Global Industry Analysts, Inc., (GIA), a publisher of off-the-shelf market research, announced the release of a new global report predicting the global market for RFID in health care and pharmaceutical markets to reach $1.7 billion by the year 2018.
In the report, entitled “RFID in Healthcare and Pharmaceuticals: A Global Strategic Business Report”, GIA attributes the growth to major factors such as additional functionality offered by RFID when up against conventional technologies, technological advances, and rising issues of counterfeiting and re-labeling of expired drugs in the pharmaceutical industry.
Use of RFID in health care and pharmaceutical industries is driven by the demand for real time locating systems (RTLS) and its use in locating equipment, patients and staff, and in enhancing safety and efficiency of healthcare delivery.
Additionally, tagging of drugs at item-level will eliminate entry of counterfeit drugs, and enable pharmaceutical companies to pinpoint the exact location of a particular stock in case of a recall, record when a patient has taken a medicine and even communicate with them.
Growth in the market is also being fuelled by increasing adoption of the technology in countries such as the US and South Korea and the drive to minimize operational losses.