Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Radio-frequency Identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. RFID-enabled smart cabinets track drugs and devices and alerts the medical team in case any drug has expired.

Statistics:

The global RFID-enabled smart cabinets market is estimated to account for US$ 1,659.8 Mn in terms of value by the end of 2027.

Global RFID-enabled Smart Cabinets Market: Drivers

Need to manage inventory cost of high-value supplies is expected to propel growth of the global RFID-enabled smart cabinets market over the forecast period. RFID-enabled smart cabinets relies on real-time data to automate clinician workflows and streamline communication processes for supply chain management. It eliminates the cost, time and manual efforts spent to store, maintain, track and manage high-value materials in surgical settings of hospitals such as cardiovascular, interventional radiology, oncology, orthopedics and catheterization labs.

Moreover, various benefits of RFID-enabled smart cabinets are also expected to aid in growth of the market. For instance, RFID-enabled smart cabinets offer improved inventory management, return on investment, improved patient safety, and automatic recording of movements.

Statistics:

North America held dominant position in the global RFID-enabled smart cabinets market in 2019, accounting for 55.3% share in terms of value, followed by Europe and Asia Pacific, respectively

Figure 1: Global RFID-enabled Smart Cabinets Market Share (%) Value, By Region, 2019

RFID Enabled Smart Cabinets  | Coherent Market Insights

Global RFID-enabled Smart Cabinets Market: Restraints

Use of conventional lock & key cabinets is expected to hinder growth of the global RFID-enabled smart cabinets market. Most hospitals in developing regions and countries are still utilizing conventional lock & key cabinets and freezers to store devices and medicines. Since the system has been working in most areas, priority to funding is given more to expansion of healthcare specialties, functions and departments.

Moreover, cost of deployment of RFID-enabled smart cabinets also limits the market growth. The installation and maintenance cost varies from US$ 20,000 to US$ 50,000. Hospitals in developing regions cannot be expected to incur such costs.

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RFID Enabled Smart Cabinets Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 609.8 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 11.8% 2027 Value Projection: US$ 1,659.8 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe
  • Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: North Africa, Central Africa, South Africa
Companies covered:

LogiTag, Mobile Aspects, Inc., Solstice Medical LLC, Stanley Innerspace, Invengo Technology Pte. Ltd., Terso Solutions, Inc., and WaveMark Inc. (Cardinal Health)

Growth Drivers:
  • Approval and launch of new products
  • Increasing adoption of expansion strategies from major players
Restraints & Challenges:
  • Product recall
  • High Cost

Global RFID-enabled Smart Cabinets Market: Opportunities

Efforts to increase consumer awareness is expected to offer lucrative growth opportunities for players in the global RFID-enabled smart cabinets market. There is low penetration of RFID technology in healthcare / hospital sector. Thus, vendors may focus on increasing consumer awareness and developing targeted marketing programs.

Moreover, increasing burden on the healthcare sector due to emergence of Covid-19 is also expected to boost demand for RFID-enabled smart cabinets. For instance, as of 1:57 pm CEST, 14 June 2020, there have been 7,690,708 confirmed cases of COVID-19, including 427,630 deaths worldwide, as to the World Health Organization.

Statistics:

The global RFID-enabled smart cabinets market was valued at US$ 680.3 Mn in 2019 and is forecast to reach a value of US$ 1,659.8 Mn by 2027 at a CAGR of 11.8% between 2020 and 2027.

Figure 2: Global RFID-enabled Smart Cabinets Market Value (US$ Mn), 2016 – 2027

RFID Enabled Smart Cabinets  | Coherent Market Insights

Market Trends/Key Takeaways

Any human contact with endoscopes increases the possibility of transmission of disease. RFID technology can enable scopes to provide alert regarding re-washing, thereby reducing the possibility of transmission of disease.

Need for effective supply chain management is expected to aid in growth of the market. For instance, according to the fourth annual Cardinal Health Hospital Supply Chain Survey in May 2019, clinicians spend more than twice the amount of time they would like to on supply chain-related tasks, which reduces their time with patients and increases stress levels.

Global RFID-enabled Smart Cabinets Market: Competitive Landscape

Major players operating in the global RFID-enabled smart cabinets market include. LogiTag, Mobile Aspects, Inc., Solstice Medical LLC, Stanley Innerspace, Invengo Technology Pte. Ltd., Terso Solutions, Inc., and WaveMark Inc. (Cardinal Health).

Global RFID-enabled Smart Cabinets Market: Key Developments

May 2020: LogiTag announced that the division of cardiology at the Tel Aviv Sourasky Medical Center collected usage data with Snap & Go. The company’s solution will manage more than 2,000 stents, balloons, catheters and other implants used in the center. Moreover, 18 Smart Cabinet and 4 Snap and Go technology will be used to maintain accuracy of charge capture inventory reduction.

RFID-enabled Smart Cabinets uses electromagnetic fields to automatically identify and track tags attached to objects. These cabinets track drugs and devices and alerts the medical team in case any drug has expired. Increasing implementation of standard asset management system across hospitals is expected to propel growth of the global RFID-enabled smart cabinets market over the forecast period. Furthermore, major players in the market are focused on launching new products to expand their product portfolio.

Key features of the study:

  • This report provides in-depth analysis of the Global RFID-enabled Smart Cabinets market  and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020–2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategy adopted by key players
  • It profiles key players in the Global RFID-enabled Smart Cabinets market  based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include, LogiTag, Mobile Aspects, Inc., Solstice Medical LLC, Stanley Innerspace, Invengo Technology Pte. Ltd., Terso Solutions, Inc., and WaveMark Inc. (Cardinal Health)
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics
  • The Global RFID-enabled Smart Cabinets market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global RFID-enabled Smart Cabinets market

Detailed Segmentation:

  • Global RFID-enabled Smart Cabinets Market, By Region:
    • North America
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Country
        • North Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • LogiTag *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • Strategies
    • Mobile Aspects, Inc.
    • Solstice Medical LLC
    • Stanley Innerspace
    • Invengo Technology Pte. Ltd.
    • Terso Solutions, Inc.
    • WaveMark Inc. (Cardinal Health)
  • “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Region
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • Product launch
    • PEST Analysis
    • Technological Advancements
    • Regulatory Scenario
    • Mergers and Acquisitions
    • Impact of COVID19 on the market
  4. Global RFID-enabled Smart Cabinets Market, By Region, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2026
    • North America
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Germany
        • U.K.
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  5. Competitive Landscape
    • Company Profiles
      • LogiTag
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Mobile Aspects, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Solstice Medical LLC
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Stanley Innerspace
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Invengo Technology Pte. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Terso Solutions, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • WaveMark Inc. (Cardinal Health)
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  6. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 18 market data tables and 10 figures on “RFID-enabled Smart Cabinets Market - Global forecast to 2027”.

Frequently Asked Questions

The Global RFID-enabled Smart Cabinets market size was valued at US$ 680.3 million in 2019 and is estimated to exhibit a CAGR of 11.8% between 2020 and 2027.
Asia Pacific is anticipated to grow at a higher rate of CAGR during the forecast period owing to an increase in consumer awareness, increasing healthcare infrastructure, and advantages of RFID- enabled smart cabinets is expected to assist the market growth.
Major factor driving the growth of Global RFID-enabled Smart Cabinets market during the forecast period increasing implementation of standard asset management system across healthcare settings, and adoption of expansion strategies from major companies.
Major factors hampering the growth of the Global RFID-enabled Smart Cabinets market during the forecast period constitutes of strong competition from conventional lock & key cabinets.
North America market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are LogiTag, Mobile Aspects, Inc., Solstice Medical LLC, Stanley Innerspace, Invengo Technology Pte. Ltd., Terso Solutions, Inc., and WaveMark Inc. (Cardinal Health).
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