Europe RFID (Radio-frequency Identification) Smart Cabinets Market Size, Share & Industry Trends Analysis Report By Component (RFID Tags, RFID Readers, RFID Antenna), By End User (Hospitals & Clinics, Bio-Pharmaceutical Companies), By Country and Growth Forecast, 2023 - 2029
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Market Report Description
The Europe RFID (Radio-frequency Identification) Smart Cabinets Market would witness market growth of 8.8% CAGR during the forecast period (2023-2029).
RFID smart cabinets provide a cutting-edge solution. Consignment stock and medical devices or components can be monitored in real-time using RFID smart cabinets, preventing the stock-out of items and the use of expired products. Suppliers can also reduce the amount of auditing and counting that different sales associates do by employing RFID smart cabinets. Hospitals utilize RFID technologies for various purposes, including equipment tracking and maintenance, to avoid losses resulting from improper handling of medical supplies.
As a result, the demand for this product is anticipated to rise during the forecasted years. In addition, hospital data management and infrastructure improvements worldwide are driving more demand for RFID smart cabinets. The semiconductor sector also uses RFID-enabled cabinets for cassette tracking and management.
The European Union has begun its ambitious €5.3 billion EU4Health Program, which among other things, aims to "reinforce health data, digital tools & services, and the digital transformation of healthcare. In the meantime, the U.K. has started its ambitious £2 billion NHS digital transformation initiative. The physical infrastructure needed for the healthcare system of the future must be taken into consideration, according to a U.K. health official.
The UK has the opportunity to set the global standard for health tech. Some of the top health tech businesses in the world are already present in the country, contributing to breakthroughs and enhancing the stature of the strong scientific and research foundation abroad. The country has the chance to develop an ecosystem that consistently produces the greatest health tech technology that can be exported along with innovative techniques and insights that help improve health outcomes globally. According to the European Regional Development Fund, the healthcare/life sciences (HCT) sector is important to the EU and Germany. These elements are anticipated to encourage the regional RFID (Radio-frequency Identification) Smart Cabinets Market's expansion.
The Germany market dominated the Europe RFID (Radio-frequency Identification) Smart Cabinets Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $184.4 Million by 2029. The UK market is anticipated to grow at a CAGR of 7.9% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 9.6% during (2023 - 2029).
Based on Component, the market is segmented into RFID Tags, RFID Readers, RFID Antenna and Others. Based on End User, the market is segmented into Hospitals & Clinics, Bio-Pharmaceutical Companies and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide RFID (Radio-frequency Identification) Smart Cabinets Market is Projected to reach USD 2.8 Billion by 2029, at a CAGR of 9.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Grifols, S.A., Invengo Technology Pte. Ltd., Alien Technology, LLC, Impinj, Inc., Honeywell International, Inc., Stanley Healthcare (Securitas), Motorola Solutions, Inc., Siemens Healthineers AG (Siemens AG), 3M Company and IBM Corporation.
Scope of the Study
Market Segments Covered in the Report:
- RFID Tags
- RFID Readers
- RFID Antenna
By End User
- Hospitals & Clinics
- Bio-Pharmaceutical Companies
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- Grifols, S.A.
- Invengo Technology Pte. Ltd.
- Alien Technology, LLC
- Impinj, Inc.
- Honeywell International, Inc.
- Stanley Healthcare (Securitas)
- Motorola Solutions, Inc.
- Siemens Healthineers AG (Siemens AG)
- 3M Company
- IBM Corporation
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