Market Size of RFID In Pharmaceuticals Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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RFID In Pharmaceuticals Market Analysis
The RFID In Pharmaceuticals Market is expected to register a CAGR of 7% during the forecast period.
The increasing adoption of RFID technology in healthcare is expected to boost market growth, enabling real-time drug tracking, tracing, and authentication in the pharmaceutical industry. For instance, a report published by Diagnostyka Journal in August 2022 highlighted the maturation of applications such as real-time locating systems (RTLS) for patient tracking, medical personnel, and asset tracking, which is expected to contribute to rapid expansion in the RFID industry in the coming years.
Moreover, novel product launches by key market players drive the market's growth. For instance, in November 2022, Schreiner MediPharm and SCHOTT Pharma launched prefilled syringes with RFID labels, enabling enhanced tracking and monitoring of medication usage.
Similarly, in February 2022, Avery Dennison Smartrac developed the AD Minidose U9 RAIN RFID inlay specifically for pharmaceutical applications, which offers improved inventory management and supply chain visibility for healthcare, pharmacies, and laboratory asset management.
Additionally, in October 2023, Fresenius Kabi launched its +RFID smart labels for Diprivan (Propofol) injectable emulsion, USP, 200mg per 20ml in single-dose vials. These smart labels are compatible with all major radio-frequency identification (RFID) kits and tray systems. The introduction of innovations, technological advancements, and the rising need for efficient supply chain management are all projected to fuel market growth.
However, the high cost of installing an RFID system may hinder the market's growth. Despite this, the aforementioned factors, including the rising adoption of RFID technology and the rising prevalence of counterfeit drugs, are expected to boost market growth.
RFID In Pharmaceuticals Industry Segmentation
As per the scope of the report, RFID (radio-frequency identification) is a technology that uses electromagnetic fields to identify and track tags attached to objects automatically. The RFID in pharmaceuticals market is segmented by component, application, type, and geography. The component segment is further divided into RFID readers, RFID tags, and RFID middleware. The application segment is further bifurcated into chipped RFID and chipless RFID. The type segment is further segmented into drug tracing systems, drug quality management, and other types. The geography segment is further segmented into North America, Europe, Asia-Pacific, Middle-East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD) for the above segments.
| By Component | |
| RFID Readers | |
| RFID Tags | |
| RFID Middleware |
| By Type | |
| Chipped RFID | |
| Chipless RFID |
| By Application | |
| Drug Tracing Systems | |
| Drug Quality Management | |
| Other Applications |
| By End User | |
| Drug Manufacturers | |
| Hospitals and Clinics | |
| Other End Users |
| By Geography | ||||||||
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RFID In Pharmaceuticals Market Size Summary
The RFID in Pharmaceuticals market is poised for significant growth, driven by the increasing adoption of RFID technology to enhance drug tracking, tracing, and authentication processes. This technology is becoming integral in combating the rising incidents of counterfeit drugs and ensuring compliance with stringent regulatory frameworks. The pharmaceutical industry is leveraging RFID to improve supply chain visibility and inventory management, with innovations such as RFID-enabled prefilled syringes and smart labels being introduced by key players. These advancements are expected to bolster the market's expansion, despite challenges like the high cost of system installation. The demand for RFID technology is further fueled by the need for efficient supply chain management and the prevention of drug recalls due to contamination issues.
North America is anticipated to witness substantial growth in the RFID pharmaceutical market, driven by the prevalence of counterfeit drugs and robust regulatory measures. The region's market expansion is supported by significant technological advancements and strategic collaborations among industry players. The introduction of next-generation RFID tags and systems is enhancing the safety and accuracy of drug tracking, thereby addressing the black market problem. Key industry participants are focusing on innovation and global market expansion to strengthen their market position. As the demand for advanced RFID solutions continues to rise, the market is expected to experience robust growth over the forecast period, with North America leading the charge.
RFID In Pharmaceuticals Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Prevalence of Counterfeit Drugs
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1.2.2 Introduction of Innovations and Advanced Technology
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1.2.3 Adoption of RFID by Pharmaceutical Industry
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1.3 Market Restraints
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1.3.1 High Cost of RFID System Installation
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - in USD)
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2.1 By Component
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2.1.1 RFID Readers
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2.1.2 RFID Tags
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2.1.3 RFID Middleware
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2.2 By Type
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2.2.1 Chipped RFID
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2.2.2 Chipless RFID
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2.3 By Application
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2.3.1 Drug Tracing Systems
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2.3.2 Drug Quality Management
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2.3.3 Other Applications
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2.4 By End User
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2.4.1 Drug Manufacturers
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2.4.2 Hospitals and Clinics
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2.4.3 Other End Users
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2.5 By Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Spain
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2.5.2.6 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 South Korea
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2.5.3.6 Rest of Asia-Pacific
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2.5.4 Middle East and Africa
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2.5.4.1 GCC
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2.5.4.2 South Africa
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2.5.4.3 Rest of Middle East and Africa
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2.5.5 South America
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2.5.5.1 Brazil
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2.5.5.2 Argentina
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2.5.5.3 Rest of South America
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RFID In Pharmaceuticals Market Size FAQs
What is the current RFID In Pharmaceuticals Market size?
The RFID In Pharmaceuticals Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in RFID In Pharmaceuticals Market?
Checkpoint Systems, Inc., GAO Group, Tageos, Fresenius Kabi and Avery Dennison Corporation are the major companies operating in the RFID In Pharmaceuticals Market.
