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Market Opportunity for RFID Smart Cabinet Systems in Healthcare

  • May 2015
  • -
  • Frost & Sullivan
  • -
  • 51 pages

Summary

Table of Contents

Internet of Things to Shape the Future

The research service provides an overview of the application of radio frequency identification (RFID) in the healthcare industry. It specifically focuses on RFID smart cabinet systems that track equipment and medical supplies in a healthcare environment. The study aims to analyse the technological advancements in RFID smart cabinet systems and includes the business models of key market participants in this space. It also covers the market adoption for RFID smart cabinet systems by healthcare professionals and discusses the factors that impact such adoption.

Key Findings
- Adoption of radio frequency identification (RFID) is increasing in the healthcare and pharmaceutical industries, especially in the areas of assets tracking, supply chain management, and inventory management.
- Hospitals are the major end users of RFID smart cabinets, with catheterisation laboratories (cath labs), operating rooms (ORs), and surgical departments being the major application areas.
- Pharmaceuticals are employing RFID to prevent counterfeit drugs from entering the supply chain. RFID is also being used in warehouse management.
- The uptake of RFID smart cabinets, currently medium, is likely to be high over the next - years.
- The growing need to improve efficiency and outcome in healthcare settings is a major driver for the utilisation of RFID smart cabinets in inventory management and asset tracking of equipment and supplies.
- Going forward, RFID cabinets with integrated analytics based on cloud and accessed through webbased applications will see greater demand under the influence of Internet of Things (IoT) and Near Field Communication (NFC).
- There will be a growing demand for virtual management and managed services compared to outright purchase of cabinets, as capital expenses and overhead costs are minimum.
- In the near future, vendors of supplies and equipment will provide hospitals with their products in RFID cabinets for tracking their real-time consumption.
- Going forward, hardware of RFID cabinets will not be limited to a storage shelf that can be tracked, and will tend to be a space which can be monitored in real time with access to cloud and analytics platforms.

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