RFID has significant applications in the field of healthcare in terms of equipment tracking and record maintenance. Implementation of RFID has made significant contributions towards proper inventory management in healthcare institutions and in curbing losses associated with the mismanagement of medical supplies. RFID cabinets consist of two components namely the RFID console and the steel/aluminum cabinet. The RFID console is an electronic unit used to register cabinet supplies and the cabinet is used to store information such as date and time of last use, the identity of the person or department who last used it. The North America RFID smart cabinets market is regarded as the most developed market on account of the fact that RFID systems for asset tracking and inventory management are well-adopted technologies in this region and many healthcare institutions have long been using them to reduce errors and increase productivity.
Furthermore, the U.S. generated the maximum demand for RFID smart cabinets in the North American market. High adoption of RFID technologies in this region induced by the presence of a sophisticated healthcare infrastructure is one of the factors responsible for the aforementioned fact. The European RFID smart cabinets follow the North American market in terms of market share. This market is dominated by countries such as the U.K. and Germany owing to the presence of large hospital funding programs undertaken by their respective governments and other non-government organizations. Germany dominated the overall Europe market in terms of revenue share in 2013 at 30.6%. The government of Germany makes regular investments in R&D initiatives pertaining to the applications of RFID in healthcare. For an example, in 2007, the total RFID technology related investments made by the government of Germany were calculated at USD 260.0 million. Moreover, the German Federal Ministry of Education and Research stated that RFID formed a vital part of the country's high-tech strategy - especially its plan to achieve growth in the fields of communications technology and healthcare. Furthermore, the implementation of regulations aimed at cost-control across various healthcare establishments is expected to be a high impact rendering driver for the German RFID. E.g. the implementation of the Diagnosis Related Groups (G-DRG) system in 2003 which applied a “price cap” on hospital remunerations and treatment costs increased the need to implement cost curbing solutions by hospitals via the adoption of newer technologies. Moreover, the dire need to perform effective inventory and asset management to avoid losses associated with theft coupled with previously mentioned stringent regulations is expected to drive market growth over the next six years.
Asia Pacific is regarded as one of the most lucrative markets for RFID smart cabinets. Furthermore, emerging healthcare trends in the Asia-Pacific regions such as the implementation of 12th Five Year Plan in China is encouraging manufacturers to enter these markets and gain by capitalizing on the available opportunities. Indian RFID smart cabinets market is expected to grow at the fastest CAGR of 14.8% from 2014 to 2020. This market is driven by factors such as the implementation of favorable regulations and increasing patient awareness levels. In addition, the approval of the usage of UHF RFID devices up to 4W of RFID power in 2005, enabling Indian manufacturers to export their products and the mandatory need to comply with global quality standards (EPC/RFID, GS1) is expected to boost the demand for RFID smart cabinets market in this country. The Indian RFID smart cabinets market is marked by the presence of a relatively large base of domestic suppliers who only supply RFID smart cabinet related components.
Key players of this market include LogTag, Mobile Aspects Inc., WaveMark Inc., Tagsys RFID Group, Terson Solutions Inc., Solstice Medical LLC and Stanley Innerspace.
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