New York, United States , July 27, 2023 (GLOBE NEWSWIRE) -- The Global RFID In Pharmaceuticals Market Size is to grow from USD 4.25 billion in 2022 to USD 8.76 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period.
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RFID (Radio Frequency Identification) technology plays a crucial role in the pharmaceutical industry. It utilizes electronic tags, or RFID tags, to track and identify pharmaceutical products throughout their lifecycle. With RFID, pharmaceutical companies can improve inventory management, enhance supply chain visibility, and ensure the authenticity of drugs. By attaching RFID tags to individual medication packages, accurate identification and authentication become possible. RFID enables real-time monitoring of drug movements, reducing the risk of counterfeiting and theft. Overall, RFID technology in pharmaceuticals enhances safety, security, and operational efficiency, benefiting patients, healthcare providers, and the pharmaceutical industry as a whole.
Browse key industry insights spread across 215 pages with 128 Market data tables and figures & charts from the report on the, "Global RFID In Pharmaceuticals Market Size, Share, and COVID-19 Impact Analysis, By Component (RFID Tags, RFID Readers, and RFID Middleware), By Type (Chipped RFID and Chipless RFID), By Application (Drug Track & Tracing Systems, Drug Quality Management, and Others), By End-User (Drug Manufacturers, Hospitals & Clinics, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032.” Get Detailed Report Here:
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The drug track & tracing systems segment is expected to grow at a CAGR of around 7.2% during the forecast period.
Based on the application, the global RFID in pharmaceuticals market is segmented into drug track & tracing systems, drug quality management, and others. The drug track and tracing systems segment is projected to experience significant growth in the RFID (Radio Frequency Identification) market for pharmaceuticals. This can be attributed to the rising concerns about drug counterfeiting and the need for enhanced patient safety drive the demand for robust track and tracing systems. RFID technology enables real-time monitoring and tracking of pharmaceutical products, ensuring their authenticity and reducing the risk of counterfeit drugs entering the market. Additionally, regulatory mandates and initiatives aimed at improving drug traceability further fuel the adoption of track and tracing systems. As a result, the drug track and tracing systems segment is expected to witness substantial growth in the RFID pharmaceutical market.
The drug manufacturers segment held the largest market share with more than 39.5% in 2022.
Based on end-user, the global RFID in pharmaceuticals market is segmented into drug manufacturers, hospitals & clinics, and others. The drug manufacturers segment has emerged as the dominant player, holding the largest market share in the RFID (Radio Frequency Identification) market for pharmaceuticals. This can be attributed to drug manufacturers are increasingly adopting RFID technology to improve supply chain efficiency, enhance inventory management, and ensure the authenticity of their products. RFID enables them to track and trace medications from production to distribution, reducing the risk of counterfeiting and improving patient safety. Additionally, regulatory requirements and initiatives aimed at combating drug counterfeiting have further driven the adoption of RFID among drug manufacturers. These factors have solidified the drug manufacturers segment's position as the leader in the RFID pharmaceutical market.
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Asia-Pacific is predicted to grow at a significant CAGR of around 8.3% over the projected period.
Asia Pacific is expected to be the fastest-growing region in the forecast period for the RFID (Radio Frequency Identification) market in the pharmaceutical industry. This growth is attributed to factors such as to the region has a rapidly expanding healthcare infrastructure and a growing population with increasing healthcare needs. The rising investments in healthcare digitization and the adoption of advanced technologies drive the demand for RFID solutions. Additionally, the prevalence of drug counterfeiting issues in the region has created a strong impetus for implementing track-and-trace technologies like RFID. Moreover, favorable government initiatives and regulations aimed at improving patient safety and supply chain efficiency further stimulate the adoption of RFID in pharmaceuticals, making Asia Pacific a promising market for growth in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. ome of the major players in the global RFID in pharmaceuticals market include Zebra Technologies Corp., CCL Healthcare, Fresenius Kabi AG, Avery Dennison Corporation, Impinj Inc., Bluesight, Terso Solutions Inc., GAO RFID Group, Tageos, and Alien Technology, LLC.
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