It is estimated that passive UHF tags are expected to increase by more than 40% for RIFF healthcare and pharmaceutical applications in mature markets of North America, Europe, China, the Republic of Korea, and Japan between Andean 2020. Increasing concern for patient safety, return on investment and cost savings by capitals and healthcare institutions, decreasing cost of hardware and software, and technological advancements to improve the accuracy levels are the major drivers of the asset management market in hospitals.
The technical issues, operational challenges, privacy data security and integrity issues and implementation costs & budgetary constraints are the major hurdles hampering the market growth. Drug counterfeiting application in pharmaceuticals industry has been gaining its importance due to the stringent regulations and rising concern of increasing fake rugs across the world. Drug counterfeiting and enhanced supply chain are the major applications of RIFF in the pharmaceutical asset management market.
The asset management market in pharmaceuticals was less than $320 million in 2012 and poised to grow at more than 25. 0% CARR in the next 5 years. North America is the dominant market for healthcare/pharmaceutical asset management market with more than 44% of the global market share. Asia is expected to grow at the highest CARR of 23. 7% from 2012 to 2017 due to rising awareness and rowing demand for enhanced supply chainman government efforts to standardize the RIFF technology in countries such as China and India.