Important new industry handbook predicts RFID hospital health care market to hit $8.8 billion by 2010

Chicago 22 April 2005A new industry study, called "RFID & Emerging Technologies Guide to Healthcare", predicts that RFID and its related technologies in the hospital marketplace will skyrocket to $8,8 billion by 2010; and that it will be segmented into three general categories. These involve RFID Driven Revenue: hardware and software integration - $1,3 billion; Infrastructure Support for RFID Enablement: wireless networks - $1,3 billion, enterprise-related software - $1.4 billion; and Hospital Connectivity - $4,8 billion.

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The guide is a business tool that describes and analyses the impact that the emerging technologies of RFID (radio frequency identification), wireless and connectivity will have on the health care industry and is designed to help companies comprehend the cost implications and benefits of these technologies. This report, written by Bradley H. Sokol, principal of Fast Track Technologies Ltd. (FTT) and VP, American RFID Solutions, focuses on the United States market, while analysing, at a general level, the impact international markets will have. The study will have an emphasis on the new medical supply chain and its integrated digital components.

Mr. Sokol conducted numerous studies and his conclusions were substantiated by several health care-oriented business leaders. A year in development, this exhaustive study identifies trends; provides information on the emerging technologies; analyses the regulatory environment; demonstrates creative ways to obtain funding; and suggests entrepreneurial market solutions.

The handbook offers the health care vendor an understanding of the medical industry's multi-disciplinary buying and decision motivators. It provides a competitive analysis and product application insight for 150+ emerging technology health care vendors for each level involved in the decision-making process at a hospital. Written for the entire health care community, it is tailored for readers with an interest in the sales, marketing and management dimensions of emerging technologies.

Within this framework, Mr. Sokol has projected the acceptable minimum future revenue investment in health care technology. This in turn will address the high quality and accuracy of patient care, based on future patient expectations within the health care delivery system.

This study is a compendium of today's human and industry drivers and offers strategies to address these threats. For example, the largest and fastest growth is projected after 2007, in hospital medical connectivity, due to several threatening driving trends: aging population, regulations (increasing medical-error deaths); labour (shortage of qualified health care personnel); inability to fund the health care technology infrastructure; and resistance to new, emerging technologies.

Mr. Sokol's approach to the industry covers topics seldom broached in this type of study and include:

  • valuable marketing data concerning clients' attitudes towards these emerging technologies. These will help companies navigate the multi-level, decision-making process towards successful client-vendor relationships.
  • in-depth analysis of government funds available to aid in the adoption of technology in health care.
  • specific combined market projections that have never been publicly distributed, through 2010:
    • Asset Tracking
    • Instrument Tracking
    • Hazardous Materials Tracking
    • Patient Tracking
    • Wireless Network Growth
    • Medical Device Connectivity
    • Enterprise Healthcare Software Suite Projection
  • provides the facts of what it means to be RFID pharma compliant.

Bradley H. Sokol is principal of Fast Track Technologies Ltd. (FTT) and VP, American RFID Solutions. He has experience in leading the overall strategic direction, business development, operations and sales activities of technology-based companies. He started three emerging technology companies in a variety of industries which grew at double-digit rates, and was a consultant to GE Health Asset Management.

In addition to writing this definitive guide, Mr. Sokol also co-authored "The Future Adaptation of RFID to the Healthcare Industry". This report appeared as a special 3-part series in the RFID Journal. Copies of this article can be obtained at the Fast Track Technologies site. Mr. Sokol has also published, and been interviewed for many articles appearing in industry magazines. For interviews, please contact Lisa Randall.

You may order a copy of this guide through Fast Track Technologies.


Lisa Randall

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