According to a new study by Future Market Insights (FMI), radio-frequency identification (RFID) in the pharmaceuticals market will be worth more than US$ 1.4 billion in 2022. RFID in Pharmaceuticals Market is expected to grow at a 7.9% CAGR to reach a valuation of US$ 2.2 Bn by 2028. Prospects for RFID in the pharmaceutical industry remain promising, as players’ efficiency-driven actions continue to improve the reliability and accuracy of their business operations.
According to the study, such anti-counterfeiting measures are likely to have a positive economic impact on legitimate companies, which are now focusing on the deployment of anti-counterfeiting solutions. The focus of organized pharmaceutical players on ensuring the authenticity of their products while creating barriers for counterfeiters will continue to favour RFID growth in the pharmaceutical market.
Chipless RFID sales are still more than twice as high as chipped RFID sales.
According to the study, chipless RFIDs are becoming increasingly popular in the pharmaceutical industry because they eliminate the hardware-related challenges associated with chipped RFIDs. Furthermore, RFIDs without ICs imply a significant cost reduction of the component, which will complement their development and demand on a large scale. However, the complexities associated with designing and developing chipless RFID, such as data transmission and encoding, continue to support chipped RFID demand to some extent. According to the study, chipless RFID sales will remain more than twice as high as chipped RFID sales in 2022.
Adoption Among Drug Manufacturers Remains High
RFID application diversity in the pharmaceutical industry has led to its adoption by a diverse range of end-users ranging from drug manufacturers and wholesalers to hospitals and clinics. According to the report, drug manufacturers account for the largest share of RFID in the pharmaceutical market, as they are constantly emphasizing the authenticity of their products in the market. Adoption is expected to be rapid among drug wholesalers, hospitals, and clinics, which account for more than two-fifths of the market.
