RFID or Radio frequency identification technology is one of the most used technologies around the globe. Everywhere like malls, colleges, the manufacturing industry, etc have implemented RFID technology to ensure the safety, data collection, and tracking of their assets in real-time. Overall this technology has brought an incredible change in every industry. The global RFID market size was valued at USD 14.11 billion in 2023 and is projected to grow from USD 15.49 billion in 2024 to USD 37.71 billion by 2032, exhibiting a CAGR of 11.8%. North America dominated the global market with a share of 37.7% in 2023.
The Growing Impact of RFID Solutions for Real-Time Assets Tracking in Healthcare
As mentioned, RFID technology has benefited every industry and the hospital or medical industry is one of the most important. Hospitals are important in curing people from every disease and giving them healthy lives. So it is essential to manage every aspect of hospitals with more responsibility and in a proper way. Asset tracking is one of the most important things that should be taken care of and RFID-based solutions are managing this aspect properly.
By giving real-time visibility of supplies and equipment, RFID asset monitoring solutions in hospitals improve productivity and patient care. Active or passive RFID tags, permanent or portable readers, and centralized data management software make up these systems. Quick location tracking, precise inventory control, loss prevention, simplified maintenance, and enhanced patient safety are among the advantages.
RFID solutions have been served in the healthcare industry for a long and have established a good market size. The global RFID in healthcare market size was USD 5.53 billion in 2023, estimated at USD 6.52 billion in 2024, and is anticipated to reach around USD 31.23 billion by 2034, expanding at a CAGR of 16.96% from 2024 to 2034. These numbers are enough for now to prove the existence or role of RFID solutions in healthcare.
In this article, we will see the role of RFID-powered solutions in enhancing real-time asset tracking in hospitals. We will also see other additional details like benefits, challenges, etc. Finally, we will end the whole discussion with the conclusion and also make sure that you will get proper information on this topic.
Also Read: Using RFID for Inventory Management: Pros and Cons
What are RFID Solutions for Real-Time Asset Tracking in Hospitals referred to?
RFID (Radio Frequency Identification) technology or based solutions generally use radio waves to track and identify different objects. Tags and readers are the two components that make up RFID systems. The antennas on the reader send out radio waves and pick up signals from the tags. There are many things such as evaluating needs, choosing the right technology, educating employees, and guaranteeing data security are all necessary for the successful implementation of RFID solutions in hospitals for asset tracking.
With RFID solutions, hospital management can track different assets like patients’ progress, inventory management, employee presence, system condition, etc that enhance the efficiency of hospitals. All things considered, RFID systems improve patient outcomes and maximize asset use.
Also Read: The Role of Information Technology in Healthcare
Benefits of RFID Solutions for Real-Time Assets Tracking in Hospitals
There are a lot of benefits of RFID solutions for hospitals to track their assets as here are a few key benefits mentioned below.
1. Real-Time Equipment Tracking
There is a lot of equipment in hospitals like diagnosis machines that need to be supplied at a certain time and an accurate location. Sometimes mishandling causes the wrong delivery of equipment at the wrong location that results in late treatment of patients. With the RFID solutions-based system, this is possible to track equipment in real-time and any mishandling can be prevented at instants.
2. Loss Prevention
There are many middlemen or hospital staff that sometimes get wrong intentions and steal the expensive assets of hospitals. This results in a loss for hospital management and makes unnecessary expenditures. With the RFID solutions, monitor asset movements and generates alerts for unlawful usage, reducing theft and loss of valuable things. This helps to reduce loss and increase productivity for hospitals.
3. Real-Time Inventory Tracking
This is important to have proper information about which drugs, equipment, etc have to be filled or which ones are expiring. With manual monitoring, this is not possible to get accurate information about inventory. With the RFID solutions implementation, every drug, box, and equipment can be tracked via tags. This helps to track the amount of assets remaining in inventory and fill the inventory before expiring or being empty.
4. Data Analytics
Data or information plays a important role in any organization so in hospitals too. Proper analytics helps to analyze past decisions and helps to make decisions on present matters. RFID solutions-based asset tracking provides information on asset consumption trends, assisting hospitals in making well-informed purchase decisions and allocating resources as efficiently as possible.
5. Efficient Maintenance Tracking
Maintenance of records and equipment is necessary before too much damage. With RFID solutions, it is possible to track information about every aspect which makes it easier to track usage and arrange routine maintenance, guaranteeing that the equipment is operating at its best. This helps to increase efficiency and ensure advancement in hospitals.
Also Read: Improving Patient Care with RFID Technology in Healthcare
Challenges with RFID Solutions for Real-Time Assets Tracking in Hospitals
We have seen a lot of benefits of RFID solutions but there could be some potential challenges. Here are a few mentioned below.
- Integration with existing systems can be a challenging thing as it might be difficult and expensive to integrate RFID technology with the hospital’s current electronic health record and management systems.
- Strong security measures are necessary to avoid breaches in the sensitive patient data that RFID systems acquire so maintaining privacy is also a challenging thing.
- It can be difficult to scale the RFID system to add additional assets or locations as hospitals expand or change.
Also Read: The Impact of Mobile Apps on Patient Engagement in Healthcare
Final Words
RFID asset monitoring systems in hospitals are a game-changer for effective resource management and better patient care. These systems improve inventory control, lower theft and loss, and expedite processes by giving real-time visibility of supplies and equipment. There are many challenges too such as initial costs, integration complexities, and the need for staff training, but benefits are too potential to overcome these challenges.
Hospitals can successfully use RFID technology to maximize asset utilization and eventually improve the standard of patient care with proper planning and implementation. Overall, RFID solutions-based asset tracking acts as an eye for hospital management and becoming more advanced with the passing years.
