In particular, the need for inventory management to reduce cases of loss or misplacement of medical equipment, supplies or medicines, along with efforts to minimize errors and improve patient safety, are driving the market for RFID smart cabinet systems.
A new analysis by Frost & Sullivan, "Market Opportunity for RFID Smart Cabinet Systems in Healthcare," suggests that the adoption of RFID smart cabinets is likely to gain momentum over the next three to five years. The UK, Germany, France, Italy, and Spain are leading the markets.
"The low infrastructure costs and quick returns associated with RFID smart cabinets are encouraging their adoption in hospitals," says Frost & Sullivan Healthcare Research analyst Shruthi Parakkal. "End users prefer RFID smart cabinets with a cost-effective architecture that eliminates redundancies—such as multiple routing—and reduces interference."
Unproven business models resistant to changing the status quo are the main factors limiting investment in RFID smart cabinet systems. Since countries decide which frequencies to use for RFID based on their spectrum and bandwidth availability, RFID device manufacturers also face the challenge of designing solutions that are compatible across regions.
On the other hand, the lack of a long-term vision for the evolution of RFID applications from the perspective of policymakers, suppliers, and end users could stall the development of this promising technology. To pave the way for large-scale deployments, suppliers must focus on technical capabilities, such as uninterrupted RFID range, automation, and integrated analytics.
"In the long term, virtual management and managed services, which involve minimal capital expenditures and overhead, will gain traction over outright purchasing of the cabinets," Parakkal predicted. "RFID cabinets with integrated cloud-based analytics accessible via web applications will be popular, facilitated by the Internet of Things and Near Field Communications.".
The continued and growing recognition of the potential of technology to improve outcomes and efficiency in a healthcare environment will keep the RFID smart cabinet market on the path to rapid growth.
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