North America 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 North America RFID (Radio-frequency Identification) Smart Cabinets Market would witness market growth of 8.7% CAGR during the forecast period (2023-2029).
The smart cabinets update the system with the precise contents of each shelf after scanning the products that are still on each shelf. This function lessens the impact of clinicians taking an item and either not utilizing it or not returning it. The smart cabinet will notify the system of any item that is missing if a clinician removes an item from a shelf but does not use it and will provide the user with the time the item was taken off the shelf. To reduce the time, it takes for a product to reach a patient, physicians, and administrators can identify where necessary products are located due to the communication between smart cabinets.
RFID technology also considerably enhanced the manual management of recalled and expired goods. The system immediately notifies the other hospital supply chain workers about industry recalls when they are made public because inventory management is automated. The health system will be spared from unnecessary spending due to this kind of efficient automation. When hospitals utilize population health management and value-based reimbursement, which demand much more work with the same amount of resources, achieving operational efficiency while lowering costs is essential.
Mexico is considered one of the world's biggest markets for the pharmaceutical companies. In Mexico, patented drugs make up 51% of the market by value, followed by generics with 35% of the market and over-the-counter treatments with the remaining 14%. The expansion of biosimilars, whose sales are anticipated to rise in the coming years, is one factor driving the market expansion of Mexico's pharmaceutical sector. New rules for bio-similar medications have considerably boosted local R&D and manufacture of the biosimilars sub-sector, and numerous global corporations have announced the introduction of new products and investments. Consequently, it is anticipated that increasing drug imports and exports and the growing pharmaceutical industry will drive the market for RFID smart cabinets.
The US market dominated the North America 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 $772.9 Million by 2029. The Canada market is poised to grow at a CAGR of 11.2% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 10.2% 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 U.S., Mexico, Canada, and Rest of North America.
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 North America
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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