Near Field Communications in Healthcare Market - Growth, Trends & Forecasts (2017 - 2022)
NFC is a short-range, low-power communications protocol between two devices. One device, the initiator, uses magnetic induction to create a radio-wave field that the target can detect and access, allowing small amounts of data to be transferred wirelessly over a relatively short distance. NFC is now gaining traction in the healthcare industry, and has caught the eye of various medical device manufacturers for use in their products. The Global market for Near Field Communications (NFC) in healthcare is currently estimated to be valued at USD 1,049 million for the year 2016 and is poised to reach USD 2,350 million by the end of 2021. The CAGR during this period of forecast is 17.5%. The Global market for NFC in Healthcare is driven by factors such as increase in demand for data transfer between devices, demand for home based monitoring and management and highly secure and easy transfer of patient information, rise in NFC enabled communication systems in the market and increased adoption of smartphone usage globally. Decline in cost of these devices has also enabled many people to use this facility and hence, contributed and will continue contributing to growth of this market. NFC Technology has a wide range of applications in the current healthcare setup. Traits such as low battery consumption, high security and the option to remain passive are beneficial for the medical device domain. Not until recently the penetration rates have been considerably low. However, increased awareness at various levels has resulted in the increased adoption rates of NFC in the healthcare domain. However, lack of proper long range communication, lack of awareness among the healthcare personnel and Skepticism for industry experts and leaders is hindering the growth of this market. Moreover, data security and privacy concerns also poses a big challenge for this market. The technology has many opportunities as well. Better infrastructure for communication, need for better connectivity between different devices and advanced ICs supporting NFC, WiFi and Bluetooth altogether presents a significant opportunity for this market. The Global market for NFC in Healthcare can be segmented on the basis of mode of operation (reader/ writer mode, card emulation mode and peer-to-peer mode), Application (Medical Devices (Patient monitoring, medical imaging, Therapeutic devices), payment, Identity and access tokens, Social networking), end user (Healthcare organizations, Biotechnology, Pharmaceuticals and Others) and Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America). Qualcomm, Sony, Texas Instruments, iMPAK Health, Omron Healthcare, NXP semiconductors, Nedap, Gentag are the major players of the NFC market in healthcare. What the report offers: Market Definition for the specified topic along with identification of key drivers and restraints for the market. Market analysis for the Near Field Communication in Healthcare Market, with region specific assessments and competition analysis on a global and regional scale. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the Macro and Micro factors that affect the Near Field Communication in Healthcare Market on both global and regional scale. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.