RFID in Pharmaceuticals: Projected Market Value of USD 7.3 Billion by 2032

The RFID in Pharmaceuticals Market reached a valuation of USD 3.8 billion in 2023 and will expand at a CAGR of more than 7.5% from 2024 to 2032. Modern RFID tags now offer enhanced data storage, longer read ranges, and greater durability. These tags can store detailed information about pharmaceutical products, including batch numbers, expiration dates, and manufacturing details, ensuring comprehensive traceability.

Integrating RFID with blockchain technology is gaining traction to secure the pharmaceutical supply chain. Blockchain provides an immutable ledger that records every transaction and movement of RFID-tagged products, ensuring transparency and preventing tampering or fraud. This combination enhances the credibility of tracking information and helps verify the authenticity of pharmaceuticals.

The RFID tags product segment dominated the market, valued at USD 1.7 billion in 2023. RFID tags provide detailed and accurate information about pharmaceutical products throughout the supply chain. Each tag can store a unique identifier and additional data, ensuring that products can be tracked from manufacturing to the point of sale. This traceability is essential for preventing counterfeit drugs and ensuring product authenticity, a critical concern in the pharmaceutical industry.

RFID tags are versatile and can be applied to various types of pharmaceutical products, including individual drug packages, pallets, and medical equipment. This versatility allows for comprehensive tracking and management of inventory at multiple levels, which is a significant advantage for pharmaceutical companies and healthcare providers.

The chipped RFID segment is anticipated to dominate the market by 2032. Chipped RFID tags can store and process detailed information such as product IDs, batch numbers, and expiration dates, which is essential for traceability and regulatory compliance in the pharmaceutical industry. The tags support encryption and authentication protocols, offering superior protection against counterfeiting, which is crucial for ensuring the integrity of pharmaceutical products. These features contribute to segmental growth.

RFID technology enhances the efficiency and accuracy of healthcare supply chain management by providing real-time visibility into the location and status of pharmaceutical products, thereby reducing errors and improving inventory management. This, in turn, increases their demand in the market.

North America RFID in pharmaceuticals market size in 2023 was over USD 1.5 billion and is predicted to grow at a CAGR of 6.6% over the analysis timeframe. Significant investments in healthcare infrastructure in North America contribute to the expansion of RFID systems in pharmaceuticals.

The focus on improving healthcare delivery and patient safety drives the adoption of advanced tracking and tracing technologies. North America leads in the adoption of advanced technologies, including RFID, due to a high level of innovation and infrastructure readiness in the pharmaceutical sector, driving market growth in the region.

Source: https://www.gminsights.com/industry-analysis/rfid-in-pharmaceuticals-market