Radio-frequency Identification (RFID) offers better automation in tracking and inventory control of drugs and devices. It involves minimum human involvement, which significantly reduces errors. It can store voluminous data about usage, sanitation, inventory capacity along with any additional parameters.
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
Regulatory advisory to implement standard asset management system across hospitals is expected to propel growth of the global RFID-enabled smart cabinets market over the forecast period. For instance, GS1 is a not-for-profit organization that helps to prevent medication errors, enable effective recalls and supports clinical processes in order to increase patient safety and drive supply chain efficiency. The European Article Numbering Association and Uniform Code Council’s Electronic Product Code (EPC) enables GS1 standards to be used for RFID.
Global RFID-enabled Smart Cabinets Market: Opportunities
Manufacturing cabinets that conform to globally accepted quality standards is expected to offer lucrative growth opportunities for players in the global RFID-enabled smart cabinets market. If the vendors / suppliers manufacture GS1 compliant RFID-enabled smart cabinets, they can gain competitive advantage over peers.
Global RFID-enabled Smart Cabinets Market: Restraints
Potential danger to functioning of other medical devices cabinets is expected to hinder growth of the global RFID-enabled smart cabinets market. There is a potential danger to the functioning of implants and some other devices, which may not be protected against electromagnetic interference and other interferences caused by RFID equipment. RFID systems may cause disruption in the operation of defibrillators and other medical equipment.
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. Increasing approval and launch of new products is expected to drive the market growth during the forecast period.
North America segment 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. Increasing healthcare infrastructure along with increasing demand for RFID enabled smart cabinet is expected to assist the market growth.
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in March 2020, LogiTag launched Snap & Go, an image recognition solution for items' documentation in the operating room.
Major players in the market are also focused on expanding their manufacturing capability to enhance their market share. For instance, in 2018, Terso Solutions, Inc. started 30, 000 sq. ft. manufacturing facility in Wisconsin, U.S.
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
February 2018: Cardinal Health closed its divestiture of its Cardinal Health China business to Shanghai Pharmaceuticals Holding Co., Ltd.