FELTON, California, November 27, 2017 /PRNewswire/ --
The global Radio-frequency identification (RFID) smart cabinet market was estimated at USD 505.7 million in 2016 which is anticipated to grow at a CAGR of more than 11.0% during the forecast period. The growth is attributed to increasing inventory management in healthcare infrastructure especially in hospitals. RFID are used in proper tracking of equipment, medicines, and maintenance of the records. Furthermore, it eliminates the stock-outs risk, curbing inventory wastages and thus reducing the overall losses. The benefits of the systems have led to increasing adoption in various hospitals around the world.
RFID console and steel or aluminum cabinets are the two components of the smart cabinets. The smart RFID console is an electronic unit which is utilized in registering the cabinet supplies. This cabinet stores data such as person identity, department entry along with date and time of last use. Thus, help in reducing the shrinking and improvising the overall supply chain.
North America is dominating the market by being the most developed Radio-frequency identification smart cabinets. This is attributed to the well-developed and more adoption of the technologies in various healthcare institutions in this region. The North America is also expected to dominate the market during the forecast period. In North America, the U.S. market is expected to dominate as it is creating maximum demands for RFID smart cabinets.
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The European market is the second largest in Radio-frequency identification smart cabinet market, owing to the growing investments and funding by the government as well as the non-government organization. For instance, research and development worth of USD 260 million in 2007 was invested by the German government. Furthermore, the increasing adoption of RFID cabinets in tracking assets and its management has increased the productivity. Hence, increases the RFID smart cabinet market.
Asia Pacific is expected to be the fastest-growing region over the forecast period owing to the advancement in technologies, growing healthcare infrastructure, and increase adoption of RFID smart cabinets due to growing affordability. The RFID smart cabinet market is dominating in China and India in Asia Pacific. For instance, in India, the approval of UHF RFID in 2005, enabled Indian manufacturer for exporting it worldwide which propel the India RFID smart cabinets market. Furthermore, increasing awareness amongst the healthcare people and better government initiatives also contributes to the growth of the market.
Entry of various players in the market increases competition. Some of the major players are Mobile Aspects Inc., Tagsys RFID group, LogTag, Stanley Innerspace, Terson Solutions Inc., and Solstice Medical LLC.
Advancement in technologies and adoption of the same are the key strategies deployed by market players to remain competitive. For instance, Terso's TS030 25 Cubic Foot RFID Cabinet is indicated to regulate products in a wider range of markets which including clinical trials, clinical labs, medical, biotechnology and; life sciences.
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RFID Smart Cabinets Regional Outlook (Revenue, USD Million; 2012 - 2020)
• North America
• Latin America
• Asia Pacific
Regional coverage of the database includes:
• North America
• Latin America
• Asia Pacific
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