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Rfid Enabled Smart Cabinets Market will generate new growth opportunities 2024-2031 | Mobile Aspects, Inc., Solstice Medical LLC, Stanley Innerspace, Invengo Technology Pte. Ltd

05-22-2024 03:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Rfid Enabled Smart Cabinets Market will generate new growth

Market Overview:

RFID enabled smart cabinets are medical storage cabinets integrated with RFID technology for better inventory and asset management in healthcare facilities. They help track medical equipment and supplies in real-time.

Market Dynamics:

The growth of the RFID enabled smart cabinets market is driven by the increasing demand from the healthcare industry for better inventory management and cost savings. RFID cabinets allow healthcare providers to track medical supplies in real-time and replenish items before stock-outs. They also help in eliminating overstocks, reducing costs associated with expired items. Additionally, the growing need for automated check-in/check-out of medical equipment and supplies from clinical areas is also fueling the adoption of RFID enabled smart cabinets. The ability of RFID systems to streamline workflows and improve patient safety is a major factor augmenting the market growth over the forecast period.

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Some of the Top Players in Rfid Enabled Smart Cabinets Market:

LogiTag, Mobile Aspects, Inc., Solstice Medical LLC, Stanley Innerspace, Invengo Technology Pte. Ltd., Terso Solutions, Inc., and WaveMark Inc. (Cardinal Health)

Rising Adoption of RFID Technology in Healthcare Facilities

The rising adoption of RFID technology across various industries such as retail, manufacturing, logistics etc. is one of the key drivers propelling the growth of the global RFID enabled smart cabinets market. RFID technology offers various benefits such as real-time tracking of medicines and supplies, automatic replenishment of stocks to avoid stock-outs, streamlining supply chain operations and improved patient safety. Various healthcare facilities are implementing RFID systems to track high-value equipment and medicines along with streamlining inventory management. The technology also helps in faster retrieval of items and improved staff productivity. Additionally, with RFID cabinets, hospitals can better manage expiration dates of medicines and supplies. This ensures patients receive quality treatment without any expiration issues.

Increasing Focus on Optimization of Inventory Management

Another major factor fueling the demand for RFID enabled smart cabinets is the increasing focus of healthcare facilities on optimizing their inventory management. With RFID technology, various tasks such as recording receipt of new shipments, monitoring consumption patterns, tracking expired items and automating replenishment needs can be easily managed. This helps hospitals reduce costs associated with overstocking, stock-outs and expired/wasted inventory. RFID smart cabinets connected to the backend IT system provide real-time inventory visibility to managers. Based on historical consumption data, automatic replenishment orders can be placed. This streamlines the entire inventory management process and ensure required items are always available for patients and staff. The technology ultimately enhances stock management efficiency.

High Initial Investment Requirements

One key challenge restraining the widespread adoption of RFID enabled smart cabinets is the high initial investment requirements for setting up the entire system infrastructure. RFID tags, readers, middleware, backend servers and cabinets are some of the components requiring significant upfront capital. Integration with existing IT systems of the healthcare facility also contributes to initial costs. These systems may not be feasible for smaller hospitals and clinics with tight budgets. Additionally, costs associated with maintenance, repairs and periodic upgradations of the cabinets post installation also impact the total cost of ownership. While RFID brings several long term benefits, the high capital expenditure requirements can be a deciding factor, especially for price sensitive customers.

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Improved Medication Management and Patient Safety

Growing concerns around medication errors and incidence of adverse drug events (ADEs) in hospitals present a major opportunity for RFID enabled smart cabinets. As per the Institute of Medicine, medication errors are among the leading causes of preventable harm in healthcare facilities. With automation capabilities, RFID smart cabinets help alleviate human errors in dispensing wrong medications, duplicate doses and allergic reactions. Real-time access controls and alerts curb unauthorized access to controlled substances. Features like bedside verification, automatic replenishment reduce stock-outs which can compromise patient safety. RFID is effective in preventing diversion of drugs and improving regulatory compliance. Overall, such systems enhance medication safety practices and patient outcomes which is a value proposition driving greater adoption.

Integration with AI and Analytics

One of the key ongoing trends in the RFID enabled smart cabinets market is the integration of cabinets with advanced technologies like artificial intelligence and data analytics capabilities. RFID generated real-time inventory and consumption data provides valuable insights. AI-powered algorithms can analyze usage patterns, predict future demand more accurately for automated replenishment. Analytics also help identify inefficiencies, optimize stock levels and derive strategic procurement decisions. Virtual assistant features assist staff with information access. Integration of AI and analytics enhances the operational efficiency and decision making abilities of cabinets. Vendors are focusing on making cabinets smarter with advanced applications to deliver increased value to healthcare providers. This technology convergence trend will continue shaping the future growth strategy of players in this industry.

Reasons to Purchase this Report:

👉Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
👉Reports provide opportunities and threats faced by suppliers in the Rfid Enabled Smart Cabinets industry around the world.
👉The report shows regions and sectors with the fastest growth potential.
👉A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
👉The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
👉This report provides the industry's current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.

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Questions Answered by the Report:

(1) Which are the dominant players of the Rfid Enabled Smart Cabinets Market?
(2) What will be the size of the Rfid Enabled Smart Cabinets Market in the coming years?
(3) Which segment will lead the Rfid Enabled Smart Cabinets Market?
(4) How will the market development trends change in the next five years?
(5) What is the nature of the competitive landscape of the Rfid Enabled Smart Cabinets Market?
(6) What are the go-to strategies adopted in the Rfid Enabled Smart Cabinets Market?

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:
Mr. Shah
Coherent Market Insights Pvt. Ltd,
📞Phone: U.S.: +1-206-701-6702
📞U.K.: +44-020-8133-4027
📞JAPAN: +81-50-5539-1737
📞INDIA: +91-848-285-0837
✉ Email: sales@coherentmarketinsights.com

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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