RFID in Pharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

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RFID in Pharmaceuticals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Status : November, 2020 | Pharmaceutical | PPT format

Report Digest


RFID in Pharmaceuticals Market - Snapshot

RFID in Pharmaceuticals Market will break growth charts with an impressive CAGR (Compound Annual Growth Rate) that is set to chart over the forecast period of 2017 to 2015. This means that players will have numerous growth opportunities to dabble with and this, of course, will help the market grow in terms of worth.

One of the major reasons behind the growing popularity of RFID in Pharmaceuticals is growing strictness in pharmaceutical sector about medicine labelling.

Other important developments/ trends or drivers are outlined below:

  • The Australian Commission has come up with a labeling standard called - National Standard for user-applied Labelling of Injectable Medicines. Here it is mandatory to label fluids and injectable in a manner that tracking can be done of the last container and line of drugs used. This, also involves patients sometimes. And, this is set to contribute to growth in the RFID in Pharmaceuticals Market.
  • Governments across the world are paying special focus to improve promote accountability in terms of drug prescriptions and their labeling. In 2016, Medical Council of India (MCI), made strict regulations about writing of prescriptions. And this kind of push will only make the global RFID in Pharmaceuticals Market see higher growth trajectory as it allows better visibility in terms of drug chain and improves efficiency in patient care. And, it goes without saying that it helps maintaining accountability and improving monitoring in a better way.

The U.S. Food and Drug Administration (FDA) has played a vital role in escalating the widespread adoption of Radio Frequency Identification (RFID) in the pharmaceutical sector to strengthen anti-counterfeiting and track-and-trace efforts. Besides these benefits, RFID technology is acknowledged for its ability to increase supply chain efficiency, reduce errors by proper storage of information, boost patient safety and monitoring, enhance staff, patient, and asset workflow, easy adoption and flexible usage, and cut down labor requirements. 

With the pharmaceutical sector being a highly critical area, there is a pressing need to have highly efficient systems. Therefore, certain limitations of the technology restrict the RFID in pharmaceuticals market from realizing its utmost potential. These limitations include tampering concerns, technical issues, and compatibility and standardization issues. Another major factor holding back the market is the high cost of implementation. Industrial experts believe that these issues are interrelated. The high cost is limiting widespread adoption and at the same time, the implementation rate of RFID across the pharmaceutical sector is not considerable enough to make the technology cheap. However, the aforementioned limitations are being addressed by technological advancements, which are likely to render the global RFID in pharmaceuticals market highly opportunistic. 

The majority of players in the global RFID in pharmaceuticals market are focusing towards technological advancements and product innovation to improve their visibility in the market. Large players are pouring hefty funds into research and development activities to offer products and services that are advanced and in line with the requirements of the pharmaceutical sectors. Most of the leading players in the market are players with strong brand name, high technical expertise, and strong capital muscle.

Global RFID in Pharmaceuticals Market: Overview 

Radio frequency identification, popularly known by the acronym RFID, has a host of applications in different areas. Healthcare and pharmaceuticals is one of them. RFID tracking systems have come in handy in lowering human efforts and errors in maintenance and control of healthcare inventory. Some of its popular applications are in tracking medical equipment in hospitals, identifying patients, monitoring blood transfer, and tracking of medication from pharmacy to patient. In the pharmaceutical sector, it helps in monitoring imports and exports of pharmaceutical raw materials, internal and external tracking of pharmaceuticals, and documenting the transfer of products from manufacturers to patients. 

Comprising of a small chip, which is capable of carrying up to 2000 bytes and an antenna, the RFID devices do a job similar to that of a bar code or a magnetic strip on the back of a credit card or ATM card – provide a unique identifier for an object. Like a bar code or magnetic strip, an RFID device must also be scanned to gather the identifying information. 

Global RFID in Pharmaceuticals Market: Trends and Opportunities 

The pharmaceuticals sector is faced with many challenges on the logistics front. These include product recalls due to overstocking which often results in expiry of drugs. Counterfeit drugs is another issue hobbling as it puts the patient’s safety at risk. Further, prescription packaged drugs are difficult to read and patients not taking the proper prescribed dose medication is another problem. To tackle all such challenges RFID can be leveraged successfully. 

RFID technology enables better tracking and accountability resulting in improved reliability in drug approval process. It also allows tracking of drug intake via the testing protocol. Also, enhanced inventory tracking with RFID can aid in bringing down buffer stocks thereby slashing cost. All these benefits have majorly contributed to the demand for RFID in the pharmaceuticals sector. 

This market is also filliped by the rising demand for more efficient anti-counterfeit solutions for drugs that would ensure product security, quality, and efficient usability. The US FDA has recommended a set of rules and regulations to be applied in RFID for the pharmaceutical industry. Countering the swift uptake of RFID in pharmaceuticals market, however, is the steep cost of installation and deployment of RFID tracking systems. Dearth of awareness about the long term financial advantages of RFID technology is another factor crimping growth in the market. 

Global RFID in Pharmaceuticals Market: Regional Outlook 

North America and Europe are dominant markets for RFID in the pharmaceuticals sector because of favorable government initiatives, growing thrust on cost reduction through operational efficiency, and major drug counterfeit events. Asia Pacific is slated to exhibit solid growth in the years ahead due to cheaper original equipment manufacturing (OEM) services provided by China and rapid uptake of RFID systems in healthcare in the region. 

Companies Mentioned in Report 

To present an accurate and detailed assessment of the competition prevailing in the market for RFID in the pharmaceutical sector, the report profiles companies such as IBM Corporation, Alien Technology, Hewlett-Pakard, Siemens, Motorola, Inc., Texas Instruments, Toshiba Tech, and Zebra Technologies Corporation.  

Global RFID in Pharmaceuticals Market, by Geography

  • North America
  • Asia Pacific
  • Europe
  • Rest of the World 

This report gives you access to decisive data such as: 

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for the coming years

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?