Global RFID (Radio-frequency Identification) Smart Cabinets Market - Segmented by Product Type, End Users, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global RFID (Radio-frequency identification) smart cabinets market is expected to register a CAGR of 11% during the forecast period (2018-2023). RFID smart cabinets play a vital role in equipment tracking and record maintenance to prevent losses related to mishandling of medical supplies as well as real-time elimination of expired items and stock outs. North America is anticipated to dominate the market during the forecast period owing to technological advancement in the development of innovative medical devices in the region and well developed healthcare infrastructure.
Rising Government Funding for Hospitals
The rise in the government funding for hospitals is one of the primary reasons for the growth of the RFID smart cabinets market. According to the National Center for Health Statistics, in the United States, the government spends around 32% on hospital care and nearly 20% on physicians and clinical services. In Australia, nearly USD 40-45 billion was spent in 2013, compared to the amount spent in 2003. With that, RFID applications are high in hospital logistics and operational management. Hospitals in developed markets are highly interested in using the RFID solution to create a hands-free environment with blood transfusions as it has been estimated that each incident results in the extra expenditure of USD 3.5-4 million for the healthcare provider. Thus, the government spending on hospitals plays a major role in the growth of the RFID smart cabinets in the market.
Additionally, rising inventory management in healthcare infrastructure and supply-chain efficiencies are the major drivers for the growth of the RFID smart cabinets market.
Stringent Government Rules and Regulations
The rise of stringent government rules and regulations regarding quality control and personnel safety are the major restrictions for the growth of companies in this market. The government regulations in emerging markets, such as India and Indonesia, are much different from the developed markets. In Malaysia, the certification for RFID equipment has become stringent in recent years. A high number of crucial technical details and documentation are required before staring the Malaysian certification process. Moreover, several countries have their own standards, raising the complexity in the approval of devices in each country. Thus, these factors impede the growth of this market.
North America is the Largest Market
North America is the largest market for global RFID smart cabinets owing to the growing investment from key players in the development of innovative devices and rising adoption of better technologies in the healthcare institutions in the region, followed by Europe. In terms of growth, Asia-Pacific is the fastest growing region due to the rising economy, improving healthcare expenditure, and increasing government initiatives for growth of this market.
Key Developments in the Market
April 2018 - Xecan improved the clinical workflow and patient care via integrating palm, facial recognition, and RFID identification devices with Elekta’s MOSAIQ oncology information system.
March 2018 - Logi-Tag Medical Systems released Scan and Restock RFID technology for low cost-high volume medical supplies inventory management.
Major Players - CORERFID, GRIFOLS INTERNATIONAL, S.A., INNERSPACE, INVENGO TECHNOLOGY PTE. LTD, LOGI-TAG SYSTEMS, MOBILE ASPECTS INC., SKYTRON, SOLSTICE MEDICINE COMPANY, INC, TERSO SOLUTION, AND WAVEMARK, amongst others.
Reasons to Purchase the Report
Current and future global RFID smart cabinets market in the developed and emerging markets
Analysis of various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in Excel)
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