Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "RFID For Healthcare and Pharmaceutical Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The RFID for healthcare and pharmaceutical market was valued at US$434.5 million in 2021.
Companies Mentioned
- GAO Group
- Avery Dennison Corporation
- Zebra Technologies Corp
- iGPS
- CCL Industries Inc.
- Fresenius Kabi
- Tageos
- Denso Wave
Radio Frequency Identification is known as RFID. This technology uses a tag system to operate. Radio waves follow a particular tag that is connected to an item. RFID technology has a wide range of applications in the healthcare sector. A patient has an RFID band wrapped around their wrist and the hospital monitors the patient via RFID. The bracelet contains all necessary information, including name, medical history, allergies, and others.
Hospitals need to track their machines, tools, and vehicles. RFID helps with asset upkeep and not only informs them of where their vehicles, equipment, and others are located. Hospital equipment is essential and must constantly be in a ready-to-use state. Assets are tracked using RFID tags whether they are on hospital property or not.
The domain of pharmaceuticals in hospitals can be managed via asset tracking and management software. The system provides information on drug expiration dates and stock levels. Additionally, the app also makes it simple to keep track of the present medicine supply.
The expansion of RFID in the healthcare and pharmaceutical markets is being driven by its capacity to gather and deliver data that improves quality, reduces costs, and increases patient safety.
The introduction of innovations and technological advancements, the rising need for effective supply chain management, and the increasing adoption of RFID in combination with electronic product codes (EPC) for the real-time monitoring marking, and verification of drugs in the pharmaceutical industry are all expected to propel market growth.
These factors also include the rising restraint in ensuring a safe drug supply in the prevalence of rising counterfeit medicines. Demand is also being augmented by the use of automated procedures in hospitals and pharmacies as well as by RFID systems' high efficiency and low cost.
Additionally, non-profit research and development efforts and expansion, acquisitions, and partnerships for the creation of cutting-edge technologies to support RFID in healthcare are helping the market grow. The FDA's Drug Supply Chain Security Act formed in 2013 and other regulatory establishments, as well as the growing need to prevent the entry of obsolete, defective, and fraudulent items into the market, have all contributed to the expansion of the usage of RFID in the healthcare industry.
Key Developments:
- In June 2022, the healthcare company Fresenius Kabi announced that AmerisourceBergen had joined IntelliGuard and Healthcare Logistics in supporting Fresenius Kabi +RFID products that use the GS1 Electronic Product Code (EPC) Tag Data Standard. These products can help the healthcare industry achieve interoperability, improved patient safety, and supply chain visibility. This made AmerisourceBergen's medication tray solution, one of the biggest pharmaceutical distributors in the United States and a worldwide healthcare company compatible with Fresenius Kabi's +RFID portfolio of radio frequency-tagged pharmaceuticals. Using cutting-edge radio-frequency identification (RFID) technology, AmerisourceBergen's medication tray solution is intended to assist hospitals in improving drug inventory visibility and tracking.
The major application of RFID in the healthcare sector is anticipated to be in the drug tracing systems segment.
RFID technologies are used by the pharmaceutical sector to track fake pharmaceuticals and improve visibility across the value chain. Additionally, as a result of the government's strict actions to mandate QR codes or RFID tags on all active pharmaceutical ingredients and products for safety and tracking reasons, and as a result of the rising number of drug recalls and counterfeiting incidents, the use of RFID in drug tracing systems is expected to grow over the next few years.
During the forecast period, the Asia Pacific and North American regions are both anticipated to hold a sizable share of the RFID market in the healthcare and pharmaceutical sectors.
During the projected period, the RFID market for pharmaceuticals in the Asia Pacific region is anticipated to have a large market share. The necessity for new technological developments and advancements as well as the rising demand for RFID in the pharmaceutical industry are likely to fuel market expansion in this area.
Similarly, North America is predicted to account for a sizable portion of the market during the forecast period due to the rising hazards associated with inferior and counterfeit medications as well as strict regulatory frameworks. The increasing prevalence of medicine counterfeiting in major pharmaceutical and biopharmaceutical firms is fueling the market expansion of RFID technology in this region. RFID is widely used in supply chain management to track assets in real-time. As a result, these occurrences are expected to fuel the expansion of RFID in the local pharmaceutical industry in North America.
Market Segmentation:
By End-User
- Hospitals
- Pharmaceuticals
- Research Institutes and Laboratories
By Type
- RFID Tags and Labels
- RFID Systems and Software
By Application
- Tracking and Tracing of Instruments, Pharmaceuticals, and Samples
- Inventory Accuracy
- Product Authentication
- Pharmaceutical Drug Safety and Anti-counterfeiting
- Patient Safety and Satisfaction
- Others
For more information about this report visit https://www.researchandmarkets.com/r/6nvyz9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
