The global healthcare automatic identification and data capture market is projected to grow at a modest CAGR of nearly 15.8% during the forecast period (2021-2027).  The major factor driving the growth of the market is the significant need to reduce medication errors. The automatic identification and data capture (AIDC) technology provide error-free data collection with improved patient safety. However, the increasing number of USB threats is hindering the growth of the market. There is an increase in USB threats that are expected to cause costly business disruptions. 

In May 2021, Toshiba Tec Group suffered from the damage reported due to cyberattack in its European subsidiaries. As a result, the company stopped the networks and systems operating between Japan and Europe as well as those operating among European subsidiaries to prevent the spread of damage while deploying recovery measures by backing up data. This creates an opportunity for major players operating in the industry to provide threat detection for critical infrastructure by monitoring throughout the health care facilities. For an instance, Honeywell' Forge Cybersecurity Suite monitors for vulnerabilities such as open ports or the presence of USB security controls to strengthen and network security while ensuring better cybersecurity compliance. 

Impact of COVID-19 Pandemic on the Global Healthcare AIDC Market

COVID-19 pandemic led to a positive impact on the growth of the market. The pandemic has created opportunities and challenges for the companies operating in the healthcare ecosystem. The number of patients in the hospitals has increased due to the COVID-19 virus, which has forced the countries to increase healthcare expenditure and improve infrastructure, thus, providing opportunities for the players to invest in AIDC products and services. 

Segmental Outlook

The market is segmented based on technology, component, and application. Based on technology, the market is segmented into barcode, RFID, and biometrics. Among technology, barcode is the fastest-growing segment owing to their increased application in healthcare in specimen verification, identification, and medication administration. Based on component, the market is segmented into software and services, and hardware. Among component, the hardware segment is estimated to hold a lucrative share in the market. The attributable factor for the growth of the segment is the need for hardware components such as scanners, cards, and readers. Based on application, the market is segmented into clinical and non-clinical. Among application, the non-clinical segment of the market is estimated to hold a lucrative share in the market owing to the adoption of barcode and RFID technology in supply chain management.  

Global Healthcare AIDC Market Share by Technology, 2020 (%)

RFID Segment to Hold a Lucrative Share in the Market

Based on technology, the market is segmented into barcode, RFID, and biometrics. Amongst the technology segment, the RFID devices segment of the market is estimated to hold a lucrative share in the market. The attributable factor contributing to the growth of the segment includes the adoption of RFID devices that support healthcare professionals to gather real-time data insights to improve patient health and also in value chain analysis of the healthcare industry to track the medical devices and pharmaceuticals. 

Regional Outlook

The global healthcare automatic identification and data capture market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific region is projected to hold a significant market share during the forecast period. The regional growth of the market is accredited to the adoption of AIDC technology in the region, especially in the economies such as China and India. North America held a major market position in the market in 2020. Improving healthcare infrastructure and the implementation of advanced technologies are some key factors driving the growth of the regional market. The growing investments and expenditure in healthcare are further contributing to the market growth. 

Global Healthcare Automatic Identification and Data Capture Market Growth, by Region 2021-2027

Europe is Projected to Have a Considerable Share in the Global Healthcare Automatic Identification and Data Capture Market

Europe is anticipated to exhibit the highest growth in the global healthcare automatic identification and data capture (AIDC) market. The growth factors for the regional market include the rising deployment of new technology and significant investment by large corporations in the region to ensure patient safety. Further, rising healthcare expenditure, increasing demand for automation in healthcare operations is propelling the growth of the market. According to the Federal Statistical Office (Destatis), the total healthcare expenditure of Germany rose by nearly $23.6 or 4.9% compared with 2019. Additionally, during 2017-2019, the healthcare expenditure went up by 4.7% in 2017, 4% in 2018, and 4.9% in 2019. The healthcare expenditure exceeded $500 billion in 2019. This was a share of 11.9% of the GDP (Gross Domestic Product).

Market Players Outlook

The prominent players operating in the market include Datalogic S.p. A, SICK AG, Cognex Corp., and Honeywell International Inc., and among others. These key manufacturers are adopting several strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others to thrive in a competitive environment. For instance, in January 2019, SICK Group completed the acquisition of Chilean joint venture SICK S.p.A. By this acquisition, SICK has become the sole owner of SICK S.p.A which further enhances its position in the South American market. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global healthcare AIDC market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where in the market.