The global RFID Smart Cabinets Market is expected to grow at
a nearly 12% CAGR during the forecast period (2012 to 2020). The industry is
poised to reach around USD 785 million by 2020. In healthcare, RFID
(radio-frequency identification) is applied widely in equipment tracking and in
record maintenance. Cost cutting measures adopted by healthcare institutions
for effective inventory management drive demand for RFID smart cabinets. These
cabinets are made of two components, namely, RFID console and a steel/aluminum
cabinet. The cabinet is used for maintaining databases, like identity of the
person or department that accessed it recently and the date of last usage. RFID
console is an electronic part that helps keep a track on cabinet supplies.
Surging demand for RFID cabinets for inventory management and technological
advancements are expected to positively impact the global market throughout the
forecast period.
The worldwide RFID Smart
Cabinets Market is segmented into geographies, namely Latin America, North
America, Asia Pacific, Europe, and Rest of the World. Most healthcare
institutions in North America have begun using RFID cabinets for enhanced
productivity and minimal errors. The region is propelled by huge product demand
from the U.S. Sophisticated healthcare infrastructure and steady technological
developments are two key factors that drive the North America market. This
region may continue leading the global industry till 2020.
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In the U.K. and Germany, huge funds are injected into the healthcare sectors by both governmental organizations and NGOs. Germany dominates the Europe RFID cabinets market owing to high R&D investments in RFID applications. With focus on RFID technologies, the government of Germany had invested around USD 260 million in the year 2007. Furthermore, the country declared that technological developments fuel applications of RFID technologies not only in the healthcare sector but also in its telecommunications industry. The need for effective inventory management strategies and the prevention of pilferage of assets & inventories can fuel the global industry during the forecast period.
Owing to surging demand from
India and China, Asia Pacific is expected to be a rapidly growing region from
2012 to 2020. Furthermore, technological developments and improvements in
healthcare infrastructure in China and India could effectively contribute to
regional progress. Execution of the 12 year plan in China may lead manufacturers
to invest robustly in the region. Favorable governmental regulations, the
expanding telecommunications sector, and widespread awareness among patients
are factors that drive the RFID industry in India. Proliferation of retail
stores selling products with RFID tags can positively impact the overall
industry during the forecast period.
Prominent industry
participants are Tagsys RFID Group; Stanley Innerspace; LogTag; Mobile Aspects
Inc.; and Terson Solutions Inc. among others. The global RFID smart cabinets
market is a highly fragmented one with a large pool of suppliers and a host of
domestic manufacturers in China. Mergers and acquisitions are key business
expansion strategies adopted by several companies. In February 2016, Nordic ID
launched the Nordic ID AR52 area reader. It is a fixed reader that is equipped
with sixteen external antenna ports. It is the centre point for connecting the
antennas that can be adjusted and controlled individually.
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