RFID in Pharmaceuticals Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
RFID in Pharmaceuticals Market Analysis
RFID in the pharmaceuticals market is projected to register a CAGR of 7% during the forecast period.
- The COVID-19 pandemic and subsequent lockdown restrictions significantly impacted drug manufacturing companies worldwide. Several countries reported a shortage of active pharmaceutical ingredients due to the pandemic, which led to the development and marketing of falsified drugs in the market by local players.
- According to data published by the Authentication Solution Providers' Association (ASPA) in March 2022, incidents of substandard and falsified (SF) medical products increased by almost 47% in India in 2021. The trade-in pharmaceutical counterfeits during this period spiked, particularly for COVID-19-related products such as vaccines, medicines, test kits, antibiotics, face masks, and sanitizers. The increase in counterfeit drugs during the pandemic also increased the demand for Radio Frequency Identification (RFID) technology.
- However, the pharmaceutical industry is incorporating RFID technology into its supply chain to make it more efficient and enhance patient safety while saving time and money. For instance, companies such as AstraZeneca have embraced RFID and have had tremendous accomplishments with dispensing over 30 Million RFID-enabled syringes of Diprivan.
- The increasing adoption of RFID technology in healthcare is expected to boost market growth, as it enables real-time tracking, tracing, and authentication of drugs in the pharmaceutical industry. An article published by PubMed Central 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 future years.
- Moreover, key product launches by major market players are driving the market's growth. For instance, in August 2021, Tageos launched its EOS-202 U9 RAIN RFID inlay for healthcare and pharmaceutical applications. The increasing strictness in maintaining a secure drug supply, the introduction of innovations and technological advancements, and the rising need for efficient supply chain management are all projected to fuel market growth.
- However, the high cost of RFID system installation significantly hinders 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. As a result, the studied market is expected to have normal growth as the pandemic has currently subsided.
RFID in Pharmaceuticals Market Trends
Drug Tracing Systems Segment Expected to Register a Significant CAGR Over the Forecast Period
- The pharmaceutical industry has increasingly turned to RFID technologies to enhance visibility across the value chain and track falsified drugs. The escalating incidents of counterfeit drugs and drug recalls have compelled governments to reframe drug quality regulations and implement strict measures, making QR codes or RFID tags mandatory on active pharmaceutical ingredients and products for safety and tracking purposes. This trend is likely to drive the growth of RFID in drug tracing systems in the coming years.
- According to a report released by the Authentication Solutions Providers' Association (ASPA) in March 2022, instances of substandard and falsified (SF) medical items surged by approximately 47% between 2020 and 2021. Furthermore, an article published by the National Center for Biotechnology Information in 2022 reported that Valsartan, a long-term medication used in patients with high blood pressure and heart disease, was recalled due to contamination with N-nitroso dimethylamine (NDMA), a potentially cancerogenic substance resulting from unintended changes in the manufacturing process in China. This highlights the pressing need for stringent quality control measures in the pharmaceutical industry to prevent the circulation of counterfeit and dangerous drugs, boosting the demand for RFID technologies in drug tracing and tracking systems.
- Similarly, an article published by PubMed Central in July 2022 reported that counterfeit, fake, adulterated, or falsified drugs and pharmaceuticals could be branded or generic drugs, excipients, and active substances (in drugs and vaccines). The trafficking of counterfeit drugs has continued to increase in the last decade, contributing to the rising demand for RFID technologies to combat this problem.
- The introduction of next-generation RFID tags and readers has enabled drug manufacturers and wholesalers in the pharmaceutical industry to prevent medical errors and increase the safety of individualized medicinal products. According to an article published by SpringerLink in August 2022, RFID technology can be used as a solution to overcome the problem of the black market in counterfeiting drugs or as a prevention tool. This further highlights the potential of RFID technologies in enhancing drug tracing and tracking systems.
- Therefore, with the increasing number of counterfeit drugs and the growing adoption of advanced RFID technology, the segment is anticipated to witness significant growth over the forecast period.
North America is Expected to Have a Significant Market Share Over the Forecast Period
- North America is expected to dominate the market share during the forecast period, mainly due to the increasing prevalence of substandard and falsified drugs, coupled with stringent regulatory frameworks. The rising incidences of drug counterfeiting within large pharmaceutical and biopharmaceutical companies have emerged as a key driver for the growth of RFID technology in the pharmaceutical market.
- For instance, a report published in the Annals of Pharmacotherapy in March 2022 revealed that the Food and Drug Administration's (FDA) Office of Criminal Investigations conducted 130 counterfeit drug-busting operations between 2016 and 2021. Similarly, in August 2022, Health Canada inspectors seized counterfeit erectile dysfunction drugs, including Viagra and Cialis, from a store in Scarborough, Ontario, Canada. These incidents are expected to further boost the demand for RFID in the pharmaceutical market in the region.
- Significant advancements in RFID technologies and systems have also contributed to the market's growth. For instance, in November 2022, a membership-driven industry alliance that advances RFID technology in pharmaceuticals rebranded to UnitVisID Alliance as the new name for the DoseID Consortium in the United States.
- Therefore, the market is expected to experience substantial growth during the forecast period due to the abovementioned factors, including the rising number of counterfeit drugs and key developments by organizations in the market.
RFID in Pharmaceuticals Industry Overview
RFID technology in the pharmaceutical market is characterized by moderate fragmentation. Several RFID technology providers are currently concentrating on developing innovative products and advancing their technology to expand their global market reach and increase their market share. Key players in the industry include Checkpoint Systems, Inc., Avery Dennison Corporation, Tageos, and Fresenius Kabi, among others.
RFID in Pharmaceuticals Market Leaders
Checkpoint Systems, Inc.
GAO Group
Tageos
Fresenius Kabi
Avery Dennison Corporation
*Disclaimer: Major Players sorted in no particular order
RFID in Pharmaceuticals Market News
- November 2022: Schreiner MediPharm and SCHOTT Pharma announced plans to launch prefilled syringes with RFID labels, which will enable enhanced tracking and monitoring of medication usage.
- February 2022: Avery Dennison Smartrac has 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.
RFID in Pharmaceuticals Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Counterfeit Drugs
4.2.2 Introduction of Innovations and Advanced Technology
4.2.3 Adoption of RFID by Pharmaceutical Industry
4.3 Market Restraints
4.3.1 High Cost of RFID System Installation
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - in USD Million)
5.1 By Component
5.1.1 RFID Readers
5.1.2 RFID Tags
5.1.3 RFID Middleware
5.2 By Type
5.2.1 Chipped RFID
5.2.2 Chipless RFID
5.3 By Application
5.3.1 Drug Tracing Systems
5.3.2 Drug Quality Management
5.3.3 Other Applications
5.4 By End User
5.4.1 Drug Manufacturers
5.4.2 Hospitals and Clinics
5.4.3 Other End-Users
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Italy
5.5.2.5 Spain
5.5.2.6 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 South Korea
5.5.3.6 Rest of Asia-Pacific
5.5.4 Middle East and Africa
5.5.4.1 GCC
5.5.4.2 South Africa
5.5.4.3 Rest of Middle East and Africa
5.5.5 South America
5.5.5.1 Brazil
5.5.5.2 Argentina
5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Checkpoint Systems, Inc.
6.1.2 GAO Group
6.1.3 AVERY DENNISON CORPORATION
6.1.4 Tageos
6.1.5 Fresenius Kabi
6.1.6 Invengo Technology Pte. Ltd
6.1.7 Zebra Technologies Corporation
6.1.8 CCL Industries
6.1.9 Blue Vector
6.1.10 Intermec, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
RFID in Pharmaceuticals Industry Segmentation
As per the scope of the report, RFID (radio-frequency identification) is a technology that uses electromagnetic fields to automatically identify and track tags attached to objects.
The global RFID in pharmaceuticals market is segmented by component (RFID readers, RFID tags, and RFID middleware), type (chipped RFID and chipless RFID), application (Drug Tracing Systems, Drug Quality Management, and Others), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, 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 (in USD million) 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 |
| Geography | ||||||||
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RFID in Pharmaceuticals Market Research 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.
Which is the fastest growing region in RFID In Pharmaceuticals Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in RFID In Pharmaceuticals Market?
In 2024, the North America accounts for the largest market share in RFID In Pharmaceuticals Market.
What years does this RFID In Pharmaceuticals Market cover?
The report covers the RFID In Pharmaceuticals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the RFID In Pharmaceuticals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
RFID in Pharmaceuticals Industry Report
Statistics for the 2024 RFID in Pharmaceuticals market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. RFID in Pharmaceuticals analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
