San Francisco, California, July 20, 2017 : A recent report from TMR Research has detected that the market for RFID in the pharmaceutical industry is currently in developing stage, with enormous growth possibilities. The report, titled “RFID in Pharmaceuticals Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” notes that the FDA has played a pivotal role in escalating the adoption of radio frequency identification (RFID) technology in the drug delivery market as it helps in strengthening the anti-counterfeiting and track-and-trace efforts.
The report, developed by a group of professional and experienced market research analysts, aspires to serve as a credible business tool for the pharmaceutical companies, distributors and traders of pharmaceuticals, government regulatory bodies, and research associations. The report provides in-depth assessment of all vital factors that will determine the demand for RFID in pharmaceuticals in the near future, segments it into smaller aspects, and profiles a number of key players to gauge the competitive landscape.
As per the findings of the report, RFID technology is quickly proving its proficiency in managing the supply chain, reducing errors with robust storage of information, enhanced staff efficiency in serving the patients, and reduction in labor requirements, which altogether helps in providing improved healthcare experience to the patients. As pharmaceuticals deal with a sensitive field, RFID technology has a few hindrances to face too, such as tampering issues, compatibility, standardization, and technical issues. High cost of implementation is another strong repulsive force faced by the market for RFID in pharmaceuticals.
Product-wise, the global RFID in pharmaceuticals market can be segmented into systems and tags, for tracking assets, pharmaceuticals, and patients as well as blood monitoring. Geographically, the report takes stock of the potential of the RFID in pharmaceutical market in all important regions such as North America, Europe, Asia Pacific, and the Middle East and Africa. Currently, North America with developed countries such as the U.S. and Canada as well as Europe with the U.K., Germany, and France, are the two most profitable regions, although Asia Pacific too is expected to increment the demand in the near future with improving healthcare infrastructure.
The vendors operating in the RFID in pharmaceuticals market are focused on developing advanced products which can not only improve the visibility but are easily compatible with the delivery package. Several leading pharmaceutical companies have poured their financial might as well as technological ability to provide ample of boost for this market. Some of the key companies currently operating in this market are Hewlett-Packard, Alien Technology, IBM Corporation, Motorola, Inc., Siemens, Toshiba Tech, Zebra Technologies Corporation, and Texas Instruments.