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RFID smart cabinets Cabinet in the Field of Healthcare and Pharmaceutical Applications Continue to Expand, Promoting the Rapid Development of the Market

  • PostDate：2022-06-22

RFID smart cabinets provide innovative solutions for managing high value medical equipment and consignment inventory.  With RFID smart cabinets, medical equipment and consignment inventory can be managed in real time to eliminate out-of-stock and expired items.  RFID smart cabinets allow only authorized personnel to access their contents and are equipped with RFID badges.  When identified by its RFID badge, users can easily access the locker to borrow or return one or more tools.  In addition, an advanced locking system prevents any manual opening of the cabinet. 

RFID smart cabinets usually include readers, tags, antennas and other important components.  Among them, RFID readers play a central role, with a market share of 43.15% in Malaysia, Thailand and Indonesia in 2020.  Followed by RFID tags, 23.59% of the market; RFID antenna market value share was 13.10%.

Market analysis of RFID smart cabinets in various countries 

Research data show that among Malaysia, Thailand and Indonesia, Indonesia is the largest revenue market in the RFID smart storage cabinet industry. In 2020, the market value is $6.03 million with a value share of 50.83%.  Followed by Thailand, the market value of $3.03 million, market share of 25.52%;  Malaysia is at the bottom with a market value of $2.81 million, accounting for 23.65% of the total. 

Indonesia is the largest ASEAN country, accounting for about 40% of ASEAN’s population, area and economic aggregate.  Indonesia has a land area of 1.9 million square kilometers and a sea area of 3.17 million square kilometers. It has a population of about 260 million, ranking the fourth in the world.  Indonesia\'s economic growth has been around 5% for many years, ranking among the top in the world.  Indonesia\'s GROSS domestic product (GDP) was $116 billion in 2019, accounting for 0.93 percent of the world economy, according to official Data from the World Bank and reports in Trade Economics. 

Indonesia is a major exporter of crude oil and natural gas, and one of the world\'s leading suppliers of rubber, coffee, cocoa and palm oil.  It also produces a variety of other commodities such as sugar, tea, tobacco, dried coconut and spices such as cloves.  Extensive exploration of oil, gas and other mineral resources has facilitated the progress of many large-scale projects and has made a significant contribution to general development funding.  Therefore, on the whole, the sound economic environment in Indonesia provides the foundation and support for the development of its RFID smart cabinet market.

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RFID smart cabinet market dynamics and future development trend 

The benefits of RFID smart cabinets include accurate data, real-time tracking, and reduced inventory waste and equipment loss, which reduce operating costs for hospitals and pharmaceutical companies. So hospitals are starting to use RFID smart cabinets storage lockers to keep track of various items.  Medical equipment used in surgery and other medical procedures is expensive, so it is necessary to properly maintain and track these high-value hospital inventories.  RFID smart cabinets  enable hospitals to eliminate costs by avoiding mislocations, avoiding the theft of expensive medical equipment, and tracking the use of high-value drugs.  By deploying RFID smart cabinets, many enterprises have controlled their operating costs.  These factors have promoted the development of RFID smart storage cabinet market. 

Automated supply and workflow management systems eliminate manual processes and error-prone and time-consuming redundant document processes involved. These solutions integrate workflow to save time, reduce costs, and provide seamless functionality for clinical staff and administrators. Automated and improved workflow saves time and allows staff to focus entirely on patient care. RFID smart cabinets are equipped with dashboards to provide alerts when immediate attention is needed during inventory management.  The interface of these storage cabinets ensures interoperability with existing systems in hospitals and other facilities, and improved product visibility provides clinicians with the right product in a timely manner. These factors also promote the development of RFID smart storage cabinet market. 

With the expanding scope of RFID smart cabinets in healthcare and pharmaceuticals, the growing number of applications is likely to drive 

market growth during the forecast period.  RFID has many applications in hospital file maintenance and equipment tracking. The implementation of RFID technology in healthcare facilities can improve inventory management by limiting the damage caused by mismanagement of medical supplies.  Southeast Asia is the most attractive and fastest growing market for RFID smart cabinets. This is due to increasing awareness, increased hospital affordability, the presence of high quality hospitals, and the involvement of local businesses, which have made the product popular in the region and the increasing adoption rate.  This brings more new opportunities to the RFID smart storage cabinet market.  The market value of RFID smart cabinets in Indonesia, Thailand and Malaysia is expected to reach $11.20 million, $6.01 million and $5.21 million by 2027, respectively. 

However, the lack of awareness of the benefits of RFID smart cabinets , as well as the increase in strict regulations and regulations on personnel and safety quality control by the government, is expected to hinder the market growth of RFID smart cabinets. Suppliers in a few countries pose a significant challenge to market growth, and many countries have yet to use RF bandwidth for healthcare and the public sector.  Many organizations are happy with manual processes and are reluctant to move to modern technology. These factors together with bar code technology competition, weaken the permeability of RFID smart cabinet.

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