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RFID in Pharmaceutical Market to reach USD 7.57 Bn at a CAGR of 7.5 percent by 2030- Says Stellar Market Research
The segmentation by type, component, distribution channel, and application aids in understanding the target audience, emerging trends, and market composition. Primary and secondary research techniques are combined in research studies on the RFID in Pharmaceutical market. Both qualitative and quantitative analyses are employed using tools like SWOT, PESTLE, and Porter's Five Forces to guide investment and marketing decisions.
The World Health Organization (WHO) estimates that up to 10% of medications in low- and middle-income countries are counterfeit, making counterfeit pharmaceuticals a serious concern. Radio Frequency Identification (RFID) technology helps to mitigate the risks associated with counterfeiting, which costs the pharmaceutical industry an estimated $200 billion in revenue losses annually and puts patients' health at serious risk. RFID in pharmaceutical technology meets the critical need for tracking and verifying medications through the supply chain. The demand for RFID in pharmaceutical is increasing as it not only ensures the authenticity of drugs but also aids in preventing medication errors, which affect more than 1.5 million patients in the U.S. annually. Research by SMR, states that RFID implementation results in up to 80% less inventory shrinkage, which translates into significant cost savings. Additionally, strict regulations that provide detailed and accurate records of the handling and transportation of pharmaceutical products are enforced for the pharmaceutical industry. RFID technology makes it simple to comply with these regulations while ensuring the integrity and safety of these goods. Analysing the competitive landscape, including major players helps identify market opportunities and potential competitive advantages.
The rapid rise of the pharmaceutical sector in China and India , which rank among the world's top manufacturers and users of pharmaceuticals are making significant investments in cutting-edge technology to boost the effectiveness of their supply chains and guarantee adherence to international norms. The China RFID in pharmaceutical market has been observing growth as the government and regulatory bodies have taken the initiative to enact laws that improve medication safety and traceability. China is making significant investments in the creation of RFID-enabled IoT infrastructure and smart logistics. It is expected that by 2025, Chinese investments in the Internet of Things will surpass $300 billion by increasing efficiency lowering the danger of counterfeiting, and accelerating the adoption of RFID in the pharmaceutical supply chain. Additionally, the growing cost of healthcare in India is a major driver behind the use of RFID technology in pharmaceuticals. The need for RFID in the pharmaceutical industry is further supported by the growing adoption of smart logistics and digital health solutions. Countries at the forefront of RFID technology development include South Korea and Japan , which creates an atmosphere that is favorable to the adoption of RFID in pharmaceutical industry.
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Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
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View original content: https://www.prnewswire.co.uk/news-releases/rfid-in-pharmaceutical-market-to-reach-usd-7-57-bn-at-a-cagr-of-7-5-percent-by-2030--says-stellar-market-research-302194879.html