Radio-Frequency Identification (RFID) in Pharmaceuticals Market will Register a CAGR of 10% through 2029

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Radio-Frequency Identification (RFID) in
Pharmaceuticals Market

• March 2020

Report Id REP-GB-9508 Published On May 9,
2019 Category Electronics, Semiconductors, and
ICT
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Radio-Frequency Identification (RFID) in
Pharmaceuticals Market Analysis
Future Market Insights (FMI), in its new study,
finds that the radio-frequency identification
(RFID) in pharmaceuticals market was valued at
over US 950 Mn in 2018, and is estimated to
register a Y-o-Y growth at approximately 10 in
2019. Prospects remain remarkable for the RFID
in pharmaceuticals industry, as efficiency-led
actions of players continue to enhance the
reliability and accuracy of their business
operations. The study finds that drug tracing
system remains the most lucrative application of
RFID in pharmaceutical industry, accounting for
approximately 60 sales. Efforts of the FDA, in
collaboration with pharmaceutical suppliers, to
maintain a secure drug supply in the wake of
rising counterfeit drugs prevalence, has
encouraged the pharmaceutical industry to use
RFID in combination with the electronic product
code (EPC) for real-time tracking, tracing, and
authentication of drugs.
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Radio-Frequency Identification (RFID) in
Pharmaceuticals Market Analysis
According to the study, such preventative
measures against infiltration of counterfeit
drugs are likely to have a positive economic
influence on legitimate companies, who are now
focusing on the deployment of anti-counterfeiting
solutions. Focus of the organized players in the
pharmaceutical sector to safeguard authenticity
of their products, while creating moats for
counterfeiters, will continue to favour growth of
the RFID in pharmaceutical market. Chipless
RFID Sales Remain Over 2X of Chipped
RFID According to the study, chipless RFIDs
continue to gain robust attractiveness in the
pharmaceutical industry, as they eliminate the
hardware-related challenges associated with their
chipped counterparts. Additionally, RFIDs without
ICs allude at significant cost reduction of the
component, in turn complementing their
development and demand on a wide scale. However,
complexities linked with designing and
development of chipless RFID, such as data
transmission and encoding, continue to sustain
the demand for the chipped RFID to a certain
extent. The study finds that sales of chipless
RFID will remain over 2X that of the chipped RFID
in 2019.
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Radio-Frequency Identification (RFID) in
Pharmaceuticals Market Analysis
The study expects RFID reader to remain the core
component in the RFID in pharmaceutical market,
with growing focus of pharma suppliers on
effective identification of products prior to
their collection, storage and shipping. Gains in
the RFID in pharmaceutical market will remain
complemented by sales of RFID tags, with revenues
in 2018 accounting for over one-third market
share. Adoption Remains High among Drug
Manufacturers Application diversity of RFID in
pharmaceutical industry has led its adoption
among a wide range of end-users that range from
drug manufacturers and drug wholesalers, to
hospitals and clinics. The report estimates drug
manufacturers to account for leading shares of
the RFID in pharmaceutical market, who are
constantly emphasizing on ensuring the
authenticity of their products in the market.
Adoption is expected to witness high-growth among
drug wholesalers and hospitals and clinics, which
collectively account for over two-fifth share of
the market.
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Radio-Frequency Identification (RFID) in
Pharmaceuticals Market Analysis
The study states that North America will remain
the leading market for RFID in pharmaceutical,
with Europe following the suit. Supremacy of
developed economies in the RFID in pharmaceutical
market is significantly attributed to stringent
standards regulations implemented for
serialization, and relative greater prevalence of
OTC and generic drugs in these regions.
Additionally, focus of players in developed
markets remains strong on brand protection, and
preventing packaging-related product recalls,
which in turn augurs well for growth of the RFID
in pharmaceutical market. Press Release Source
https//www.prnewswire.com/news-releases/rfid-in-p
harmaceuticals-market-is-projected-to-expand-at-a-
cagr-of-approximately-9-0-during-the-forecast-peri
od-2018-to-2028--future-market-insights-300848683.
html
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Radio-Frequency Identification (RFID) in
Pharmaceuticals Market Analysis

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Radio-Frequency Identification (RFID) in
Pharmaceuticals Market Analysis
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