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.
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.
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.
Traction of RFID in pharmaceutical processes continues to strengthen, ebbing concerns of industry players that range from smart packaging solutions and drug supply authentication, to patient medication records. Implementation of RFID in pharmaceutical is considered as the breakthrough that inclines more toward packaging and supply chain of the industry, rather product developments.
RFID readers remain core components, as the focus of drug manufacturers and suppliers grows on product identification before their shipments. Sales of RFID readers will account for over 40% share of the market.
Contribution of RFID tags to the market shares will also remain significant, estimated to account for over one-third sales.
Pharmaceutical suppliers continue to show a marked preference for chipless RFID, as they considerably cut down cost by alleviate hardware-related concerns. Chipless variants account for over 7 in 10 RFID systems deployed in the pharmaceutical industry.
Chipped RFID will witness sustained adoption, underpinned in part by design & development complexities related to data encoding and transmission in their chipless counterparts.
Drug tracing systems – most lucrative application of RFID in pharmaceutical industry – will create an opportunity of over US$ 1,200 Mn by 2029
Deployment of RFID systems in the pharmaceutical industry for complying with government regulated quality standards continue to uphold adoption of RFID technology in drug quality management.
Government remains a big buyer – the industry sold nearly US$ 1.5 Bn worth of perimeter intrusion detection systems to governments globally.
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.
Drug Manufacturer | Drug Wholesalers | Hospitals & Clinics
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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RFID in Pharmaceuticals Market
A recent market study published by Future Market Insights titled 'RFID in Pharmaceuticals Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028' provides the global market dynamics and trends of the RFID in pharmaceuticals market across seven regions: North America, Latin America, Western Europe, Asia Pacific Excluding Japan, Eastern Europe, Middle East and Africa, and Japan. The report also provides the current nature and the future status of the RFID in pharmaceuticals market over the forecast period.
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
The report commences with the executive summary of the RFID in pharmaceuticals market, which includes a summary of the key findings and key statistics of the market. It includes the market value share of the leading segments in the RFID in pharmaceuticals market. In addition, this section includes the supply-side trends, demand-side trends, and recommendations for the RFID in pharmaceuticals market.
Readers can find a detailed market structure and definition of the RFID in pharmaceuticals market, which will help them understand the basic information, such as market dynamics, key players, and regulation policies, included in the report about the RFID in pharmaceuticals market. The definition section considers the factors included and excluded for the purpose of this report.
Readers can find the outlook of the global RFID in pharmaceuticals market taking into consideration the various factors associated with the growth, which will help them track the current scenario of the market, with key inferences drawn from historical data, current trends, and future prospects. The macro-economic factors influencing the market are also discussed in this section.
Based on the region, the RFID in pharmaceuticals market has been segmented into North America, Latin America, Western Europe, Asia Pacific Excluding Japan, Eastern Europe, Middle East and Africa, and Japan. Readers can find detailed information regarding the key market trends, developments, and market attractive analysis in the RFID in pharmaceuticals market based on the regions.
This chapter summarises the information regarding the key market trends and attractiveness analysis of the RFID in pharmaceuticals market based on component. On the basis of component, the RFID in pharmaceuticals market has been segmented into RFID readers, RFID tags, and RFID middleware.
This chapter summarises the information regarding the key market trends and attractiveness analysis of the RFID in pharmaceuticals market based on type. On the basis of type, the RFID in pharmaceuticals market has been segmented into chipped RFID and chipless RFID.
This chapter summarises the information regarding the key market trends and attractiveness analysis of the RFID in pharmaceuticals market based on application. On the basis of application, the RFID in pharmaceuticals market has been segmented into drug tracing system, drug quality management, and others.
This chapter summarises the information regarding the key market trends and attractiveness analysis of the RFID in pharmaceuticals market based on end user. On the basis of end user, the RFID in pharmaceuticals market has been segmented into drug manufacturer, drug wholesalers, hospitals and clinics, and others.
This chapter includes the detailed analysis of the growth observed in the North America RFID in pharmaceuticals market, along with a country-wise assessment of the U.S. and Canada markets. Readers can also find information on the regional trends, regulations, and market growth based on the component, type, end user, application, and countries in North America.
This chapter includes a detailed analysis of the growth of the Latin America RFID in pharmaceuticals market, along with a country-wise assessment that includes Brazil, Mexico, and Rest of Latin America. Market attractiveness based on various segments is provided for the Latin American region.
Important growth prospects of the RFID in pharmaceuticals market can be found with market attractiveness based on system and application. Western European countries, such as the Germany, Italy, France, U.K., Spain, BENELUX, and Rest of Western Europe, are included in this chapter for industry analysis.
Russia, Poland, and Rest of Eastern Europe are the leading countries/regions in Eastern Europe, which are assessed to obtain the growth prospects of the Eastern Europe RFID in pharmaceuticals market in this chapter. Readers can find detailed information about the growth parameters of the market in this region. Market attractiveness based on the component, type, end user, application, and country for RFID in pharmaceuticals in the Eastern Europe region is also provided in this section.
China, India, ASEAN, Oceania, and Rest of APEJ are the leading countries/regions in Asia Pacific excluding Japan, which are assessed to obtain the growth prospects of the Asia Pacific excluding Japan RFID in pharmaceuticals market in this chapter. Readers can find detailed information about the growth parameters. Market attractiveness based on the component, type, application, and end user of RFID in pharmaceuticals solutions in the Asia Pacific excluding Japan region is also provided in this section.
Readers can find detailed information about the growth parameters. Market attractiveness based on the component, type, end user, and application of RFID in pharmaceuticals market are is also included in this section.
This chapter provides information about how the RFID in pharmaceuticals market will grow in the major countries of the MEA region, such as South Africa, GCC Countries, Northern Africa, and Rest of MEA, during the period 2018-2028.
This section includes the market analysis by tier of companies, market concentration, and share analysis of the key players of the RFID in pharmaceuticals market.
This chapter includes a comprehensive list of all the leading manufacturers in the RFID in pharmaceuticals market, along with detailed information about each company, which includes the company overview, revenue share, strategic overview, and recent company developments. Some of the market players featured in this report include Alien Technology, Thinfilm Electronics, IBM Corporation, Turck Korea, CCL Label, Zebra Technologies, Texas Instruments, and Xerox Corporation.
This chapter helps readers understand the research methodology that is followed to obtain various conclusions, important qualitative information, and quantitative information about the RFID in pharmaceuticals market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near term and long term market growth prospects
- Market Segment Splits and Authenticity
- Opinions on market projections and validity of assumptions
- Industry Publications
- IET Journals
- Industrial Product Review
- Industrial Automation Magazine
- Industry Associations
- Automation Industry Association
- ISA (International Society of Automation)
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits