RFID (Radio-frequency Identification) Smart Cabinets Market Report

RFID (Radio-frequency Identification) Smart Cabinets Market Analysis By Country (Poland, UK, Netherlands, Belgium, U.S., Canada, Mexico, India, China, Brazil, Japan, Australia, Argentina, Germany, France, Chile), And Segment Forecasts, 2014 - 2025

Published: July 2017  |  70 Pages  |  Format: PDF  |  Report ID: 978-1-68038-019-4

Industry Insights

The global RFID smart cabinet market size was estimated at 505.7 million in 2016. Widening application and increasing adoption are likely to drive the growth of the market in coming years.

RFID has considerable applications in hospitals in terms of record maintenance and equipment tracking. Implementation of Radio-frequency identification technology in healthcare institutions has made significant contribution in proper management of inventory. It helps in limiting the losses associated with the mismanagement of medical supplies.

Global RFID smart cabinet market by region, 2014 - 2025 (USD Million)

Global RFID smart cabinet market

The implementation of healthcare reforms by China through 12thFive Year Plan to provide healthcare to their citizens by strengthening healthcare infrastructure and other regulations are expected to be critical for market development in coming years.Increasing initiatives undertaken by healthcare institutions to limit the costs through adoption of capable inventory management solution and supportive government regulations for efficient inventory management of medical supplies in healthcare are expected to fuel the growth during the forecast period.

Regional Insights

Asia Pacific is considered to be the most lucrative region for Radio-frequency identification smart cabinets and is attributed to increasing awareness and adoption of systems. India is expected to grow at the fastest CAGR from 2017 to 2025. This is attributed to the implementation of supportive regulations and growing patient awareness. Furthermore, India allowed using UHF RFID systems up to 4W of RFID power in 2005. This enabled Indian manufacturer to export their products as they became comply with global quality standards.

North America dominated the global market in 2016. More penetration of RFID technologies due to availability of a well-developed healthcare infrastructure is one of the major factors responsible for the dominance of the region. The Europe RFID smart cabinet market follows the North America in terms of market size. Europe was dominated by countries such as the Germany and UK in 2016 due to the presence of large hospital funding programs by their respective governments and other non-government organizations.

Country Insights 

By country, the U.S. accounted for the largest share of the region in 2016. This was attributed to high adoption due to affordability of hospitals, local presence of players, and presence of sophisticated hospitals.

In Europe, Germany is one of the lucrative regions due to government support for R&D funding and designing favorable regulations. For instance, the implementation of favorable regulations for cost-control of systems across various healthcare institutes is expected to drives the German RFID smart cabinet market. To determine quality value of medical products and services, Germany established Institute for Quality and Efficiency in Health Care (IQWiG) in 2004. If the new device is innovative and useful for healthcare improvement, IQWiG applies very fewer regulations for reimbursement than other countries.

North America RFID smart cabinet market by country, 2016 (%)

North America RFID smart cabinet market

Growing awareness, increasing healthcare expenditure in developing countries, and rising adoption in middle- and low-income countries are the other factors that are anticipated to drive the market during the forecast period from 2017 to 2025.

By country, Argentina is expected to observe the fastest growth during the forecast period. This is due to proximity to growing investment by market players, growing adoption, free trade agreements in Latin America, and increasing healthcare expenditure.

Competitive Insights 

The industry was dominated by regional players and competing on the basis of price and technology. Major players operating in the RFID smart cabinet market include Terson Solutions, WaveMark, Solstice Medical, LogiTag, Invengo Technology BV, Mobile Aspects Inc., and others.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2016

Forecast period

2017 - 2025

Market representation                                                

Revenue in USD Million and CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, U.K.,Belgium, Poland, Netherlands, Spain, France, China, Japan, India, Australia, Brazil, Argentina, Chile

Report coverage             

Revenue forecast, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global RFID smart cabinet market on the basis of country:

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Belgium

      • Poland

      • Netherlands

      • Spain

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • Japan

      • India

      • Australia

    • Central & South America

      • Brazil

      • Argentina

      • Chile

    • Middle East & Africa 
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