Future Market Insights has recently published a market research report titled “RFID in Pharmaceuticals Market – Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028.”
Automation in the pharmaceutical and healthcare industry has increased the efficiency of business operations and led to cost-saving, thus facilitating more accurate and reliable business operations. Across the globe, the adoption of RFID technologies has enabled pharmaceutical companies for specialized tracking and retail uses as a systemic part of the supply chain management in international pharmaceutical production and distribution, thereby driving the growth of the RFID tags market.
The pharmaceutical industry, unlike any other industry, requires a unique identification system as almost every person consumes pharmaceutical drugs. Hence, several benefits are associated with the adoption of RFID technologies in the pharmaceutical industry. The stocking of drugs and efficient supply chain management are among the major benefits offered by RFID in the pharmaceuticals industry. Furthermore, safety and security are two important features required in the pharmaceutical supply chain, and achieving the same is a challenging task. The need to secure and authenticate pharmaceutical products has increased the adoption of RFID technologies in the pharmaceutical industry.
Due to the increasing use of RFID to offer efficient expiry date management and pharmaceutical tamper detection, the global RFID in pharmaceuticals market is likely to record a total incremental opportunity of US$ 1,231.4 Mn during the forecast period of 2018 to 2028. In the global RFID in pharmaceuticals market report, Future Market Insights has segmented the global RFID in pharmaceuticals market by component, by type, by end user, by application, and by region. The component segment is further segmented into RFID readers, RFID tags, and RFID middleware. Due to the positive outlook towards the escalating demand for next-generation tracking solutions, the RFID tags sub-segment is expected to create potential growth opportunities for the providers of RFID in pharmaceuticals solutions. Furthermore, the RFID reader sub-segment is also expected to witness a high CAGR during the forecast period. This growth can be attributed to the wide adoption of these devices in pharmaceutical applications to reduce errors.
On the basis of type, the global RFID in pharmaceuticals market is sub-segmented into chipped RFID and chipless RFID. Due to the robust adoption and penetration of chipless RFID, the chipless RFID segment is expected to create potential business opportunities for the RFID in pharmaceuticals market. The chipless RFID sub-segment is also expected to create a market opportunity of US$ 950.5 Mn between 2018 and 20128. In addition, chipless RFID technology is termed as low-cost manufacturing technology because it does not require any batteries or silicon chip within the tag for asset tracking, which reduces the prices of these tags. Moreover, chipless RFID is not application-specific, due to which it can be used for various applications in the pharmaceutical industry. Due to these factors, the chipless RFID sub-segment will be a target area for the developers of RFID technology.
Furthermore, on the basis of end user, the market is sub-segmented into drug manufacturers, drug wholesalers, hospitals & clinics, and others. Due to the increasing spending of drug wholesalers on advanced supply chain systems, the drug wholesalers sub-segment is expected to be the target area for the providers of RFID in pharmaceuticals.
Based on application, the RFID in pharmaceuticals market is sub-segmented into drug tracing system, drug quality management, and others. Due to the increasing demand for the efficient supply chain of drugs, the drug tracking sub-segment is expected to grow with a high CAGR during the forecast period.
In addition, on the basis of geography, North America is expected to dominate in the global RFID in pharmaceuticals market due to the advent of next-generation technological advancements in the U.S. and Canada. The RFID in pharmaceuticals market has high potential in India and China owing to major technological advancements in these countries. Moreover, the adoption of RFID technology is increasing in Latin America owing to free trade agreements between some countries in the region.
Request For Report Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-9508
Some of the key players in the global RFID in pharmaceuticals market research report include Alien Technology, Thinfilm Electronics, IBM Corporation, Turck Korea, CCL Label, Zebra Technologies, Texas Instruments, and Xerox Corporation.