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Growing Need for Inventory Management in Healthcare Sector to Boost Adoption of Radiofrequency Identification (RFID) Smart Cabinet

Press Release   •   Nov 08, 2016 05:41 EST

MarketResearchReports.Biz presents this most up-to-date research on “ Global RFID Smart Cabinet Market 2016-2020 "

The report titled, “Global RFID Smart Cabinet Market 2016-2020”offers insights into all the critical aspects including drivers, trends, competitive landscape, and geographical segmentation of the global RFID smart cabinet market. As per the findings of the report, the market is estimated to rise at a noteworthy CAGR of approximately 14% from 2016 to 2020.

Radiofrequency Identification (RFID) smart cabinets eliminate the risk of stock-outs, prevent shrinkage, equipment losses, and reduce inventory waste and provide real-time and accurate tracking of the inventory. Owing to these benefits, several hospitals worldwide have started adopting RFID smart cabinets for inventory management. The increasing healthcare expenditure and the rising adoption of healthcare information technologies, especially in emerging economies such as China, Brazil, and India, are boosting the demand for these cabinets. Moreover, the advent of private healthcare establishments and increasing diagnostic centers and state-of-the-art hospitals are triggering the adoption of RFID technology. These factors, collectively, are driving the global RFID smart cabinets market.

On the other hand, their high cost of operation is limiting the adoption of these cabinets, which in turn is hampering the growth of the market. Nevertheless, the rising awareness about RFID technology and increasing government regulations favoring the implementation of this technology are likely to shape the future of the global RFID smart cabinet market.

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On the basis of application, the global RFID market is segmented into healthcare and others including discrete manufacturers, retailers, and organizations. The healthcare segment will continue to dominate the market until 2020, accounting for nearly 90% of the overall market revenue. The growing need for inventory management in hospitals is contributing to the growth of this segment.

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Based on geography, the market is segmented into the Americas, Asia Pacific (APAC), and Europe, the Middle East and Africa (EMEA). The Americas will continue to dominate the market in terms of revenue throughout the forecast period. Due to increasing adoption of RFID technology in healthcare infrastructure, the region is expected to expand at a CAGR of about 13% during the same period. Other factors such as rising disposable income and high consumer awareness regarding RFID technology are bolstering the growth of the region.

The global RFID smart cabinet market is highly fragmented and competitive in nature. Factors such as rapid advancements in technology and the presence of a small customer base are likely to intensify the competition among the players over the next few years. The key players in the market are Mobile Aspects, Tagsys RFID, LogiTag, and Wavemark. Some of the other prominent vendors in the market are CoreRFID, Skyetek, Skytron, Solstice Medical, Stanley InnerSpace, and Terso Solutions.