The RFID for healthcare and pharmaceutical market was valued at US$434.500 million in 2021 and is anticipated to grow at a CAGR of 16.41% over the forecasted period to reach a market size of US$1,258.747 million in 2028.
The RFID for healthcare and pharmaceutical market is influenced by factors such as the rising adoption of portable RFID, the enhanced data collection capabilities and efficiency of RFID, and the increasing investments in RFID are contributing to the growth of this technology.
As per the report, the RFID for healthcare and pharmaceutical market is expected to grow at a steady pace.
RFID, or Radio Frequency Identification, is a technology that utilizes radio waves for the automatic identification and tracking of various objects, finding applications across diverse industries, notably in healthcare and pharmaceuticals. Within the healthcare and pharmaceutical sectors, RFID technology plays a crucial role in enhancing operational efficiency, ensuring safety, and optimizing inventory management. In healthcare settings, RFID tags serve multiple purposes, facilitating the tracking and management of medical equipment, monitoring patient identification, and improving the accuracy of medication administration. The implementation of RFID in healthcare contributes to streamlined processes, reducing errors, and enhancing overall patient care.
Similarly, in the pharmaceutical industry, RFID technology proves instrumental in fortifying the supply chain. It achieves this by tracking product authenticity, mitigating the risks of counterfeiting, and ensuring the proper storage and distribution of medications. These applications of RFID in pharmaceuticals not only bolster patient safety but also contribute to regulatory compliance, addressing critical concerns within the industry. The utilization of RFID technology in healthcare and pharmaceuticals underscores its transformative impact on operational efficiency, safety protocols, and regulatory adherence.
Based on end-users, the market can be segmented into hospitals, pharmaceuticals, and research laboratories. An increasing number of hospitals and healthcare systems are embracing RFID tags to track medications within their facilities. Simultaneously, the pharmaceutical industry has adopted RFID technology to combat the counterfeiting of prescription medicines, resulting in enhanced supply chain security and operational advantages. Ongoing technological advancements empower manufacturers to precisely analyse consumption and inventory data by leveraging data analysis techniques and RFID technology.
In terms of type, the market is categorized into RFID tags and labels and RFID systems and softwares. The deployment of advanced RFID tags and readers in the pharmaceutical sector has empowered drug manufacturers and wholesalers to mitigate medical errors and enhance the safety of personalized medicinal products. The growing integration of RFID technology in healthcare is poised to drive market expansion, given its capacity for real-time tracking, tracing, and authentication of pharmaceuticals within the drug industry. An article released by PubMed Central in August 2022 underscored the advancement of applications like real-time locating systems (This progress is anticipated to play a significant role in the swift growth of the RFID industry in the forthcoming years.
Based on the application, the pharmaceutical sector has progressively embraced RFID technologies to improve transparency throughout the value chain and combat the tracking of counterfeit drugs. The rising occurrences of counterfeit drugs and drug recalls have prompted governments to revise regulations of drug quality and enforce stringent measures. Consequently, QR codes or RFID tags are now mandated on active pharmaceutical ingredients and products for safety and tracking reasons. This pattern is expected to propel the expansion of RFID in drug tracing systems in the future.
Several factors are expected to contribute to the growth of the RFID market for healthcare and pharmaceuticals in the United States. These factors include the introduction of innovations and technological advancements, rising demand for efficient supply chain management, and increasing adoption of RFID, in conjunction with electronic product codes (EPC), for the real-time monitoring, marking, and verification of drugs within the pharmaceutical industry. Additionally, as reported by The Commonwealth Fund, the United States witnessed a significant increase in annual healthcare expenditures, rising from 16.70% of the GDP in 2019 to 18.80% in 2020. In 2021, the expenditure accounted for 17.80% of the United States GDP. With the nation’s substantial investment in healthcare, a steady growth in the utilization of RFID for healthcare and pharmaceutical purposes is anticipated in the United States.
Zebra Technologies Corp, Checkpoint Systems, Inc., GAO Group, Fresenius Kabi, Avery Dennison Corporation, Tageos, Invengo Technology Pte. Ltd, Denso Wave, CCL Industries Inc., iGPS are among the notable companies in the field of RFID in the healthcare and pharmaceuticals market.
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This analytics report segments the RFID for healthcare and pharmaceutical market on the following basis:
- By End-User
- Research Institutes and Laboratories
- By Type
- RFID Tags and Labels
- RFID Systems and Software
- By Application
- Tracking and Tracing of Instruments, Pharmaceuticals and Samples
- Inventory Accuracy
- Product Authentication
- Pharmaceutical Drug Safety and Anti-counterfeiting
- Patient Safety and Satisfaction
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America