RFID in Pharmaceuticals Market: Efficient SCM & Anti-counterfeiting Solutions to Emerge Decisive: Global Industry Analysis 2013-2017 and opportunity Assessment 2018-2028
Valley Cottage, NY -- (SBWIRE) -- 07/01/2020 -- RFID in Pharmaceuticals to Get Increasingly Popular in Foreseeable Future
The demand for RFID in pharmaceuticals is being driven by the need to enhance the accuracy of business operations, and has witnessed steady growth in recent years and was valued at over US$ 950 Mn in 2018. This is expected to remain the same, with the market thriving at an overly healthy pace at about 10% during the forecast period between 2018 and 2028. This growth can be attributed to the increased demand globally to ensure reliability of operations, and from developed countries in North America and Europe in particular.
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Application in Drug Manufacturing
Drug tracing remains considerably the most lucrative application for RFID in pharmaceuticals as suppliers are increasingly maintain a secure drug supply in the wake of rising prevalence of counterfeit drugs, for real-time tracking, tracing, and authentication of drugs. According to this study by Future Market Insights, these preventive measures against the infiltration of counterfeit drugs, will have a positive economic influence on legitimate companies, which in turn is likely to positively influence the use of RFID in pharmaceuticals market as well.
The pharmaceuticals sector is set to benefit massively from advances in technology, as a way of reducing the global burden of dummy products, both economic and otherwise. Technology's pervasive influence has led to RFID being used alongside electronic product code (EPC) to real-time tracking, tracing, and authentication of drugs. This has resulted in players pushing for better solutions to secure the validity and integrity of drugs produced. And with smart packaging solutions and drug supply authentication being made possible with RFID, in pharmaceuticals it is being considered a breakthrough technology to be integrated at every stage of the supply chain.
RFID readers, a core component of the industry, are likely to stay centre stage for end users and it is estimated to account for over a 40% share by way of revenue of the market. However, the contribution of RFID tags to the market share is also significant, even as it is estimated to account for over a third of the sales in the landscape.
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This increased demand for the use of RFID in pharmaceuticals has led to manufacturers in the industry focusing on the innovation and product development to ensure accuracy and a lower margin of error. Manufacturers are increasingly looking into chipless RFIDs as they as they eliminate the hardware-related challenges and reduce costs effectively without sacrificing the accuracy and quality of the process itself. The potential of chipless RFID is being leveraged by manufacturers as they remain the most popular type of systems that are being deployed in the pharmaceutical industry.
The popularity of RFID is expected to grow in the foreseeable future due its application diversity, which is pushing for its adoption across end users from drug manufacturers and drug wholesalers, to hospitals and clinics. And while the focus of pharmaceutical manufacturers in developed markets continues to stay on brand protection, and preventing packaging-related product recalls, the potential for RFID in Pharmaceuticals is only set to rise.
The global RFID in pharmaceutical market, due to the focus on anti-counterfeiting solutions, has witnessed a steady growth in recent years, is set to grow at a moderate pace in the near future.