RFID (Radio-frequency Identification) Smart Cabinets Market Size, Share & Trends Analysis Report By Component (RFID Antenna, RFID Reader, RFID Tag, & Others), By Region, And Segment Forecast, 2023 - 2030

RFID (Radio-frequency Identification) Smart Cabinets Market Size, Share & Trends Analysis Report By Component (RFID Antenna, RFID Reader, RFID Tag, & Others), By Region, And Segment Forecast, 2023 - 2030

RFID (Radio-frequency Identification) Smart Cabinets Market Growth & Trends

The global RFID (Radio-frequency identification) smart cabinets market is expected to reach USD 3,231.9 million by 2030 and register a CAGR of 9.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the market is attributed to factors such as the increasing adoption of RFID-assisted cabinets owing to their expanding applications in the pharmaceuticals and healthcare domain. Moreover, it has several applications in hospitals in terms of equipment tracking and record maintenance.

Furthermore, fewer infrastructure costs and quick returns related to radio-frequency identification smart cabinets have boosted the adoption in hospitals. It is majorly used for inventory management to reduce the instances of misplacement or loss of medical supplies and equipment, along with efforts to improve patient safety and minimize errors. Thus, continued, and growing awareness about the potential application of the technology that improves outcomes and efficiency in the healthcare field would keep the RFID smart cabinets market towards rapid growth.

Organizations use radio-frequency identification technologies to offer solutions for the monitoring, identification, and protection of important assets. Several innovations in this field are creating versatile and durable industrial RFID solutions. It improves accuracy, increases efficiency, reduces human error, and saves time and resources. For instance, Meditek supplies healthcare smart cabinet products integrated with radio-frequency identification. It automatically tracks products such as stents, implants, and sutures, which eliminates the need for manual tracking. Moreover, the cabinets also allow sending alerts for expired or recalled products.

Several developments by the key market players have boosted the demand for RFID smart cabinets in several fields. For instance, in November of 2018, WaveMark, Inc. launched a supply chain automation solution. The platform enables hospitals and other healthcare organizations to streamline and minimize the cost of operating room (OR) procedures. Similarly, in October 2020, IntelliGuard announced the development of a technology automation platform that reads any medication with a compliant RFID smart label. It provides real-time product location, inventory management, and identification.

COVID-19 has a positive impact on the growth rate of the market. During the COVID-19 pandemic, hospitals took advantage of technology that was equipped with RFID in order to better control the safety of patients as well as employees. There was a high demand for medical supplies and medical components during the pandemic. As a result, there is a high market demand for smart cabinets.

RFID (Radio-frequency Identification) Smart Cabinets Market Highlights

The growth of the market is attributed to the factors such as the increasing adoption of radio-frequency Identification technology in healthcare, a growing need to improve inventory management and reduce operational costs

On the basis of components, Radio-frequency Identification Tags captured the highest market share of 39.7% in 2022. These are small electronic devices that consist of a microchip and an antenna

North America captured the highest market share in 2022. The region has a strong healthcare industry, and RFID smart cabinets have become a popular solution for tracking medical supplies and equipment in hospitals and clinics

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