RFID (Radio-frequency Identification) Smart Cabinets Market to Register Strong Growth at CAGR of 11.0% by 2023 (CoreRFID, Grifols International, InnerSpace, Invengo Technology, Logi-Tag Systems, Mobile Aspects, Skytron)

Marketprognosis.com Publish a New Market Research Report On “Global RFID (Radio-frequency Identification) Smart Cabinets Market 2018 - 2023” which contains global key player’s survey information and forecast to 2023.

Overview of the Global RFID (Radio-frequency Identification) Smart Cabinets Market:

The Global RFID (Radio-frequency Identification) Smart Cabinets Market is expected to register a CAGR of 11.0% during the forecast period (2018-2023).

RFID smart cabinets play a vital role in equipment tracking and record maintenance to prevent losses related to mishandling of medical supplies as well as real-time elimination of expired items and stock outs. North America is anticipated to dominate the market during the forecast period owing to technological advancement in the development of innovative medical devices in the region and well developed healthcare infrastructure.

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The rise in the government funding for hospitals is one of the primary reasons for the growth of the RFID smart cabinets market. According to the National Center for Health Statistics, in the United States, the government spends around 32% on hospital care and nearly 20% on physicians and clinical services. In Australia, nearly USD 40-45 billion was spent in 2013, compared to the amount spent in 2003. With that, RFID applications are high in hospital logistics and operational management. Hospitals in developed markets are highly interested in using the RFID solution to create a hands-free environment with blood transfusions as it has been estimated that each incident results in the extra expenditure of USD 3.5-4 million for the healthcare provider. Thus, the government spending on hospitals plays a major role in the growth of the RFID smart cabinets in the market.

The rise of stringent government rules and regulations regarding quality control and personnel safety are the major restrictions for the growth of companies in this market. The government regulations in emerging markets, such as India and Indonesia, are much different from the developed markets. In Malaysia, the certification for RFID equipment has become stringent in recent years. A high number of crucial technical details and documentation are required before staring the Malaysian certification process. Moreover, several countries have their own standards, raising the complexity in the approval of devices in each country. Thus, these factors impede the growth of this market.

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North America is the largest market for global RFID smart cabinets owing to the growing investment from key players in the development of innovative devices and rising adoption of better technologies in the healthcare institutions in the region, followed by Europe. In terms of growth, Asia-Pacific is the fastest growing region due to the rising economy, improving healthcare expenditure, and increasing government initiatives for growth of this market.

Major Key Players:

1 CoreRFID

2 Grifols International, S.A.

3 InnerSpace

4 Invengo Technology Pte. Ltd

5 Logi-Tag Systems

6 Mobile Aspects Inc.

7 Skytron

8 Solstice Medicine Company, Inc. and More…………..

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This study answers to the below key questions:

1 What will the market size be in 2023 and what will the growth rate be?

2 What are the key market trends?

3 What is driving this market?

4 What are the challenges to market growth?

5 Who are the key vendors in this market space?

6 What are the market opportunities and threats faced by the key vendors?

7 What are the strengths and weaknesses of the key vendors?

In the end, this report covers data and information on capacity and production overview, production, market share analysis, sales overview, supply, sales, and shortage, import, export and consumption as well as cost, price, revenue and gross margin of RFID (Radio-frequency Identification) Smart Cabinets Market.

Table of Contents:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Key Inferences

5 Market Overview

6 Drivers, Restraints, Opportunities and Challenges Analysis (Droc)

7 Market Segmentation

8 Competitive Landscape

9 Key Players

10 Future Outlook of the Market

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