The applications of radio frequency identification (RFID) in healthcare and pharmaceutical industries are assets tracking, inventory management, and supply chain management. Inventory management using RFID smart cabinets lowers the probability of misplacement or loss of medical supplies, drugs, and equipment. It also minimizes errors and enhances patient safety.
Governments across the world have introduced regulations for the efficient management of medical inventories in healthcare. Medical institutions are drawn towards RFID technology due to resultant cost savings. RFID technology’s advantages for healthcare establishments include low infrastructural costs and fast-paced returns.
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Elimination of redundancies and reduced interference are the other attractive features. Emerging economies like Brazil, China, and India are witnessing a surge in private healthcare setups. All these factors will prove beneficial for the RFID smart cabinets market.
The market is likely to grow at a CAGR of 12% from 2014 to 2020 (forecast period). By 2020, it would reach around USD 785 billion. This growth will be aided by awareness about the benefits of RFID technology and its efficiency in medical organizations. Upcoming technologies like ‘Internet of Things’ and ‘Near Field Communications’ would facilitate these cabinets to be integrated with cloud computing.
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However, lack of proven business models and resistance to changes may limit the RFID smart cabinets market. Development of solutions that offer compatibility across regions also challenges market expansion. The market is segregated according to regions. They include North America, Asia Pacific, Europe, and Latin America.
North America, with revenues worth USD 194 million, was the leader in 2013. Most of the regional demand originated from the U.S. In fact, U.S. accounted for more than 79% of the total shares that year. Well-developed healthcare infrastructure and high RFID technology adoption are the main contributors of North America.
Europe grabbed the second spot, with U.K. and Germany generating majority of the demand. Germany accounted for about 30% of the overall incomes in 2013.The most lucrative RFID smart cabinets market is Asia Pacific. It is predicted to expand at a CAGR of 13% over the next six years. Implementation of the twelfth five-year plan in China opens new opportunities for the region.
However, India would remain the swiftest growing market in the forthcoming years. It will be propelled by patient awareness and favorable regulations. Key vendors in the global RFID smart cabinets market comprise Mobile Aspects Inc., Tagsys RFID Group, WaveMark Inc., and Mobile Aspects Inc.
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