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RFID Storage Systems Market Size and Forecast Analysis 2016-2020

01-16-2017 11:07 AM CET | Health & Medicine

Press release from: SA-BRC

RFID Storage Systems Market Size and Forecast Analysis

RFID (radio frequency identification) technology has revolutionized inventory management in healthcare. Large hospitals, blood banks, medical devices suppliers and distributors, and pharmacies have employed RFID systems for efficient inventory management and billing. Growing complexity of healthcare system, stringent policies employed by hospital auditors and threat from counterfeit products demanded efficient and effortless inventory management process. Although RFID address these issues, it is essential for healthcare service provider to install RFID systems across all process, which might prove to be expensive depending on size of the organization.

RFID smart cabinets provide added advantages such as product expiry alert, detailed product traceability (including serial number, batch number and expiry date) and restock alert. This reduces manual error and ensures patient safety, adequate inventory maintenance and cost effectiveness. These cabinets are widely used in blood banks, hospitals other health service provides. RFID storage systems are ideal for hospital supply departments, research laboratories, operation rooms, and pharmacies. RFID refrigerators are however used for storage of drugs and diagnostic kits which need to be maintained at low temperature to maintain viability of the products. These smart cabinets serve dual purpose of ambient temperature storage as well as effortless asset management. Similarly RFID freezers are used for storage of tissue samples, cell lines, and microbial samples.

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Globally RFID storage systems market has been saturated with various local players. However fewer players offer end-to-end RFID setup for healthcare service management. Software required for data storage and integration are usually outsourced to Information and Technology (IT) service providers. Currently RFID market growth is restricted due to already existing barcode system. Healthcare service providers, research laboratories and others are reluctant to invest more capital to replace existing setup which is very well integrated with that of suppliers and distributors. However increasing popularity and expanding scope of application of RFID technology is expected to gradually replace traditional inventory management systems in healthcare sector.

?RFID storage systems market place has also witnessed series of mergers and acquisitions to mark their place in the healthcare. Zebra Technologies, a leading player in RFID market announced acquisition of Motorola in 2014. With the acquisition Zebra Technologies aims to build better asset tracking solutions in the future. Earlier in 2012, Stanley Healthcare announced the acquisition of AeroScout. The acquisition has strengthened Stanley Healthcare?s inventory management portfolio for hospitals. Integration of RFID tracking services on smart phones has added extra value to the smart asset tracking and management solution. These upgrades have assisted rapid market penetration in developing nations.

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WaveMark, Terso Solutions, Inc. Solstice Medical, Mobile Aspects Inc., McKesson Corporation, SATO Vicinity are some of the key players in the RFID storage systems market.

About Us
Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.

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United States
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Email: sales@sa-brc.com
Website: www.sa-brc.com

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