread during the pandemic. However, in Canada, few hospitals are using Radio Frequency Identification for medication management which helps in improving the accuracy and efficiency of pharmacy operations and providing patient safety. It also helps the pharmacy restock medication trays, eliminates human errors, and reduces restocking time.

KEY MARKET PLAYERS:

Checkpoint Systems, Inc, Alien Technology, LLC, Brady Worldwide, Inc., Confidex Ltd, AVERY DENNISON CORPORATION, HID Global Corporation, Impinj, Inc, IBM Corporation, Invengo Technology Pte Ltd., NXP Semiconductors, Protrac Id, ACTATEK (UK) Ltd., BT, Datalogic SpA, RFID, INC, Siemens, Smartrac NV, and TagMaster are a few of the companies dominating the RFID market in the North American region.