RFID in Pharmaceuticals Market is Projected to Expand at a CAGR of Approximately 9.0%

Future Market Insights (FMI), in its new study, finds that the radio-frequency identification (RFID) in pharmaceuticals market was valued at over US$ 950 Mn in 2018, and is estimated to register a Y-o-Y growth at approximately 10% in 2019.  Prospects remain remarkable for the RFID in pharmaceuticals industry, as efficiency-led actions of players continue to enhance the reliability and accuracy of their business operations.

The study finds that drug tracing system remains the most lucrative application of RFID in pharmaceutical industry, accounting for approximately 60% sales. Efforts of the FDA, in collaboration with pharmaceutical suppliers, to maintain a secure drug supply in the wake of rising counterfeit drugs prevalence, has encouraged the pharmaceutical industry to use RFID in combination with the electronic product code (EPC) for real-time tracking, tracing, and authentication of drugs.

According to the study, such preventative measures against infiltration of counterfeit drugs are likely to have a positive economic influence on legitimate companies, who are now focusing on the deployment of anti-counterfeiting solutions. Focus of the organized players in the pharmaceutical sector to safeguard authenticity of their products, while creating moats for counterfeiters, will continue to favour growth of the RFID in pharmaceutical market.