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RFID Enabled Smart Cabinets Market Growth to register a CAGR of 11.8% to reach US$ 1,659.8 Mn by 2027, Says Coherent Market Insights

May 13th, 2021 Coherent Market Insights Releases

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. 

Drivers:

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.

To learn more about this report, request a sample copy*
* The sample copy includes: Report Summary, Table of Contents, Segmentation, Competitive Landscape, Report Structure, Methodology.

Request a sample copy of this report@ https://www.coherentmarketinsights.com/insight/request-sample/3953

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.

Restraints:

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.

Opportunities:

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.

Access research reports that are tailored specifically for you and your organization in order to explore practical growth strategies and recommendations
Buy-Now this Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/3953

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.

Market Taxonomy:

RFID Enabled Smart Cabinets Market, By Region, is segmented into:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

Regional Analysis:

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.

View Press Release For More Information @ https://www.coherentmarketinsights.com/press-release/rfid-enabled-smart-cabinets-market-3222 

Competitive Landscape:

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).

Key Developments:

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.

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.

To know more about us, please visit our website – www.coherentmarketinsights.com

Contact:

Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

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