The RFID for pharmaceutical and healthcare market was valued at US$434.5 million in 2021.
Radio Frequency Identification is known as RFID. This technology uses a tag system to operate. Radio waves follow a particular tag that is connected to an item. RFID technology has a wide range of applications in the healthcare sector. A patient has an RFID band wrapped around their wrist and the hospital monitors the patient via RFID. The bracelet contains all necessary information, including name, medical history, allergies, etc. Hospitals need to track their machines, tools, and vehicles. RFID helps with asset upkeep and not only informs them of where their vehicles, equipment, etc. are located. Hospital equipment is essential and must constantly be in a ready-to-use state. Assets are tracked using RFID tags whether they are on hospital property or not. The domain of pharmaceuticals in hospitals can be managed via asset tracking and management software. The system provides information on drug expiration dates and stock levels. Additionally, the app also makes it simple to keep track of the present medicine supply.
The expansion of RFID in the healthcare and pharmaceutical markets is being driven by its capacity to gather and deliver data that improves quality, reduces costs, and increases patient safety.
The introduction of innovations and technological advancements, the rising need for effective supply chain management, and the increasing adoption of RFID in combination with electronic product codes (EPC) for the real-time monitoring, marking, and verification of drugs in the pharmaceutical industry are all expected to propel market growth. These factors also include the rising restraint in ensuring a safe drug supply in the prevalence of rising counterfeit medicines. Demand is also being augmented by the use of automated procedures in hospitals and pharmacies as well as by RFID systems' high efficiency and low cost.
Additionally, non-profit research and development efforts and expansion, acquisitions, and partnerships for the creation of cutting-edge technologies to support RFID in healthcare are helping the market grow. The FDA's Drug Supply Chain Security Act formed in 2013 and other regulatory establishments, as well as the growing need to prevent the entry of obsolete, defective, and fraudulent items into the market, have all contributed to the expansion of the usage of RFID in the healthcare industry.
Key Developments
The main application of RFID in the healthcare sector is anticipated to be in the drug tracing systems segment.
RFID technologies are used by the pharmaceutical sector to track fake pharmaceuticals and improve visibility across the value chain. Additionally, as a result of the government's strict actions to mandate QR codes or RFID tags on all active pharmaceutical ingredients and products for safety and tracking reasons, and as a result of the rising number of drug recalls and counterfeiting incidents, the use of RFID in drug tracing systems is expected to grow over the next few years.
During the forecast period, the Asia Pacific and North American regions are both anticipated to hold a sizable share of the RFID market in the healthcare and pharmaceutical sectors.
During the projected period, the RFID market for pharmaceuticals in the Asia Pacific region is anticipated to have a large market share. The necessity for new technological developments and advancements as well as the rising demand for RFID in the pharmaceutical industry are likely to fuel market expansion in this area. Similarly, North America is predicted to account for a sizable portion of the market during the forecast period due to the rising hazards associated with inferior and counterfeit medications as well as strict regulatory frameworks. The increasing prevalence of medicine counterfeiting in major pharmaceutical and biopharmaceutical firms is fueling the market expansion of RFID technology in this region. RFID is widely used in supply chain management to track assets in real time. As a result, these occurrences are expected to fuel the expansion of RFID in the local pharmaceutical industry in North America.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2021 |
US$434.5 million |
| Growth Rate | CAGR during the forecast period |
| Base Year | 2021 |
| Forecast Period | 2023 – 2028 |
| Forecast Unit (Value) | USD Million |
| Segments Covered | End-User, Type, Application, and Geography |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies Covered | GAO Group, Avery Dennison Corporation, Zebra Technologies Corp, iGPS, CCL Industries Inc., Fresenius Kabi, Tageos, Denso Wave |
| Customization Scope | Free report customization with purchase |
Key Market Segments