|By Business Wire||
|October 19, 2016 01:03 PM EDT|
Technavio analysts forecast the global radio-frequency identification (RFID) smart cabinet market to grow at an impressive CAGR of more than 14% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global RFID smart cabinet market for 2016-2020. The market size is calculated on the basis of revenue generated from the sales of RFID smart cabinets. The report also presents major market vendors in the Americas, APAC, and EMEA.
On an average, a hospital loses more than 15% of its assets in a year owing to fraud or misplacement of hospital supplies. In order to eliminate such losses and enhance time efficiency, hospitals are focusing on upgrading their infrastructure and incorporating RFID technology to keep track of their inventories. Therefore, the healthcare sector is the predominant end-user of RFID smart cabinets, accounting for 90%-95% of the revenue share in 2015.
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Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Technavio hardware and semiconductor analysts highlight the following four factors that are contributing to the growth of the global RFID smart cabinet market:
- Growing need for inventory management in hospitals
- Rising government funding for hospitals
- Increasing healthcare spending
- Supply chain inefficiencies
Growing need for inventory management in hospitals
The use of RFID smart cabinets reduces manual efforts in maintaining, tracking, and managing inventory in hospitals. Smart cabinets also minimize loss and misplacement of supplies. RFID smart cabinets from LogiTag Systems enable hospital staff to track the status of medical devices being used by the patients, the access time of devices, and expiration date of supplies to manage costs.
Advantages of RFID smart cabinets
Rising government funding for hospitals
An increase in funding from governmental agencies for hospitals across the globe is another major driver for market growth. In 2013, the Australian government spent an additional amount of USD 40-USD 45 billion in the healthcare sector, compared with the amount spent in 2003. In 2014, Welsh Government invested USD 430,797 in a RFID tagging system under the project named Invest-to-Save Fund.
Sunil Kumar Singh, a lead embedded systems analyst at Technavio, says, “Hospitals across the world are showing a keen interest in enhancing their infrastructure to avail funding and achieve operational excellence. As hospitals are aware of the benefits of RFID smart cabinets, which can track drugs and devices and notify of the expiry dates of drugs, they have started adopting these cabinets.”
Increasing healthcare spending
Continuous R&D and ongoing clinical trials have resulted in better product designs that incorporate advanced technological features. The development of the healthcare industry and its infrastructure have led to an increase in healthcare expenditure. Developed countries in the Americas and Europe spend the most on healthcare. Developing countries have to increase their spending dramatically to provide basic health insurance coverage, develop a primary healthcare service system, and improve the availability of medications in rural and suburban areas. This is expected to result in the reformation of public hospitals and healthcare facilities, thereby increasing the demand for laser equipment, propelling market growth.
The healthcare spending in different geographies is illustrated in the table below:
|Regions||Healthcare Spending (% of GDP)|
Supply chain inefficiencies
“In the retail landscape, goods move through many stages and get distributed at every stage. Thus, to keep track of the inventory distribution and accurate details of distribution is very difficult. In addition, the trend of omnichannel retailing has made inventory tracking even more complex,” asserts Sunil.
Another complex task of retailers and manufacturers is accurate demand planning due to inefficiencies such as incorrect data and delayed data flow through the supply chain. Manufacturers may obtain point-of-sale (POS) data from retailers, but without information about stock levels during inventory transportation, it is not possible to plan for demand accurately.
- LogiTag Systems
- Mobile Aspects
- TAGSYS RFID
- SATO Vicinity
- Stanley InnerSpace
Browse Related Reports:
- Global RFID Readers Market 2016-2020
- Smart Thermostat Market in APAC 2015-2019
- Global RFID Readers Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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