Latin America RFID Market

Latin America RFID Market Size (2023 to 2028)

The RFID market in Latin America is predicted to grow at a healthy CAGR during the forecast period.

The rapid adoption of RFID technology in the healthcare sector across Latin America primarily drives the Latin American RFID market growth. Patients utilize RFID tags to provide comprehensive information and reduce the burden on healthcare providers and management. These tags are placed around the patient's wrist to enable easy access to complete patient data such as previous reports and allergy information. The use of RFID tags is particularly beneficial for geriatric and pregnant patients. RFID tags are employed for mother-child identification to minimize the risk of misplacing infants.

The growing utilization of RFID technology in the manufacturing units of the healthcare sector across Latin America further boosts the Latin American RFID market growth. Manufacturers are focusing on developing advanced medical devices with the latest technology to address the region's rising number of chronic diseases and death rates, which account for approximately 81% of deaths. Recent reports indicate a hundred percent success rate in inventory tracking using RFID, enabling precise monitoring of valuable items and maintaining strict inventory records for enhanced security. The tracking process encompasses a wide range of items, including drugs, medical devices, surgical impales, laboratory equipment, and reagents. Each item is equipped with an RFID tag containing essential information such as the device's name, drug details, weight, and description.

The growing number of advancements in the manufacturing of RFID devices and the utilization of RFID technology in the animal and aerospace sectors in the Latin American region contribute to the Latin American RFID market growth.

The high cost associated with radio frequency identification (RFID) technology is one of the major factors hampering the Latin American RFID market growth. Factors such as the limited availability of RFID devices, shortage of skilled professionals, concerns regarding data security and privacy and lack of awareness about RFID technology further hinder the Latin American RFID market growth. Improper maintenance leading to tag collisions and potential data loss due to cybersecurity breaches further impedes Latin American market growth.

This research report on the Latin 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:

• Brazil
• Mexico
• Argentina
• Chile
• Rest of Latin America

The Latin America region held a moderate share of the MEA market in 2022 and is expected to grow at a healthy CAGR during the forecast period.

The Brazilian RFID market is anticipated to hold the major share of the Latin American market during the forecast period owing to factors such as increasing awareness about RFID technology, government support and the advantages associated with RFID devices. Furthermore, government measures to approve RFID devices have positively impacted the healthcare sector in the region. The presence of numerous RFID device manufacturing companies contributes to the Brazilian RFID market growth. Brazilian organizations widely adopt RFID technology for supply chain management, enhancing their business reputation. Government-led awareness campaigns and initiatives by key industry players also contribute to the Brazilian market growth.

The Mexican market is predicted to account for a considerable share of the Latin American market during the forecast period due to factors such as the growing number of laboratories and clinical centers in the country. The presence of startup companies and strong support from both the public and private sectors further drive the Mexican RFID market.

KEY MARKET PLAYERS:

Zebra Technologies Corporation, Honeywell International Inc., Impinj, Inc., Alien Technology, Datalogic S.p.A., Motorola Solutions, Inc., Savi Technology. Invengo Information Technology Co., Ltd., Checkpoint Systems, Inc. and Smartrac N.V. are some of the notable players in the Latin American RFID market.