Some benefits of using smart labels in the healthcare sector are briefly described below.
- Clinical Trial Labelling: The tracking of medication consumption during clinical phase testing processes can be improved using the smart label technology. This can also enable the Food and Drug Administration (FDA) of the United States to enhance the efficiency of the drug approval process and decrease the time required for the same, by improving tracking and accountability.
- Inventory Management: In order to gain an accurate insight on inventory, manufacturers required enhances visibility throughout the supply chain. Lack of such visibility can often lead to multiple challenges, including increased inventory. On the other hand, use of smart labels can mitigate this challenge, eventually enabling reduction in overall costs.
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Medical Device and Asset Tracking: RFID offers a wide range of possible applications for the medical device industry. Medical device manufacturers are required by the FDA to be able to identify each item by a unique serial number, as device recalls might happen more than 50% of the time. Therefore, medical device producers need to exercise more control.
- over implants that are on consignment with the hospitals. Faster redeployment would be possible with RFID technology that enhances visibility into returns, as the business is more aware of when an unused product might be returned.
- Patient Tracking: In case of medical emergencies, when immediate treatment is required, smart label equipped patient badges can help in patient identification in order to ensure safety of patients.
- Product Tracking: Currently, hospitals and industry stakeholders are required to keep track of radioactive isotopes wherever they are located, from storage to transit to administration to disposal. These processes may be automated with RFID tags and scanners, saving time and resources. Seal integrity for containers and individual items may be checked with active RFID tags that have read / write capability. Even issues that arise in the middle of a shipment can be identified due to the tag's ability to record the timing and length of seal loss.
- Supply Chain Tracking: Smart label tracking across the supply chain provides businesses with the knowledge of the whole sourcing and product path and aids in preventing grey market diversion, selling of goods by unauthorized reseller.
Based on type of technology our estimates suggest that the overall market is likely to be driven by revenues generated through RFID; this can be attributed to the fact that RFID represents the highest percentage of the total smart labels market in 2022. According to our projections, presently, the smart pharmaceutical and healthcare labels market markets in North America and Europe are likely to capture the highest (67%) share.
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About Roots Analysis
Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights.
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