SEATTLE, May 13, 2021, (MEDGADGET) — Overview:
Radio-frequency Identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. RFID-enabled smart cabinets track drugs and devices and alert the medical team in case any drug has expired.
Need to manage the inventory cost of high-value supplies is expected to boost the growth of the global RFID-enabled smart cabinets market over the forecast period. RFID-enabled smart cabinets use real-time data to simplify clinician workflows and streamline supply chain communication processes. It reduces the expense, time, and manual effort associated with storing, maintaining, tracking, and managing high-value materials in surgical settings such as cardiology, interventional radiology, oncology, orthopedics, and catheterization labs.
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Furthermore, various benefits of RFID-enabled smart cabinets are also expected to aid in the growth of the market. For instance, Inventory control, return on investment, patient protection, and automatic movement monitoring are all advantages of RFID-enabled smart cabinets.
The use of conventional lock & key cabinets is expected to hamper the growth of the global RFID-enabled smart cabinets market. Most hospitals in developing regions and countries also store instruments and medications in traditional lock-and-key cabinets and freezers. As the scheme has proven to be effective in most areas, funding is focused on expanding healthcare specialties, roles, and divisions.
Furthermore, the cost of deploying RFID-enabled smart cabinets also restricts market expansion. The cost of installation and repair ranges from 20,000 to 50,000 dollars. Hospitals in developed countries are unlikely to incur such expenses.
Efforts to increase consumer awareness are expected to offer lucrative growth opportunities for players in the global RFID-enabled smart cabinets market. RFID technology has a poor adoption rate in the healthcare and hospital sectors. As a result, vendors will concentrate their efforts on raising customer awareness and creating targeted marketing campaigns.
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Furthermore, increasing pressure on the healthcare sector due to the emergence of Covid-19 is also expected to boost demand for RFID-enabled smart cabinets. According to the World Health Organization, as of 1:57 p.m. CEST on June 14, 2020, there have been 7,690,708 reported cases of COVID-19 worldwide, with 427,630 deaths.
The global RFID-enabled smart cabinets market was valued at US$ 680.3 Mn in 2019 and is forecast to reach a value of US$ 1,659.8 Mn by 2027 at a CAGR of 11.8% between 2020 and 2027.
The global RFID-enabled smart cabinets market is estimated to account for US$ 1,659.8 Mn in terms of value by the end of 2027.
RFID Enabled Smart Cabinets Market, By Region, is segmented into:
- North America
- Latin America
- Asia Pacific
- Middle East
North America is expected to witness significant growth in the global RFID-enabled smart cabinets market. It reached a 55.3% share in terms of value in the year 2019.
Furthermore, Asia and Europe are also expected to witness significant growth in the global RFID-enabled smart cabinets market respectively.
Market Trends/Key Takeaways:
Any human interaction with endoscopes raises the risk of disease transmission. RFID technology may allow scopes to send out warnings when they need to be re-washed, reducing the risk of disease transmission.
The market’s growth is expected to be aided by the need for the successful supply chain management. According to the fourth annual Cardinal Health Hospital Supply Chain Survey published in May 2019, clinicians spend more than twice as much time on supply chain-related activities than they would like, which cuts into their time with patients and raises stress levels.
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Key players involved in the global RFID-enabled smart cabinets market include., Terso Solutions, Inc., LogiTag, Mobile Aspects, Inc., Solstice Medical LLC, Stanley Innerspace, Invengo Technology Pte. Ltd and WaveMark Inc. (Cardinal Health).
In May 2020, the division of cardiology at the Tel Aviv Sourasky Medical Center used Snap & Go to collect usage data, according to LogiTag. More than 2,000 stents, balloons, catheters, and other implants will be handled by the company’s solution in the middle. In addition, 18 Smart Cabinets and 4 Snap and Go technology will be used to ensure charge capture accuracy and inventory reduction accuracy.
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