Global RFID Enabled Smart Cabinets Market Size, Trends & Growth Opportunity, By Deployment Type (On Premise, and Cloud), By End Use (Hospitals, Clinic, Bio-Pharmaceutical Companies, and Others), Regional Outlook, Competitive Market Share & Forecast, 2022

Global RFID Enabled Smart Cabinets Market Size, Trends & Growth Opportunity, By Deployment Type (On Premise, and Cloud), By End Use (Hospitals, Clinic, Bio-Pharmaceutical Companies, and Others), Regional Outlook, Competitive Market Share & Forecast, 2022 – 2027.

Global RFID Enabled Smart Cabinets Market

Global RFID Enabled Smart Cabinets Market was valued at USD 987.15 million in 2022 and is slated to reach at USD 1799.27 million by 2027 at a CAGR of 11.29% from 2022-2027.

RFID enabled smart cabinets provide an advanced solution for handling consignment stock and high value medical devices. RFID enabled smart cabinets can minimize audit work and counting done by sales by various sales associates. In hospitals, RFID applications found in different end-use which contents record maintenance, and equipment tracking to prevent losses related to mishandling of medical supplies.

Market Drivers

Increase in need to manage inventory cost of high value supplies is considered as key driving factor which is expected to boost the global RFID enabled smart cabinets market growth. These systems are relying on real time data to automate clinician workflows and streamline communication processes for supply chain management. It reduces the time, cost, and manual efforts spent to store, track, maintain, and manage high value materials in surgical settings of hospitals like interventional radiology, orthopaedics, oncology, cardiovascular, and catheterization labs.

Furthermore, RFID enabled smart cabinets provides various benefits including improved inventory management, improved patient safety, return on investment, and automatic recording of movements which expected to drive the market growth.

Market Restraints

However, high cost is the major restraining factor which is expected to hinder the global RFID enabled smart cabinets market growth. An installation and maintenance cost of RFID enabled smart cabinets is around USD 20,000 – USD 50,000. Hospitals and clinics in developing countries cannot be expected to incur such costs.

Also, lack of awareness about the benefits of RFID enabled smart cabinets will obstruct the market growth during this analysis period.

Impact of COVID-19

The market growth rate for radio-frequency identification (RFID) smart cabinets is positively impacted by COVID-19. In this pandemic era, there is a significant need for medical equipment and supplies. This necessitates effective and efficient inventory management solutions, which are in turn driving up demand for RFID-enabled smart cabinets.

Recent Development

IntelliGuard announced the release of its next-generation "Vendor Managed Inventory" system in September 2020, which includes internet of things capabilities as well as a turn-key solution for medicine inventory distribution.

Market Segmentation

The Global RFID Enabled Smart Cabinets Market is segmented into deployment type such as On-Premise, and Cloud.

Further, the market is segmented into end use such as Hospitals, Clinic, Bio-Pharmaceutical Companies, and Others.

Regional Analysis

The Global RFID Enabled Smart Cabinets Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as Terson Solutions, Solstice Medical, LogiTag, WaveMark, SATO Vicinity, Skytron, Mobile Aspects Inc., Invengo Technology, and Nexess.

Market Taxonomy

By Deployment Type

• On-Premise
• Cloud

• Hospitals
• Clinics
• Bio-Pharmaceutical Companies
• Others

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