RFID in Pharmaceuticals Market Size

RFID in Pharmaceuticals Market Size

RFID in Pharmaceuticals Market size was valued at USD 3.8 billion in 2023 and is anticipated to witness growth at a CAGR of 7.7% between 2024 and 2032. The market is experiencing growth driven by the increasing occurrence of counterfeit drugs, a rising emphasis on optimizing supply chains, and technological advancements in RFID technologies.

The growing occurrence of counterfeit drugs is significantly driving the adoption of RFID technology in the pharmaceuticals market. RFID provides a robust solution for tracking and verifying the authenticity of pharmaceutical products, ensuring that only genuine drugs reach consumers. The increasing complexity and globalization of pharmaceutical supply chains make it easier for counterfeit drugs to infiltrate the market.
 

For instance, according to the World Health Organization (WHO), approximately 11% of medications in developing countries are counterfeit, leading to an estimated 144,000 additional deaths annually from fake antibiotics and anti-malarial drugs alone. These statistics highlight the urgent need for effective solutions like RFID to protect the pharmaceutical supply chain from the growing threat of counterfeit drugs.
 

RFID (radio frequency identification) in pharmaceuticals refers to the use of radio frequency identification technology to track and manage pharmaceutical products throughout the supply chain. RFID involves the use of tags embedded with microchips that store data and can be read remotely by RFID readers. This technology enhances the ability to monitor the location, authenticity, and status of medications from manufacturing through distribution to the point of sale or use.