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.
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
- Canada
- United States
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Spain
- Belgium
- Netherlands
- Poland
- Asia-Pacific
- Australia
- Japan
- China
- India
- Rest of the World (RoW)
- Middle-East
- Brazil
- Argentina
- Chile
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Sheela AK
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Sheela AK
90 Sate Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
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