Market Research Reports : Transparency Market Research published new market report “RFID Enabled Smart Cabinets Market for Expensive Hospitals Supplies – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018,” the global market for RFID enabled smart cabinets was valued at USD 286.7 million in 2011 and it is expected to reach an estimated value of USD 609.8 million in 2018, growing at a CAGR of 11.3% from 2012 to 2018.
RFID Smart Cabinet technology has been instrumental in reducing manual efforts in maintaining, tracking and managing inventory in hospitals and promises to reduce losses and misplacement of supplies. These cabinets are responsible for the tracking of expensive drugs and devices as well as maintaining viability of drugs by alerting the medical team in case a drug has expired. RFID is in use in the healthcare sector for the last two decades and promises significant savings to hospitals in terms of losses due to human errors in hospital inventory mismanagement, loss due to theft and incorrect prescriptions for medications.
RFID cabinets in hospitals are common in North America particularly in the United States, where there are few governmental restrictions on the usage of radiofrequencies. The adoption in United States is expected to further increase as awareness among the medical community increases. Along with this, it is expected that in coming years, competitive pricing will help stimulate the growth of these cabinets in hospitals and other healthcare facilities.
Exhaustive data was collected on hospital specialties which deal with expensive materials such as radiology and oncology, orthopedic surgery, cardiovascular surgery, cath labs, and ophthalmology among other departments. The current trend of installing cabinets was then collected from hospitals and manufacturing companies through personal interviews with industry experts and hospital procurement departments with several participants spread across the countries under focus.
The major drivers for the growth of the RFID smart cabinets market is the urgent need for inventory control in hospitals to reduce loss, awareness of RFID technology and its applications, governmental regulations for inventory management, low cost of supporting network equipment (WiFi, ZigBee, Ultrasound) and increasing hospital funding for infrastructure in emerging economies of Latin America such as Brazil and Argentina.
Browse PDF Of This Report With TOC : RFID Enabled Smart Cabinets Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018
Strong factors restricting the growth include initial costs of installing devices and subsequent maintenance which are quite high. Many hospitals consider it as an unnecessary luxury as they give priority to expanding beds in the hospitals. In Europe, a large number of hospitals have been shutting down and reducing the customer base. Shrinking customer base will pose serious challenges to the growth of the market. Besides these, several countries have not opened radiofrequency bandwidths for healthcare and public use. Moreover, established bar-coding techniques are deeply rooted in the healthcare systems of today. There is a reluctance to shift to modern technologies s these simple manual techniques are currently sufficient.
The key competitors in this segment are WaveMark, Terso Solutions, Solstice Medical, Tagsys, Mobile Aspects and LogiTag. There are numerous other local and regional players across the world such as BayNexus, ARC Technologies.
The global RFID enabled smart cabinets market is categorized into the following segments:
- RFID Smart Cabinets, By Region
- North America
- United States
- United Kingdom
- Rest of the World (RoW)
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