The global cold chain radio frequency identification (RFID) market is expected to reach $4,531.0 million by 2022, registering a CAGR of 29.1% during the forecast period (2016–2022). The market is mainly driven by the increasing demand for RFID in the pharmaceuticals cold chain supply across the globe.
The cold chain RFID market is expected to grow at the fastest CAGR in the pharmaceutical & biomedical industry. This is majorly attributed to the increasing demand for RFID in the pharmaceutical cold chain supply from regions such as APAC and Europe.
Stringent government mandates are leading to the adoption of cold chain RFID in the refrigeration of F&B and pharmaceutical products. Further, the adoption of cold chain RFID assists producers, transporters, distributors, and warehouse operators in accessing the entire supply chain details for these products. The stringent regulations in developed countries has also forced the major pharmaceuticals and F&B exporter countries, such as India, China, and Brazil to follow the mandates of implementation of RFID in their entire supply chain. Thereby, stringent government mandates would continue to drive the growth of the cold chain RFID market in the forecast period.
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Some of the key players operating in the global cold chain RFID market are Alien Technology Corporation, Checkpoint Systems Inc., Impinj Inc., Nedap N.V., RFID4U (eSmart Source Inc.), Invengo Technology Pte. Ltd., GAO RFID Inc., Avery Dennison Corporation, and SATO Holdings Corporation.
Global Cold Chain Radio Frequency Identification (RFID) Market Segmentation