A Six-Fold Increase in Revenue Expected for RFID in Healthcare and Pharmaceutical Applications Market

Frost & Sullivan The RFID market is still in its nascent stages within the healthcare vertical. The business case for the healthcare market has immediate perceivable benefits as compared to other verticals that are still struggling to define the potential returns of adoption. The potential returns and benefits of RFID adoption go beyond just efficient supply chains and economic value to critical issues such as patient safety and process efficiency. RFID would help improve the process of developing drugs and running clinical trials of drugs, increasing patient safety, managing critical care assets and hospital equipment and cutting down on counterfeiting and diversion of pharmaceutical products.

Te RFID in healthcare and pharmaceutical applications markets earned revenue of $370 million in 2004 and estimates to reach $2,318.8 million in 2011.

The late adoption of barcode technology by the market has meant that the technology is still popular among pharmaceutical and other healthcare applications. The current price of RFID technology would also suggest that a complete replacement of bar codes is unlikely and co-existence of both technologies is expected for the next 10 years.

World RFID in Healthcare and Pharmaceutical Applications Markets Publ. 20051130