Industry Insights
RFID in healthcare sector has significant applications such as record
maintenance and equipment tracking. Increasing need for inventory
management of medicines in medical institutions is expected to drive the
RFID smart cabinets market over the forecast period. RFID cabinets
include two components such as aluminum/steel cabinet and RFID console.
The cabinet is used to maintain database such as time and date of
last usage, identity of the department or person who has last accessed
it and RFID console is an electronic unit used to maintain the cabinet
supplies. Technological advancements and increasing use of RFID cabinets
for inventory management, asset tracking and many healthcare
institutions using RFID cabinets for tracking to increase productivity
and to reduce errors in North America is expected to provide positive
avenues to market demand over next six years.
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Regional Insights
Furthermore, the U.S. created maximum demand in North America for
RFID cabinets. Factors such as growing technological advancements and
developments in healthcare infrastructure are expected to favor the
market demand in North America. North America is expected to be the
dominant market over the forecast period. The market has taken command
by countries such as Germany and the U.K owing to presence of increasing
hospital funding measures taken by the non-government and government
organizations which is expected to drive market demand in these regions.
Increasing research and development initiatives for using RFID
applications in healthcare taken by Germany government has made to be
dominant market in Europe. For example, German government invested USD
260 million in 2007 for research and development of RFID technology.
Moreover, Germen ministry announced that country’s high technology
strategy is achieved by increasing usage of RFID in healthcare sector
and telecommunications industry. Additionally, lenient government rules
and regulations and cost controlling for different medical institutions
establishments is expected to fuel RFID smart cabinet market in Germany
region.
For example, in 2003, German government implemented diagnosis related
group programs for remunerations of hospitals and increasing treatment
cost which encouraged hospitals for adopting new technology.
Furthermore, the need for effective management of assets, inventory and
preventing thefts of inventory is expected to provide positive avenues
to market growth over the forecast period.
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Technological advancements, increased using RFID cabinets for
inventory management, asset tracking and many healthcare institutions
using RFID cabinets for tracking to increase productivity and to reduce
errors in North America is expected to provide positive avenues to
market demand over next six years. Asia-Pacific is expected to emerge as
high growth regional market owing to growing demand in countries such
as China and India. Growing infrastructure and technological
advancements in developing countries of India and China are also
expected to witness considerable growth over next six years.
For example, implementation of 12 year plan is promising for
manufacturers to make investments in China which is expected to drive
the market demand. Increasing awareness of patients, growth in
telecommunication sector and favorable government rules and regulations
is expected to drive the RFID market in India over the forecast period.
Increasing retail stores where every product has RFID tag is expected to
boost the market demand. Tracking of imports and exports of products is
expected to drive RFID market growth in India over next six years.
Competitive Insights
RFID smart cabinets are highly fragmented owing to the increase in
presence of suppliers and domestic manufacturers in China. Key industry
participants include WaveMark Inc., LogTag, Tagsys RFID Group, Mobile
Aspects Inc., Stanley Innerspace, Solstice Medical LLC and Terson
Solutions Inc. Market participants enter into mergers & acquisitions
to sustain in the market. For example, Tagsys made partnership with
Hilden, supplier of linen products for inventory management using Tagsys
RFID tags.
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