Effective Counterfeit Drug Monitoring through Radiofrequency Identification (RFID) to Drive RFID Market in Healthcare to US$5.3 bn by 2020 Transparency Market Research has published a new report on the global radiofrequency identification (RFID) market. According to the report, the global radiofrequency identification (RFID) market is predicted to progress from US$1.9 bn in 2013 to US$5.3 bn by 2020. The report is titled ‘Radiofrequency Identification (RFID) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.’ The counterfeit drug industry has become a real threat worldwide, creating a pressing need to use simple yet effective technology to check this problem. With RFID having proven useful in doing so, its use in the healthcare industry is only expected to rise. The report states that the global radiofrequency identification (RFID) market in healthcare is expected to expand at a 13.90% CAGR from 2014 to 2020.
Radiofrequency identification (RFID), a system based on wireless technology, utilizes radio waves to collect data from a tag that is attached to an object. RFID helps in numerous purposes such as the automatic tracking and identification of objects. Tags, middleware, and readers are three major components of RFID. Active RFID devices are primarily powered by an inbuilt power source whereas passive RFID devices are powered by electromagnetic waves. RFID cabinets and printers have expanded the application scope of RFID in the healthcare industry. Some of the application areas of RFID technology are the retail industry, government, and supply chain and logistics. Major application areas of RFID technology include retail industry, supply chain and logistics, and government. Healthcare, however, accounts for a smaller share of the overall RFID market share. Currently RFID applications in healthcare include equipment tracking, people identification and tracking, medical report and blood transfer monitoring, medicine tracking, and supply chain. Hospitals, pharmaceutical companies and distribution channels are the main customers for RFID technology. Barcode technology has been a major restraint for development of RFID market. Although RFID technology has advantages of automation and accuracy, its acceptance is impeded because of the expenditure as compared with barcode technology. This factor is strong particularly in emerging countries, wherein implementation costs are a substantial deterrent for hospitals. Cost effective and easy implementation and operation have made barcode popular across the globe.