Dublin, June 27, 2023 (GLOBE NEWSWIRE) -- The Global RFID (Radio-frequency Identification) Smart Cabinets Market, 2023-2029 report has been added to ResearchAndMarkets.com's offering.
The Global RFID (Radio-frequency Identification) Smart Cabinets Market is expected to reach $2.8 billion by 2029, rising at a market growth of 9.2% CAGR during the forecast period.
Growing need for effective & efficient inventory management
A major driver anticipated to fuel the expansion of the market for RFID-enabled smart cabinets is the growing necessity to control the inventory costs of high-value goods. These solutions rely on real-time data to automate physician workflows & streamline supply chain management communication processes. As a result, it cuts down on time, money, and manual labor required to store, track, maintain, and handle expensive materials in surgical settings such as cardiovascular, interventional radiology, oncology, orthopedics, and catheterization labs. Additionally, RFID-enabled smart cabinets offer several advantages, such as enhanced inventory control, increased patient safety, a higher return on investment, and automatic movement tracking, all of which are anticipated to fuel market expansion.
Increasing automation of healthcare logistics from patient perspective
By streamlining tasks related to managing the complete traceability of materials or obtaining data on consumption per patient, logistic system automation allows advancement toward effective per-patient management models. Without this automation, these tasks would be virtually impossible due to the significant amount of resources and staff time that would be needed. Barcodes and, more recently, radio-frequency identification (RFID) are automatic identifying technologies created to manage traceability effectively. In light of this, the demand for RFID smart cabinets is estimated to surge in the upcoming years.
Problems with radio frequency which may lead to inefficiency of RFID-enabled cabinets
The radio frequency is both the strength and the weakness of RFID, and it may even be one of its drawbacks. RFID can operate only when the RF signal is strong enough. As a result, electrostatic Discharge (ESD) harm to tags is possible. Tags attached to insulating materials, such as plastics, may be impacted by this. The issue is typically brought on by friction, which can happen when objects rub against one another and generate an electrostatic charge. This could happen during production, processing, delivery, and handling. ESD can damage and impair any electronic equipment, including RFID technology. These problems could lead to RFID smart cabinets becoming infected, which would decrease their adoption and impede market expansion.
Component Outlook
Based on component, the RFID (Radio-frequency Identification) Smart Cabinets Market is characterized into RFID antenna, RFID reader, RFID tag, and others. In 2022, the RFID tag segment held the highest revenue share in the RFID (Radio-frequency Identification) Smart Cabinets Market. A microprocessor and an antenna make up this tiny electronic device. It is intended to wirelessly transfer and store data using radio waves. As a result, businesses can identify and manage their assets and inventories more effectively and efficiently due to the flexible and commonly used technology known as RFID tags.
End-user Outlook
Based on end user, the RFID (Radio-frequency Identification) Smart Cabinets Market is bifurcated into hospitals & clinics, bio-pharmaceutical companies and others. The bio-pharmaceutical segment acquired a substantial revenue share in the RFID cabinets market in 2022. RFID is gaining popularity and demand in the pharmaceutical business because it promises a more secure and responsible supply chain and FDA support for the technology. In the item-level biopharmaceutical supply chain, the FDA advises the broad adoption of RFID, such as RFID smart cabinets. RFID can reduce stock-outs by giving precise and simplified information on inventory levels, location, transfers, and replenishments.
Regional Outlook
Region wise, the RFID (Radio-frequency Identification) Smart Cabinets Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region garnered a significant revenue share in the RFID (Radio-frequency Identification) Smart Cabinets Market in 2022. The regional market is expanding due to greater use of this product in this area, increased awareness of the product, affordable hospitals, modern hospitals, and local player presence. Additionally, it is anticipated that the RFID smart cabinet market will expand due to the adoption of encouraging laws for system cost control across several healthcare companies.
Competition Landscape Analysis
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include:
- Grifols, SA
- Invengo Technology Pte. Ltd.
- Alien Technology, LLC
- Impinj, Inc.
- Honeywell International, Inc.
- Stanley Healthcare (Securitas)
- Motorola Solutions, Inc.
- Siemens Healthineers AG (Siemens AG)
- 3M Company
- IBM Corporation
COVID-19 Impact Analysis
COVID-19 has had a favorable impact on the growth of the RFID (Radio-frequency Identification) Smart Cabinets Market. Medical equipment and supplies were in high demand throughout the pandemic era. In turn, this increased demand for RFID smart cabinets by necessitating efficient and effective inventory management solutions. Particularly in the healthcare sector, the pandemic has significantly impacted the demand for radio-frequency identification smart cabinets. Hospitals increasingly use this technology to manage inventory, find and treat infections, and stop the spread of viruses, which has increased demand. Widespread use has been made of wireless communication tools for equipment identification and tracking.
Scope of the Study
By Component
- RFID Tags
- RFID Readers
- RFID Antenna
- Others
By End-user
- Hospitals & Clinics
- Bio-Pharmaceutical Companies
- Others
By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/mleddx
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachments
