TOP 2 FACTORS SHAPING THE GLOBAL RFID IN PHARMACEUTICAL MARKET
Rising Need for Efficient Supply Chain Management
The rising need for efficient supply chain management is expected to support the growth of the global RFID In pharmaceutical market during the forecast period. RFID tags and labels are used to store detailed information up to 2 KB related to the product on which they are tagged. With RFID tags and labels, the prices and details of products are automatically recorded when a customer approaches the counter, without scanning each and every product, which saves the time of the customer.
Moreover, it allows cost tally in one scan, which saves the time of use. These advantages have encouraged the pharmaceutical companies to adopt RFID tags and labels for tagging their products.
Proliferation of IoT-enabled Devices
Several companies in the global pharmaceutical industry are integrating the Internet of Things (IoT) technology to manage and facilitate the high level of quality assurance required for the purpose of pharmaceutical manufacturing. For instance, Pfizer Inc. has incorporated the usage of RFID tagging to tackle the issue of counterfeiting. Moreover, combining the IoT technology with public awareness and education significantly increases data outcomes and compliance.
Other companies have started offering medicine bottles that keep consumers and patients informed as to when they were last opened. Remotely operable smart pills are likely to spread throughout the ecosystem during the forecast period.
RFID IN PHARMACEUTICAL MARKET STRUCTURE ANALYSIS
- The global frequency counter market represents a moderately consolidated competition landscape; wherein prominent companies hold a revenue share of more than 55%.
- Most of the players in RFID in pharmaceutical market are strategically focusing on the Asia Pacific Excluding Japan and North America region.
- Some of the RFID technology providers for the pharmaceutical companies are focusing on new innovations and technological advancements in its products. This helps it enhance their market share and expand its product offerings in various industry verticals.
- Players such as Checkpoint Systems, GAO RFID, Zebra Technologies, Texas Instruments, and CCL Label have substantially contributing to the revenue growth of the global RFID in Pharmaceutics market.
RFID in Pharmaceutical – A Potent Tool to Weed Out Counterfeits
The concerns regarding infiltration of counterfeit drugs in the supply chain have led regulatory authorities and pharmaceutical suppliers to securing the drug supply. Recommendations to leading drug manufacturers & suppliers on the deployment of anti-counterfeiting solutions has augured well for penetration of RFID in combination with the electronic product code (EPC) in the pharmaceutical industry.
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Market is set to Grow Over2X between 2018 and 2028.
The pharmaceutical sector is at an inflection point, where the requirement for new technologies to alleviate the toll of dummy products is pushing the boundaries of investments by drug manufacturer and suppliers. The move of the pharmaceutical sector toward securing authenticity of drugs produced and marketed allude at bright prospects of RFID technology in the industry.
How Opportunistic Tailwinds in Emerging Countries are Driving Growth?
Opportunities abound for RFID in pharmaceutical across emerging economies, such as China, India, Brazil, and GCC countries. Regulatory bodies in these countries are implementing stringent norms apropos of quality and reliable drugs, as these move through the distribution network – from manufacturers to consumers.
How Growth will Unfold
Pharmaceutical giants are already exploring potential of RFID technology and EPC tags in drug shipments. These companies are more focused on making the supply chain impervious to the ‘copycat’ products, by employing real-time tracking solutions and fill the cracks in their distribution networks. RFID in pharmaceutical continues on an upward spiral as a consequence, abreast growing requirement to authenticate and track the drug supply.
RADIO-FREQUENCY IDENTIFICATION (RFID) IN PHARMACEUTICALS MARKET TAXONOMY
The global gene editing tools market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- RFID Readers
- RFID Tags
- RFID Middleware
- Chipped RFID
- Chipless RFID
- Drug Tracing System
- Drug Quality Management
By End Use
- Drug Manufacturer
- Drug Wholesalers
- Hospitals and Clinics
- North America
- Latin America
- Western Europe
- Asia Pacific Excluding Japan
- Eastern Europe
- Middle East and Africa