RFID in Pharmaceuticals Market is Predicted to Expand at an Impressive CAGR of 7.9% for 2022 - 2028 | FMI

Future Market Insights (FMI), in its new study, finds that the radio-frequency identification (RFID) in pharmaceuticals market was valued at over US$ 1.4 Bn in 2022. RFID in Pharmaceuticals Market is predicted to expand at an impressive CAGR of 7.9% to close in on a valuation of US$ 2.2 Bn by 2028. Prospects remain remarkable for the RFID in pharmaceuticals industry, as efficiency-led actions of players continue to enhance the reliability and accuracy of their business operations.

According to the study, such preventative measures against infiltration of counterfeit drugs are likely to have a positive economic influence on legitimate companies, who are now focusing on the deployment of anti-counterfeiting solutions. Focus of the organized players in the pharmaceutical sector to safeguard authenticity of their products, while creating moats for counterfeiters, will continue to favour growth of the RFID in pharmaceutical market.

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Chipless RFID Sales Remain Over 2X of Chipped RFID

According to the study, chipless RFIDs continue to gain robust attractiveness in the pharmaceutical industry, as they eliminate the hardware-related challenges associated with their chipped counterparts. Additionally, RFIDs without ICs allude at significant cost reduction of the component, in turn complementing their development and demand on a wide scale.

However, complexities linked with designing and development of chipless RFID, such as data transmission and encoding, continue to sustain the demand for the chipped RFID to a certain extent. The study finds that sales of chipless RFID will remain over 2X that of the chipped RFID in 2022.

The study expects RFID reader to remain the core component in the RFID in pharmaceutical market, with growing focus of pharma suppliers on effective identification of products prior to their collection, storage and shipping. Gains in the RFID in pharmaceutical market will remain complemented by sales of RFID tags, with revenues in 2021 accounting for over one-third market share. 

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Adoption Remains High among Drug Manufacturers

Application diversity of RFID in pharmaceutical industry has led its adoption among a wide range of end-users that range from drug manufacturers and drug wholesalers, to hospitals and clinics. The report estimates drug manufacturers to account for leading shares of the RFID in pharmaceutical market, who are constantly emphasizing on ensuring the authenticity of their products in the market. Adoption is expected to witness high-growth among drug wholesalers and hospitals and clinics, which collectively account for over two-fifth share of the market.

The study states that North America will remain the leading market for RFID in pharmaceutical, with Europe following the suit. Supremacy of developed economies in the RFID in pharmaceutical market is significantly attributed to stringent standards & regulations implemented for serialization, and relative greater prevalence of OTC and generic drugs in these regions. Additionally, focus of players in developed markets remains strong on brand protection, and preventing packaging-related product recalls, which in turn augurs well for growth of the RFID in pharmaceutical market.

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Key Segments of RFID in Pharmaceuticals Industry Survey

By Component:

RFID Readers
RFID Tags
RFID Middleware

By Type:

Chipped RFID
Chipless RFID

By Application:

Drug Tracing Systems
Drug Quality Management
Others

By End User:

Drug Manufacturers
Drug Wholesalers
Hospitals and Clinics
Others

By Region:

North America RFID in Pharmaceuticals Market
Latin America RFID in Pharmaceuticals Market
Europe RFID in Pharmaceuticals Market
East Asia RFID in Pharmaceuticals Market
South Asia & Pacific RFID in Pharmaceuticals Market
Middle East & Africa (MEA) RFID in Pharmaceuticals Market

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.