RFID Application in Healthcare Expands Beyond Tracking
June 12, 2015 | Frost & SullivanEstimated reading time: 1 minute
Radio frequency identification (RFID) is rapidly making headway into the healthcare and pharmaceutical industries, especially in assets tracking, supply chain management, and inventory management. In particular, the need for inventory management to reduce instances of loss or misplacement of medical equipment, supplies or drugs, along with efforts to minimise errors and improve patient safety, drives the market for RFID smart cabinet systems.
New analysis from Frost & Sullivan, Market Opportunity for RFID Smart Cabinet Systems in Healthcare, finds that the uptake of RFID smart cabinets is likely to gather momentum over the next three to five years. The United Kingdom, Germany, France, Italy, and Spain are leading markets.
“The low infrastructure costs and quick returns associated with RFID smart cabinets encourage their adoption in hospitals,” said Frost & Sullivan Healthcare Research Analyst Shruthi Parakkal. “End users prefer RFID smart cabinets with cost-effective architecture that eliminates redundancies – such as multiple paths – and reduces interference.”
Unproven business models and resistance to changing the status quo are major factors limiting investments in RFID smart cabinet systems. Since countries decide the frequencies used for RFID according to their spectrum and bandwidth availability, RFID device manufacturers also face the challenge of designing solutions that are compatible across regions.
Moreover, the lack of a long-term vision on the evolution of RFID application from the perspective of policy makers, vendors 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 range of uninterrupted RFID, automation and integrated analytics.
“In the long run, virtual management and managed services that involve minimum capital and overhead expenses will gain traction over the outright purchase of cabinets,” anticipated Parakkal. “RFID cabinets with cloud-based integrated analytics that can be accessed through Web applications will become popular, facilitated by the Internet of Things and Near Field Communications.”
Continued and growing recognition of the technology’s potential to improve outcomes and efficiency in a healthcare environment will keep the RFID smart cabinets market on track towards swift growth.
Suggested Items
Commercial Demand Continues to Be the Main Driver of Personal Computing Device Shipments into the GCC Region
03/26/2024 | IDCThe Gulf Cooperation Council (GCC) personal computing device (PCD) market, which is made up of desktops, notebooks, and workstations, declined 4.0% year on year in 2023, with high inventory levels and reduced consumer spending the primary causes.
Suppliers Aim to Raise Contract Prices, But With Uncertain Demand, 2Q24 DRAM Price Increase Expected to Narrow to 3–8%
03/26/2024 | TrendForceTrendForce’s latest report reveals that despite DRAM suppliers’ efforts to trim inventories, they have yet to reach healthy ranges. As they continue to improve their lose situations by boosting capacity utilization rates, the overall demand outlook for this year remains tepid.
LPKF Reports Strategic Successes and Narrowly Achieves Forecast for 2023 Financial Year
03/26/2024 | LPKFLPKF Laser & Electronics SE generated revenue of EUR 124.3 million in the financial year (previous year: EUR 123.7 million) and earnings before interest and tax (EBIT) of EUR 3.7 million (previous year: EUR 6.8 million), putting the EBIT margin at 3.0% (previous year: 5.5%).
Arlon EMD and EMC Announce Expansion in California
03/25/2024 | Arlon EMDArlon EMD, a division of Elite Materials Company (EMC), announces a factory expansion at the Rancho Cucamonga, CA location. Arlon is a global leader in high performance thermoset substrates for mission critical printed circuit boards manufactured for high endurance and long-life programs. Arlon has a 45-year history of manufacturing specialty materials for the Aerospace, Industrial and Military (AIM) markets.
Intraratio Enhances MES + Yield / IoT Management with New Advanced Manufacturing Analytics
03/22/2024 | IntraratioIntraratio announced AICard, which harnesses the power of artificial intelligence and machine learning to empower manufacturers to make informed decisions quickly and accurately regarding product quality and manufacturing line performance and optimization.