The global RFID in pharmaceuticals market was valued at USD 4.7 billion in 2022 and is projected to grow at a CAGR of 7.8% from 2023 to 2030. The market is primarily driven by the increasing prevalence of counterfeit drugs and the need for efficient supply chain management, in the pharmaceutical industry.
RFID technology, particularly RFID tags, is being widely adopted for authentication, real-time tracking, and tracing of drugs, contributing to market growth. The technology helps combat counterfeit drugs by providing a reliable method for product authentication throughout the supply chain. Incidences of counterfeit drugs have surged during the COVID-19 pandemic, further emphasizing the importance of RFID technology in ensuring patient safety.
The company’s tags enable easy access to inventory management, faster workflow processing, and real-time drug monitoring, further driving their adoption. RFID readers are used to collect information from tags, offer real-time insights and analytics, enhancing decision-making in logistics and supply chain management.
The application of RFID technology in drug tracking and tracing holds the largest market share, driven by the increasing incidences of counterfeit drugs and the adoption of advanced RFID technology. Additionally, the drug quality and management segment are anticipated to witness significant growth, emphasizing the importance of effective quality management systems for pharmaceutical manufacturers.
Regionally, North America holds the largest market share, attributed to stringent regulatory frameworks and advancements in RFID technologies. However, the Asia Pacific region is projected to witness the fastest growth due to the increasing number of pharmaceutical companies and improving healthcare infrastructure.
Key players in the RFID pharmaceuticals market include GAO RFID, Zebra Technologies Corp., CCL Healthcare, Avery Dennison Corporation, and others, who continuously strive to offer customized solutions and explore opportunities for market expansion through mergers, acquisitions, and new product launches.