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Radio Frequency Identification (RFID) In Pharmaceuticals Market is Anticipated to Expand upto $9.12 Billion in 2029
Radio Frequency Identification RFID In Pharmaceuticals Market
What Is the Forecasted Market Growth Rate of the Radio Frequency Identification (RFID) In Pharmaceuticals Industry?
The pharmaceutical radio frequency identification (RFID) market has seen significant expansion over the past few years. The market, worth $5.48 billion in 2024, is predicted to increase to $6.08 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.9%. The substantial growth during the historical period can be connected to several factors, including the surge in pharmaceutical exports, the prominence of e-commerce, an increase in clinical trials, a growing demand for tamper-proof RFID solutions, and a shift towards patient-centered healthcare delivery models.
How Will the Radio Frequency Identification (RFID) In Pharmaceuticals Market Size Evolve From 2025 to 2029?
The pharmaceutical market for radio frequency identification (RFID) is forecasted to experience a significant upward trend in the coming years, expanding to an impressive $9.12 billion by 2029 with a compound annual growth rate (CAGR) of 10.7%. The predicted growth in this timeframe can be credited to several factors including the elevating occurrences of fraudulent medications, heightened healthcare consciousness, the expansion of automation in hospitals, rising need for real-time location systems, and the considerable increase in investments toward digital supply chain resolutions. Key trends for the forecast period encompass advances in technology, improvements in RFID tag design, synergy with cloud-based platforms, progress in inlays particular to pharmaceuticals, and continued enhancements in digitizing the supply chain.
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What Are the Main Growth Drivers in the Radio Frequency Identification (RFID) In Pharmaceuticals Market Today?
The escalation in counterfeit drug occurrences is anticipated to drive the radio frequency identification (RFID) in the pharmaceuticals market's progression. These fake drugs, also recognized as counterfeit medicines, are pharmaceutical commodities deliberately and deceitfully mislabeled concerning their origin or identity. The rise in fake drug episodes can be attributed to the swift expansion of online pharmacies, making it simple for counterfeiters to distribute fraudulent medicines directly to consumers. This circumvents usual regulatory protections and makes it more challenging to detect such acts. RFID in pharmaceuticals aids in combating counterfeit drugs by supplying reliable, traceable data that authenticates product genuineness at every phase of the supply chain. For example, the American Chemical Society, a nonprofit scientific society based in the US, reported in December 2024 that there were notable 6,987 counterfeit drug cases across 142 countries in 2023. This was an augmentation of 4% from the previous year, 2022. Consequently, the escalation in counterfeit drug occurrences is enhancing the growth of the radio frequency identification (RFID) in the pharmaceuticals market.
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Which Radio Frequency Identification (RFID) In Pharmaceuticals Market Segment Is Expected to Lead Through 2029?
The radio frequency identification (rfid) in pharmaceuticals market covered in this report is segmented -
1) By Type: Chipped Radio Frequency Identification, Chipless Radio Frequency Identification
2) By Component: Radio Frequency Identification Tags, Radio Frequency Identification Readers, Middleware Software, Integration Services, Data Management Software
3) By Regulatory Compliance: Food And Drug Administration Compliance Standards, European Union Falsified Medicines Directive, Good Distribution Practices, Serialization Requirements, Tracking And Tracing Regulations
4) By Application: Drug Track And Trace System, Asset Tracking, Patient Safety, Other Applications
5) By End-User: Pharmaceutical Manufacturers, Hospitals And Healthcare Providers, Pharmacies And Drug Wholesalers, Research And Development Laboratories, Logistics And Supply Chain Companies
Subsegments:
1) By Chipped Radio Frequency Identification, By Type: Low Frequency Radio Frequency Identification, High Frequency Radio Frequency Identification, Ultra High Frequency Radio Frequency Identification, Active Radio Frequency Identification, Passive Radio Frequency Identification, Semi-Passive Radio Frequency Identification
2) By Chipless Radio Frequency Identification, By Type: Time Domain Reflectometry, Frequency Domain Reflectometry, Magnetic Resonance-Based Tags, Surface Acoustic Wave Tags, Printed Conductive Polymer Tags, Photonic Band Gap Structures
Which Market Trends Are Expected to Dominate Radio Frequency Identification (RFID) In Pharmaceuticals Industry Growth?
Leading businesses in the radio frequency identification (RFID) in pharmaceuticals industry are concentrating their efforts on creating innovative RFID-enabled tags to intensify product traceability, upgrade inventory management, and address the mounting issue of fake drugs. These RFID-enabled tags are intelligent labels utilizing radio frequency tech for wireless identification, tracking, and validation of pharmaceutical products all along the supply chain. For example, Fresenius Kabi AG, a pharmaceutical firm based in Germany, rolled out the Rocuronium Bromide Injection that boasts advanced RFID-enabled labeling in May 2023. This initiative aims to boost the tracking of medication, inventory management, and safety of patients in healthcare establishments. The drugs are available as 50 mg per 5 mL multiple-dose vial meant for intravenous application by competent medical personnel. The injection comes with state-of-the-art RFID-enabled labelling, allowing for real-time tracking, optimizing inventory management, and assisting in minimizing medication mistakes.
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Which Companies Hold the Largest Market Share in the Radio Frequency Identification (RFID) In Pharmaceuticals Sector?
Major companies operating in the radio frequency identification (rfid) in pharmaceuticals market are Fujitsu Limited, NXP Semiconductors NV, Avery Dennison Corporation, Zebra Technologies Corporation, CCL Industries Inc., HID Global Corporation, Checkpoint Systems Inc, Datalogic SpA, Impinj Inc, Schreiner Group GmbH & Co KG, Invengo Information Technology Co Ltd, GAO RFID Inc., Lowry Solutions Inc., Terso Solutions Inc., Xerafy Singapore Pte Ltd., Tageos SAS, SML Group Limited, Syrma SGS Technology Limited, Omnia Technologies Private Limited, identytag GmbH & Co KG
Where Is the Radio Frequency Identification (RFID) In Pharmaceuticals Market Experiencing the Highest Growth?
North America was the largest region in the radio frequency identification (RFID) in pharmaceuticals market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the radio frequency identification (rfid) in pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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