RFID in Pharmaceuticals Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032
The Global RFID In Pharmaceuticals Market reached a valuation of USD 3.8 billion in 2023 and will expand at a CAGR of more than 7.5% from 2024 to 2032. Modern RFID tags now offer enhanced data storage, longer read ranges, and greater durability. These tags can store detailed information about pharmaceutical products, including batch numbers, expiration dates, and manufacturing details, ensuring comprehensive traceability.
Integrating RFID with blockchain technology is gaining traction to secure the pharmaceutical supply chain. Blockchain provides an immutable ledger that records every transaction and movement of RFID-tagged products, ensuring transparency and preventing tampering or fraud. This combination enhances the credibility of tracking information and helps verify the authenticity of pharmaceuticals.
The RFID tags product segment dominated the market, valued at USD 1.7 billion in 2023. RFID tags provide detailed and accurate information about pharmaceutical products throughout the supply chain. Each tag can store a unique identifier and additional data, ensuring that products can be tracked from manufacturing to the point of sale. This traceability is essential for preventing counterfeit drugs and ensuring product authenticity, a critical concern in the pharmaceutical industry.
RFID tags are versatile and can be applied to various types of pharmaceutical products, including individual drug packages, pallets, and medical equipment. This versatility allows for comprehensive tracking and management of inventory at multiple levels, which is a significant advantage for pharmaceutical companies and healthcare providers.
The chipped RFID segment is anticipated to dominate the market by 2032. Chipped RFID tags can store and process detailed information such as product IDs, batch numbers, and expiration dates, which is essential for traceability and regulatory compliance in the pharmaceutical industry. The tags support encryption and authentication protocols, offering superior protection against counterfeiting, which is crucial for ensuring the integrity of pharmaceutical products. These features contribute to segmental growth.
RFID technology enhances the efficiency and accuracy of healthcare supply chain management by providing real-time visibility into the location and status of pharmaceutical products, thereby reducing errors and improving inventory management. This, in turn, increases their demand in the market.
North America RFID in pharmaceuticals market size in 2023 was over USD 1.5 billion and is predicted to grow at a CAGR of 6.6% over the analysis timeframe. Significant investments in healthcare infrastructure in North America contribute to the expansion of RFID systems in pharmaceuticals.
The focus on improving healthcare delivery and patient safety drives the adoption of advanced tracking and tracing technologies. North America leads in the adoption of advanced technologies, including RFID, due to a high level of innovation and infrastructure readiness in the pharmaceutical sector, driving market growth in the region.
- Report Content
- Chapter 1 Methodology & Scope
- 1.1 Market scope & definitions
- 1.2 Research design
- 1.2.1 Research approach
- 1.2.2 Data collection methods
- 1.3 Base estimates & calculations
- 1.3.1 Base year calculation
- 1.3.2 Key trends for market estimation
- 1.4 Forecast model
- 1.5 Primary research and validation
- 1.5.1 Primary sources
- 1.5.2 Data mining sources
- Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Industry impact forces
- 3.2.1 Growth drivers
- 3.2.1.1 Growing occurrence of counterfeit drugs
- 3.2.1.2 Rising emphasis on optimization of supply chain
- 3.2.1.3 Technological advancements in RFID technologies
- 3.2.2 Industry pitfalls & challenges
- 3.2.2.1 High implementation cost of RFID systems
- 3.3 Growth potential analysis
- 3.4 Regulatory landscape
- 3.5 Technology landscape
- 3.6 Future market trends
- 3.7 GAP analysis
- 3.8 Porter’s analysis
- 3.9 PESTEL analysis
- Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company matrix analysis
- 4.3 Company market share analysis
- 4.4 Competitive positioning matrix
- 4.5 Strategy dashboard
- Chapter 5 Market Estimates and Forecast, By Component, 2021 – 2032 ($ Mn)
- 5.1 Key trends
- 5.2 RFID tags
- 5.3 RFID readers
- 5.4 RFID middleware
- Chapter 6 Market Estimates and Forecast, By Type, 2021 – 2032 ($ Mn)
- 6.1 Key trends
- 6.2 Chipped RFID
- 6.3 Chip-less RFID
- Chapter 7 Market Estimates and Forecast, By Application, 2021 – 2032 ($ Mn)
- 7.1 Key trends
- 7.2 Drug track & tracing systems
- 7.3 Drug quality management
- 7.4 Other applications
- Chapter 8 Market Estimates and Forecast, By End-use, 2021 – 2032 ($ Mn)
- 8.1 Key trends
- 8.2 Drug manufacturers
- 8.3 Hospitals & clinics
- 8.4 Other end-users
- Chapter 9 Market Estimates and Forecast, By Region, 2021 – 2032 ($ Mn)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Netherlands
- 9.3.7 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 Japan
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 South Korea
- 9.4.6 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
- 9.6 Middle East and Africa
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE
- 9.6.4 Rest of Middle East and Africa
- Chapter 10 Company Profiles
- 10.1 Alien Technology, LLC
- 10.2 AVERY DENNISON CORPORATION
- 10.3 Blue Vector
- 10.4 CCL Healthcare
- 10.5 Checkpoint Systems, Inc.
- 10.6 Denso Wave
- 10.7 GAO Group
- 10.8 Impinj Inc.
- 10.9 Intermec, Inc.
- 10.10 Tageos
- 10.11 Terso Solutions Inc.
- 10.12 Zebra Technologies Corp.
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