Global RFID in Pharmaceutical Market: Overview
The pharmaceutical segment is a key industry, where the necessity for new advancements to lighten the toll of sham items is creating a need for higher investments. The move of the pharmaceutical area toward verifying legitimacy of medications created and promoted have unlocked numerous growth prospects for RFID innovation in the pharmaceutical industry. Lately, there has been tremendous progress in utilizing RFID in a wide range of territories, thereby circumventing the RFID in pharmaceutical market’s growth.
This rising penetration of RFID in the pharmaceutical industry has encouraged Transparency Market Research to conduct a comprehensive analysis of the global RFID in pharmaceutical market. TMR’s study sheds light on the key happenings in the market and its impact on the competitive scenario. It details out the key winning strategies deployed by the leading players in the market and also highlights the impact of changing consumer demographics on the market’s growth.
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Global RFID in Pharmaceutical Market: Notable Developments and Competitive Landscape
Leading pharmaceutical companies analyzing the capability of RFID innovation in medication shipments. These enterprises are increasingly centered around deploying real-time tracking solutions to strengthen their distribution channels. RFID in pharmaceutical is witnessing an uptake due to growing need for authenticating drug supply. Listed below are a few notable developments in the market:
- IBM’s new ePedigree feature on its WebSphere RFID Information Center will permit all members in the drug supply network, such as wholesalers, manufacturers, drug stores and clinics – secure and on interest access to chronicled information on individual packages of medicines or bottles. It also allows the trading partners to authenticate pharmaceuticals.
- Smartrac’s HF 13.56 MHz ISO-compliant RFID technology has proven to be highly useful in the medical and pharmaceutical industries for asset tracking. It is extensively used in automated self checkout for applications such as rental item level and library tagging. It is also used in customer loyalty card applications. The development of this technology has opened the doors for several new growth opportunities for the RFID in pharmaceutical market.
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Prominent companies functioning in the RFID in pharmaceutical market comprise:
- Hewlett-Pakard
- Alien Technology
- Siemens, Motorola, Inc.
- Toshiba Tech
- Texas Instruments
Global RFID in Pharmaceutical Market: Key Drivers
RFIDs keep on increasing strong appeal in the pharmaceutical business, as they take out the equipment related difficulties related with their chipped partners. Also, RFIDs without ICs suggest at noteworthy cost decrease of the segment, thus supplementing their improvement and request on a wide scale. Gains in the RFID in pharmaceutical market will gain traction by risingg popularity of RFID labels holding a substantial share in the global RFID in pharmaceutical market.
Drug manufacturers are anticipated to hold lion’s share in the RFID in pharmaceutical market, who are continually stressing on guaranteeing the genuineness of their items in the market. Appropriation is relied upon to observe high-development among drugs wholesalers and emergency clinics and facilities.
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Global RFID in Pharmaceutical Market: Regional Analysis
There are numerous growth opportunities for RFID in pharmaceutical market in rising economies such as Brazil, China, GCC nations, and India. Administrative bodies in these nations are executing stringent standards regarding quality and dependable medications, as these travel through the dispersion arrange from makers to customers. Additionally, North America is perceived to remain a lucrative market for RFID in pharmaceutical, followed by Europe. The growth in these regions is mainly attributable to rising exports of pharmaceutical drugs.
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