Global 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 Regional Outlook and Forecast, 2023 - 2029
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Get in-depth analysis of the COVID-19 impact on the RFID (Radio-frequency Identification) Smart Cabinets Market
Market Report Description
The Global RFID (Radio-frequency Identification) Smart Cabinets Market size is expected to reach $2.8 billion by 2029, rising at a market growth of 9.2% CAGR during the forecast period.
An RFID Smart Cabinet is essential for managing data regarding medical implants and other high-value merchandise when used in operating rooms or other medical procedural settings. The technology tracks all tagged objects inside the cabinet, with batch and expiration dates, down to the individual item level. Every time an item is put into, removed from, or put back into the smart cabinet, a record is automatically kept. In addition, staff members who access products in the cabinet are also recorded using face or finger recognition, an NFC card, or another method, all without touching a computer screen.
Modern ultra-high frequency (UHF) RFID tags with several antennas that can broadcast for greater distances are used in the most sophisticated smart cabinets. This makes it possible to read any item in the cabinet, regardless of size or placement. A thorough understanding of RFID technology's features, applications, and capabilities is necessary for specialization in this field.
The most reputable providers of cloud-based data management services are aware of the value of including a smart cabinet in their product lineup. These providers needed to include a solution that medical supply companies could use to manage their inventory remotely, in real-time, at the hospital's point-of-use, given that the inventory kept in these cabinets is of high value and that current payment terms are trending towards pay-per-use or consignment arrangements.
The European Commission, the United States Food and Drug Administration (FDA), and other regulators have created laws for unique device identification (UDI) to achieve a globally unified and uniform strategy in line with the U.S. IMDRF Guidelines. As a result, healthcare practitioners can employ Automatic Identification and Data Capture (AIDC), which increases patient safety, saves time, and lowers costs, by combining RFID technology with barcodes or numerical information.
COVID-19 Impact Analysis
COVID-19 has had a favorable impact on the growth of the RFID (Radio-frequency Identification) Smart Cabinets Market. Medical equipment and supplies were in high demand throughout the pandemic era. In turn, this increased demand for RFID smart cabinets by necessitating efficient and effective inventory management solutions. Particularly in the healthcare sector, the pandemic has significantly impacted the demand for radio-frequency identification smart cabinets. Hospitals increasingly use this technology to manage inventory, find and treat infections, and stop the spread of viruses, which has increased demand. Widespread use has been made of wireless communication tools for equipment identification and tracking.
Market Growth Factors
Growing need for effective & efficient inventory management
A major driver anticipated to fuel the expansion of the market for RFID-enabled smart cabinets is the growing necessity to control the inventory costs of high-value goods. These solutions rely on real-time data to automate physician workflows & streamline supply chain management communication processes. As a result, it cuts down on time, money, and manual labor required to store, track, maintain, and handle expensive materials in surgical settings such as cardiovascular, interventional radiology, oncology, orthopedics, and catheterization labs. Additionally, RFID-enabled smart cabinets offer several advantages, such as enhanced inventory control, increased patient safety, a higher return on investment, and automatic movement tracking, all of which are anticipated to fuel market expansion.
Increasing automation of healthcare logistics from patient perspective
By streamlining tasks related to managing the complete traceability of materials or obtaining data on consumption per patient, logistic system automation allows advancement toward effective per-patient management models. Without this automation, these tasks would be virtually impossible due to the significant amount of resources and staff time that would be needed. Barcodes and, more recently, radio-frequency identification (RFID) are automatic identifying technologies created to manage traceability effectively. In light of this, the demand for RFID smart cabinets is estimated to surge in the upcoming years.
Market Restraining Factors
Problems with radio frequency which may lead to inefficiency of RFID-enabled cabinets
The radio frequency is both the strength and the weakness of RFID, and it may even be one of its drawbacks. RFID can operate only when the RF signal is strong enough. As a result, electrostatic Discharge (ESD) harm to tags is possible. Tags attached to insulating materials, such as plastics, may be impacted by this. The issue is typically brought on by friction, which can happen when objects rub against one another and generate an electrostatic charge. This could happen during production, processing, delivery, and handling. ESD can damage and impair any electronic equipment, including RFID technology. These problems could lead to RFID smart cabinets becoming infected, which would decrease their adoption and impede market expansion.
Based on component, the RFID (Radio-frequency Identification) Smart Cabinets Market is characterized into RFID antenna, RFID reader, RFID tag, and others. In 2022, the RFID tag segment held the highest revenue share in the RFID (Radio-frequency Identification) Smart Cabinets Market. A microprocessor and an antenna make up this tiny electronic device. It is intended to wirelessly transfer and store data using radio waves. As a result, businesses can identify and manage their assets and inventories more effectively and efficiently due to the flexible and commonly used technology known as RFID tags.
End User Outlook
Based on end user, the RFID (Radio-frequency Identification) Smart Cabinets Market is bifurcated into hospitals & clinics, bio-pharmaceutical companies and others. The bio-pharmaceutical segment acquired a substantial revenue share in the RFID cabinets market in 2022. RFID is gaining popularity and demand in the pharmaceutical business because it promises a more secure and responsible supply chain and FDA support for the technology. In the item-level biopharmaceutical supply chain, the FDA advises the broad adoption of RFID, such as RFID smart cabinets. RFID can reduce stock-outs by giving precise and simplified information on inventory levels, location, transfers, and replenishments.
|Market size value in 2022||USD 1.5 Billion|
|Market size forecast in 2029||USD 2.8 Billion|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2029|
|Revenue Growth Rate||CAGR of 9.2% from 2023 to 2029|
|Number of Pages||185|
|Number of Table||270|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the RFID (Radio-frequency Identification) Smart Cabinets Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region garnered a significant revenue share in the RFID (Radio-frequency Identification) Smart Cabinets Market in 2022. The regional market is expanding due to greater use of this product in this area, increased awareness of the product, affordable hospitals, modern hospitals, and local player presence. Additionally, it is anticipated that the RFID smart cabinet market will expand due to the adoption of encouraging laws for system cost control across several healthcare companies.
Free Valuable Insights: Global RFID (Radio-frequency Identification) Smart Cabinets Market size to reach USD 2.8 Billion by 2029
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
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
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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North America RFID (Radio-frequency Identification) Smart Cabinets Market Report 2023-2029
Europe RFID (Radio-frequency Identification) Smart Cabinets Market Report 2023-2029
Asia Pacific RFID (Radio-frequency Identification) Smart Cabinets Market Report 2023-2029
LAMEA RFID (Radio-frequency Identification) Smart Cabinets Market Report 2023-2029
What would be the value of this Market by 2029?
The Market size is projected to reach USD 2.8 billion by 2029.
What are the key driving factors and challenges in this Market?
Increasing automation of healthcare logistics from patient perspective are driving the Market in coming years, however, Problems with radio frequency which may lead to inefficiency of RFID-enabled cabinets restraints the growth of the Market.
What are the major top companies in the competitive landscape?
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.
Which segment shows a high revenue share of this Market in 2022?
The Hospitals & Clinics segment is generating highest revenue share in the Global RFID (Radio-frequency Identification) Smart Cabinets Market by End User in 2022 thereby, achieving a market value of $1.6 billion by 2029.
Which region dominated the Market in 2022?
The North America market dominated the Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.1 billion by 2029.