The global RFID (Radio-frequency Identification) smart cabinets market size
is expected to reach USD 1.5 billion by 2026, according to a new report by
Grand View Research, Inc. expanding at a CAGR of 11.6% over the forecast
period. The rising need for proper inventory management in hospitals as well as
pharmaceutical companies has led to increased demand for RFID smart cabinets
and thereby market growth.
The advantages associated with RFID smart
cabinets include data accuracy, real-time tracking, and lesser inventory waste
& equipment losses. These factors decrease the operational costs of
hospitals and pharmaceutical companies, and therefore, the hospitals have
started to adopt RFID smart cabinets for tracking of various items across the
globe.
The medical devices used for surgeries and
other medical procedures are expensive therefore require proper maintenance and
tracking of these high value hospital inventory. RFID smart cabinets have
enabled hospitals to eliminate the costs by avoiding misplacement, theft of
expensive medical devices, and tracking the expiration of high value drugs. By
deploying RFID smart cabinets various companies have controlled the operating
cost.
North America dominated the Radio-frequency
Identification (RFID) smart cabinet market due to the local presence of market
players, government initiatives, availability of innovative products, and
advanced healthcare infrastructure. Increasing demand of RFID smart cabinets is
expected to propel growth at the strong rate with a CAGR of 11.6% from 2019 to
2026.
Browse full research report on RFID
Smart Cabinets Market: https://www.grandviewresearch.com/industry-analysis/rfid-industry
Further Key
Findings From the Study Suggest:
- 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.
- India is expected to witness the fastest
growth rate 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
- Economic 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 in RFID Smart
Cabinets Market are WaveMark, Terso Solutions, Solstice Medical, Mobile
Aspects, LogiTag, Tagsys, and GRIFOLS. The market is dominated by the
regional players and they are competing on the basis of price and
technology. Increasing adoption of RFID smart cabinets in hospitals along
with the pharmaceutical and medical device manufacturers for inventory
management is likely to drive the market in coming years.
- In June 2018, Prodigy Health, a drug
distributor company, announced their purchase & license contract for
their Prodigy Connect Real RFID solution.
- In June 2019, LogiTech reported that over 90%
of hospitals in Israel deploy RFID technology for the management of
medical supplies.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/rfid-industry/request/rs1
Grand
View Research has segmented the global RFID smart cabinets market based on
region:
RFID Smart
Cabinets Regional Outlook (Revenue, USD Million, 2015 - 2026)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Belgium
- Poland
- Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Middle East &
Africa
- South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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