Global Radio-frequency Identification (RFID) Smart Cabinets Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Rising technological advancements in the field of healthcare have led to the high demand for progressive solutions for handling high-value medical devices and consignment stocks. Radio-frequency identification (RFID) is one such technological innovation in this regard. It is important for the healthcare institutions to manage the medical components and consignment stocks on real time basis. This is facilitated by radio-frequency identification (RFID) smart cabinets, thereby reducing the number of stock-outs and expired items.       

• Data Bridge Market Research analyses that the radio-frequency identification (RFID) smart cabinets market is expected to undergo a CAGR of 11.20% during the forecast period. “Healthcare” accounts for the largest application segment in the radio-frequency identification (RFID) smart cabinets market owing to the increasing advancements in the healthcare technologies all around the world.   

Market Definition

Radio-frequency identification (RFID) smart cabinets are the customized and pre-made storage containers that are integrated with tool tracking systems. Radio-frequency identification (RFID) smart cabinets offer advanced handling solutions which in turn minimizes the audit work.     

Radio-frequency Identification (RFID) Smart Cabinets Market Dynamics

Drivers

• Growing demand from the hospitals

Inventory management is a problem that is a huge problem for hospitals. Stocks of drugs, medical devices and medical components are to be arranged and graded systematically. And this is where the role of radio-frequency identification (RFID) smart cabinets comes into play.     

• Advantages

Growing awareness about the benefits of radio-frequency identification (RFID) smart cabinets is also one of the major factors fostering the growth of the market. Radio-frequency identification (RFID) smart cabinets reduces the operational costs, provides data accuracy, real-time tracking, and lesser inventory waste and equipment losses.     

• Government investments on healthcare infrastructure

The increase in the funding by the federal government is set to drive the demand for radio-frequency identification (RFID) smart cabinets. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative market growth opportunities.

Additionally, surge in the personal disposable income level, rising demand for automated supply and workflow management systems and increasing investment for the development of advanced and innovative technology, positively affect the market.

Opportunities

Furthermore, increasing focus of major manufacturers on integration and installation of advanced and modern technologies will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, developments in infrastructure and data management in various hospitals will further expand the recreational oxygen equipment market's growth rate in the future. 

Restraints/Challenges

On the other hand, high cost associated with the research and development proficiencies, lack of awareness among the people in the underdeveloped economies regarding benefits, limited infrastructural facilities and high expenditure required for research and developmental activities are expected to obstruct market growth. Also, high cost of acquisition is projected to challenge the recreational oxygen equipment market in the forecast period of 2022-2029.

This radio-frequency identification (RFID) smart cabinets market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the radio-frequency identification (RFID) smart cabinets market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Radio-Frequency Identification (RFID) Smart Cabinets Market

COVID-19 has a positive impact on the radio-frequency identification (RFID) smart cabinets market growth rate. There is a huge demand for medical supplies and medical components in this pandemic phase. This calls for effective and efficient inventory management solutions which is as a result creating huge market demand for radio-frequency identification (RFID) smart cabinets

Recent Development

• In September 2020, IntelliGuard, had launched its next-generation “Vendor Managed Inventory” system that offers internet of things capabilities as well as a turn-key solution for medicine inventory distribution.

Global Radio-Frequency Identification (RFID) Smart Cabinets Market Scope

The radio-frequency identification (RFID) smart cabinets market is segmented on the basis of type, product type, deployment and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Standard Form
• Customized Form

On the basis of product type, the radio-frequency identification (RFID) smart cabinets market is segmented into standard form and customized form.

Product type

• Radio-frequency Identification (RFID) Antenna
• Radio-frequency Identification (RFID) Reader
• Radio-frequency Identification (RFID) Tag
• Others

On the basis of product type, the radio-frequency identification (RFID) smart cabinets market is segmented into radio-frequency identification (RFID) antenna, radio-frequency identification (RFID) reader, radio-frequency identification (RFID) tag and others.

Deployment

• On-premises
• Cloud

On the basis of deployment, the radio-frequency identification (RFID) smart cabinets market is segmented into on-premises and cloud.

Application

• Healthcare
• Others

On the basis of application, the radio-frequency identification (RFID) smart cabinets market is segmented into healthcare and others. Others segment is sub-segmented into discrete manufacturers, retailers, and organizations.

Radio-Frequency Identification (RFID) Smart Cabinets Market Regional Analysis/Insights

The radio-frequency identification (RFID) smart cabinets market is analysed and market size insights and trends are provided by country, type, product type, deployment and application as referenced above.

The countries covered in the radio-frequency identification (RFID) smart cabinets market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the radio-frequency identification (RFID) smart cabinets market because of the strong base of healthcare facilities and presence of major players in this region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, rising investment by several clinics and pharmaceutical companies and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The radio-frequency identification (RFID) smart cabinets market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for radio-frequency identification (RFID) smart cabinets market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the radio-frequency identification (RFID) smart cabinets market. The data is available for historic period 2010-2020.

Competitive Landscape and Radio-Frequency Identification (RFID) Smart Cabinets Market Share Analysis

The radio-frequency identification (RFID) smart cabinets market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to radio-frequency identification (RFID) smart cabinets market.

Some of the major players operating in the radio-frequency identification (RFID) smart cabinets market are Alien Technology, LLC, GAO Group Inc., Honeywell International Inc., Impinj, Inc., Mobile Aspects, Inc., RF Technologies, Inc., Radianse, STID, STANLEY Healthcare, SATO HOLDINGS CORPORATION. Motorola Solutions, Inc., CAEN RFID S.r.l., NewAge Industries, Inc., IBM, Siemens, AMERICAN RFID SOLUTIONS, LLC, Grifols, S.A., Invengo Technology Pte. Ltd., LogiTag and 3M among others.

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