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.