RFID in Pharmaceutical Market to reach USD 7.57 Bn at a CAGR of 7.5 percent by 2030- Says Stellar Market Research

PUNE, India, July 11, 2024 /PRNewswire/ -- Stellar Market Research, a global Healthcare Market research firm has published a competitive intelligence and market research report on the "RFID in Pharmaceutical Market". The RFID in Pharmaceutical Market size was valued at USD 4.56 Bn in 2023 and the total RFID in Pharmaceutical revenue is expected to grow at a CAGR of 7.5 percent from 2024 to 2030, reaching nearly USD 7.57 Bn by 2030.

The report on the RFID in Pharmaceutical Market involves a comprehensive analysis of market structure, competition, and growth drivers. The market size is methodically estimated using a bottom-up approach to understand growth patterns. Key insights typically cover major drivers at global and regional levels, challenges for future growth, and opportunities arising from technological advancements. Regional analyses provide information on market leaders, penetration rates, and geographical factors influencing the industry.

The segmentation by type, component, distribution channel, and application aids in understanding the target audience, emerging trends, and market composition. Primary and secondary research techniques are combined in research studies on the RFID in Pharmaceutical market. Both qualitative and quantitative analyses are employed using tools like SWOT, PESTLE, and Porter's Five Forces to guide investment and marketing decisions.

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What's New: Recent Additions and Updates

• An in-depth analysis of the dynamics of the growing RFID market in the pharmaceutical industry, taking into account concerns about medicine expiry and overstocking.
• Analysis of the cost implications of RFID implementation, including hardware, software, and integration costs.
• Innovations in the development of flexible and wearable RFID tags are opening new possibilities for their application in the pharmaceutical industry.

RFID in Pharmaceutical Market Dynamics

The World Health Organization (WHO) estimates that up to 10% of medications in low- and middle-income countries are counterfeit, making counterfeit pharmaceuticals a serious concern. Radio Frequency Identification (RFID) technology helps to mitigate the risks associated with counterfeiting, which costs the pharmaceutical industry an estimated $200 billion in revenue losses annually and puts patients' health at serious risk. RFID in pharmaceutical technology meets the critical need for tracking and verifying medications through the supply chain. The demand for RFID in pharmaceutical is increasing as it not only ensures the authenticity of drugs but also aids in preventing medication errors, which affect more than 1.5 million patients in the U.S. annually. Research by SMR, states that RFID implementation results in up to 80% less inventory shrinkage, which translates into significant cost savings. Additionally, strict regulations that provide detailed and accurate records of the handling and transportation of pharmaceutical products are enforced for the pharmaceutical industry. RFID technology makes it simple to comply with these regulations while ensuring the integrity and safety of these goods. Analysing the competitive landscape, including major players helps identify market opportunities and potential competitive advantages.

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RFID in Pharmaceutical Market Regional Insights

The rapid rise of the pharmaceutical sector in China and India, which rank among the world's top manufacturers and users of pharmaceuticals are making significant investments in cutting-edge technology to boost the effectiveness of their supply chains and guarantee adherence to international norms. The China RFID in pharmaceutical market has been observing growth as the government and regulatory bodies have taken the initiative to enact laws that improve medication safety and traceability. China is making significant investments in the creation of RFID-enabled IoT infrastructure and smart logistics. It is expected that by 2025, Chinese investments in the Internet of Things will surpass $300 billion by increasing efficiency lowering the danger of counterfeiting, and accelerating the adoption of RFID in the pharmaceutical supply chain. Additionally, the growing cost of healthcare in India is a major driver behind the use of RFID technology in pharmaceuticals. The need for RFID in the pharmaceutical industry is further supported by the growing adoption of smart logistics and digital health solutions. Countries at the forefront of RFID technology development include South Korea and Japan, which creates an atmosphere that is favorable to the adoption of RFID in pharmaceutical industry.

RFID in Pharmaceutical Market Segmentation

By Type

• Chipped RFID
• Chipless RFID

By Component

• RFID Tags
• RFID Readers
• RFID Middleware

By Application

• Drug Track and Trace System
• Asset Tracking
• Patient Safety
• Others

RFID in Pharmaceutical Market Key Competitors include

• Zebra Technologies Corporation
• Avery Dennison Corporation
• Impinj, Inc.
• Alien Technology, LLC
• CCL Industries Inc.
• Mojix, Inc.
• GAO RFID Group
• Others

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Key questions answered in the RFID in Pharmaceutical Market are:

• What is RFID in Pharmaceutical?
• What is the current growth rate of the RFID in Pharmaceutical Market?
• Who are the key players in the RFID in Pharmaceutical Market?
• What are the strategies used by competitors in the RFID in Pharmaceutical Market?
• What are the growth prospects in developing countries for the RFID in Pharmaceutical Market?
• Which segment is expected to witness the fastest growth and why in the RFID in Pharmaceutical Market in 2023?
• What are the factors affecting growth in the RFID in Pharmaceutical Market?
• Who held the largest market share in the RFID in Pharmaceutical Market?
• What is the demand pattern for the RFID in Pharmaceutical Market?
• What are the opportunities for the RFID in Pharmaceutical Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Type, Component, Distribution Channel, Application, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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