The global Radio-frequency identification (RFID) smart cabinet market is expected to reach USD 1.4 billion by 2025
Globally, growing need for inventory management in hospitals has led to increased demand and thereby market growth.
Furthermore, advantages associated with RFID smart cabinets such as accuracy, real-time tracking, and lesser inventory waste and equipment losses. All the above factors, decreases the operational cost of hospitals and hence number of hospitals across the globe started to adopt RFID smart cabinets for tracking of various items.
North America dominated the Radio-frequency identification smart cabinet market due to the local presence of market players, government initiatives, availability of innovative products, and advanced healthcare infrastructure. For instance, in March 2015, SATO, a provider of auto-id solutions published their new SATO PJM RFID Smart Cabinet at an annual meeting of the American Academy of Orthopaedic Surgeons, 2015. Other than orthopedic, the device is applicable in management of diamonds. Pharmaceuticals, and other high-value items.
Further key findings from the report suggest:
Increasing demand of Radio-frequency identification smart cabinet across the globe is expected to propel growth at the strong rate with a CAGR of 11.9% from 2017 to 2025
The U.S. accounted for the largest share in North America due to local presence of market players and government support for the better infrastructure in healthcare. WaveMark Inc., Terso Solutions, Mobile Aspects, and Solstice Medical are some of the major players in the U.S.
The industry in Asia Pacific is projected to witness strongest growth during the forecast period owing to growing investment by several clinics and pharmaceutical companies, increasing healthcare expenditure, and rising awareness about RFID smart cabinet. This region is expected to grow at a CAGR of 13.5% from 2017 to 2025.
India is expected to observe the largest growth in Asia Pacific due to implementation of supportive regulations, growing awareness, and increasing export due to compliance with global standards and cost effectiveness of devices.
Economical development in Latin America and investment by pharmaceutical and medical devices companies are likely to propel the market growth. Furthermore, free trade agreements and proximity to North America helps to boost the market growth.
Some key major players include WaveMark, Terso Solutions, Solstice Medical, Mobile Aspects, LogiTag, Tagsys, and GRIFOLS. The market is dominated by the regional players and competing on the basis of price and technology. Increasing adoption of RFID smart cabinets in hospitals along with the pharmaceutical and medical device companies to track the product is likely to drive the market in coming years.