According to a new report available on Radiant Insights, the global RFID smart cabinet market is anticipated to grow at a decent CAGR over the forecast period (from 2017 to 2022). Growing applications and adoption levels of RFID are expected to propel the growth of this market over the coming years. Moreover, numerous benefits associated with RFID smart cabinets, such as real-time tracking, lesser inventory waste, reduced equipment losses, and increased accuracy, are also projected to fuel market growth.
Supportive initiatives undertaken by several healthcare institutions to limit costs through the adoption of these efficient inventory management solutions are also estimated to augment the growth of the global market. In addition, various government regulations regarding capable inventory management of medical supplies in the healthcare sector are anticipated to boost market growth over the forecast period.
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The global RFID smart cabinet market is categorized as per product, type, application or end use, and region. On the basis of product type, the market is categorized into standard form and customized form. On the basis of application, the market is segregated into hospitals and large clinics. Both application segments are expected to witness healthy growth in the global market over the forecast period. RFID has a wide range of application in hospitals for the purpose of equipment tracking and record maintenance. The growth of this segment can be attributed to rising need for inventory management in hospitals. RFID smart cabinets help enhance supply chain performance and reduce shrinkage.
On the basis of geography, the RFID smart cabinet market is divided into the U.S., Japan, India, China, Europe, and Southeast Asia. Asia Pacific is expected to be the most lucrative regional market for RFID smart cabinets. India is projected to grow at a rapid CAGR over the forecast period. This can be credited to growing patient awareness and rising implementation of supportive regulations.
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The U.S. accounted for a significant share in the overall market on account of the presence of various market players. In addition, government support for sophisticated infrastructure in the healthcare sector in the country is responsible for the growth of the entire region.
The global market for RFID smart cabinets is mainly dominated by regional companies and these compete on the basis of technology and price. Major companies operating in the global market include LogiTag Systems Ltd.; Palex Medical, S.A.; SATO Vicinity Pty. Ltd.; Mobile Aspects, Inc.; Tagsys S.A.S.; and Terso Solutions, Inc. These market players are investing in various strategies to gain the topmost market position. These strategies include new product and/or technology development, regional expansions, product portfolio expansion, and mergers and acquisitions.
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SATO Vicinity Pty. Ltd., a leading Auto-ID solutions provider, has developed new SATO PJM PJM RFID-enabled Cabinets. These cabinets use PJM RFID1 technology, whichhelps deliver excellent precision for real-time inventory control in an interactive package.
With the new PJM RFID-enabled Cabinet, healthcare providers across the globe can now implement efficient practices to decrease loss, scan hundreds of items in just a few seconds, and ensure employee accountability.
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