Albany, NY -- (SBWIRE) -- 08/16/2018 -- RFID smart cabinets offer an advanced solution for handling consignment stock and high-value medical devices. With the help of RFID smart cabinets, consignment stock and medical devices or components can be managed in real time to eliminate expired items and stock-outs. In addition, by using RFID smart cabinets, suppliers are able to minimize audit work and counting done by various sales associates. In hospitals, RFID applications founds in various end use which includes equipment tracking and record maintenance to prevent losses related to the mishandling of medical supplies. This in turn is expected to increase the demand for this product during the forecast years. Across the globe, developments in infrastructure and data management in various hospitals are creating considerable demand for RFID smart cabinets. RFID enabled cabinets are also used in the semiconductor industry for cassette tracking and control. The RFID smart cabinet market is predicted to be stable during the forecast years from 2017 to 2025 owing to implementation of radio-frequency identification technology in healthcare institutions across the globe. The market is segmented by region, end use, and company for competitive landscape analysis. The global RFID smart cabinet market is highly competitive and controlled by major players.
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To provide in depth analysis, the RFID smart cabinet market has been segregated on the basis of deployment, end use, and geography. On the basis of deployment, the market has been segmented mainly into two types- on premises and cloud. In 2016, hospital, and research and development end use segment held the major share of this market. RFID cabinets provide real-time and exact tracking at the item level. These devices also eliminate equipment losses, risk of stock-outs, prevent shrinkage, and reduce inventory waste among others. Owing to these attributes, various hospitals across the globe have adopted RFID smart cabinets which in turn is expected to increase the demand for RFID smart cabinets in the near future. The smart cabinets combine RFID technology with a simple user interface and point-of-use reporting for managing of stents, real-time tracking, implants, and other high-value devices that are driving the acceptance of RFID smart cabinets in different end use industries. Furthermore, stringent government rules and regulations for effective inventory management of medical deliveries in the healthcare sector are anticipated to fuel growth in the coming years..
Geographically, the global RFID smart cabinet market has been segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA). North America is expected to hold the highest market share in terms of revenue during the forecast period owing to significant implementation of RFID enabled smart cabinets among different medical institutions. Additionally, new penetration of RFID technologies due to a well-developed healthcare infrastructure is one of the foremost factors responsible for the domination of the region. In terms of revenue, Asia Pacific is the most attractive and fastest growing market for RFID smart cabinets owing to growing awareness, affordability of hospitals, presence of sophisticated hospitals, and local presence of players leading to enhanced adoption of this product in this region. Furthermore, the implementation of promising regulations for cost-control of systems across various healthcare organizations is projected to drive the growth of the Europe RFID smart cabinet market. However, lack of awareness about the benefits of RFID smart cabinets hinders the growth of this market.