RFID (Radio-frequency Identification) Smart Cabinets Market Size, Share & Trend Analysis By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2019 - 2026

Report Overview

The global RFID (Radio-frequency Identification) smart cabinets market size was valued at USD 624.2 million in 2018 and is expected to grow at a CAGR of 11.6% over the forecast period. Rising adoption of RFID enabled cabinets due to their widening applications in healthcare and pharmaceuticals domain are likely to drive the market growth over the forecast period. RFID (Radio-frequency Identification) has various applications in hospitals in terms of record maintenance and equipment tracking. Implementation of RFID technology in healthcare facilities has resulted in improved inventory management by limiting the losses associated with the mismanagement of medical supplies.

Automated supply & workflow management systems eliminate the involved manual processes as well as redundant documentation processes that are error-prone and time-consuming. The solutions bring workflows together to save time, reduce costs, and provide seamless functioning for clinical staff and administrators. Automation and Improved workflows free up time and staff can focus completely on patient care.

The implementation of healthcare reforms by China through 13^th Five Year Plan, effective from 2016 to 2020, to provide healthcare to citizens by strengthening healthcare infrastructure is expected to propel the market growth in the country. Rising initiatives undertaken by healthcare facilities to contain the costs through adoption of capable inventory management solutions and supportive government regulations for efficient inventory management of medical supplies are expected to fuel the growth during the forecast period.

RFID smart cabinets are equipped with dashboards to provide alerts when immediate attention is needed in case of inventory management. The interface of these cabinets ensures interoperability with existing systems in the hospitals and other facilities. Improved visibility of the products provides clinicians with the right products at the right time.

Regional Insights

North America dominated the overall market in 2018 in terms of revenue share, followed by Europe. Growing penetration rate of RFID technologies due to availability of a well-developed healthcare infrastructure is one of the major factors responsible for the market growth in North America. The U.S. accounted for the largest share of North America in 2018 due to the high adoption due to affordability of hospitals, the local presence of players, and the presence of sophisticated hospitals.

Countries such as Germany and the UK dominated the European market in 2018 owing to the presence of large government-funded hospital programs. 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 drive 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 fewer regulations for reimbursement than other countries.

Asia Pacific is anticipated to witness the fastest growth rate over the forecast period from 2019 to 2026 due to the increasing awareness about RFID systems. In Asia Pacific, India is expected to grow at the fastest growth rate in the coming years. This is attributed to the implementation of supportive regulations and growing patient awareness. In 2005, India allowed usage of UHF RFID systems up to 4W of RFID power. This enabled Indian manufacturers to export their products due to the global quality standards.

In Latin America, Argentina is expected to grow at a rapid rate 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. Growing awareness, increasing healthcare expenditure in developing countries, and rising adoption in middle- and low-income countries are some of the factors responsible to drive the market during the forecast period.

RFID Smart Cabinets Market Share Insights

Some of the key players operating in the RFID smart cabinets market include Terson Solutions, WaveMark, Inc. Solstice Medical, LogiTag, Invengo Technology BV, Mobile Aspects Inc., and others. Some of the companies are launching innovative products to optimize inventory management in facilities such as hospitals and pharmaceutical companies. For instance, WaveMark, Inc. introduced a supply chain automation system in November 2018. The platform allows hospitals and other healthcare facilities to streamline OR procedures and reduces costs.

In February 2018, the Hospital of Poniente launched Dyane SmartCabinet system that allows automatic implant registration. In July 2016, Terso Solutions, Inc. introduced larger RFID cabinets for operating room supply centers. BJC HealthCare, based in the U.S. and operating in over 12 hospitals, deployed RFID technology for the management of medical supplies throughout their facilities in October 2015. These high frequency systems include cabinets with in-built readers and tags avoiding manual monitoring of inventory management.

RFID (Radio-frequency Identification) Smart Cabinets Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the latest trends in each of the subsegments from 2015 to 2026. For this study, Grand View Research has segmented the RFID smart cabinets market based on region:

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Belgium

    • Poland

    • Netherlands

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Chile

  • Middle East & Africa

    • South Africa