The North America RFID (Radio-frequency Identification) Smart Cabinets Market would witness market growth of 8.7% CAGR during the forecast period (2023-2029).
The smart cabinets update the system with the precise contents of each shelf after scanning the products that are still on each shelf. This function lessens the impact of clinicians taking an item and either not utilizing it or not returning it. The smart cabinet will notify the system of any item that is missing if a clinician removes an item from a shelf but does not use it and will provide the user with the time the item was taken off the shelf. To reduce the time, it takes for a product to reach a patient, physicians, and administrators can identify where necessary products are located due to the communication between smart cabinets.
RFID technology also considerably enhanced the manual management of recalled and expired goods. The system immediately notifies the other hospital supply chain workers about industry recalls when they are made public because inventory management is automated. The health system will be spared from unnecessary spending due to this kind of efficient automation. When hospitals utilize population health management and value-based reimbursement, which demand much more work with the same amount of resources, achieving operational efficiency while lowering costs is essential.
Mexico is considered one of the world's biggest markets for the pharmaceutical companies. In Mexico, patented drugs make up 51% of the market by value, followed by generics with 35% of the market and over-the-counter treatments with the remaining 14%. The expansion of biosimilars, whose sales are anticipated to rise in the coming years, is one factor driving the market expansion of Mexico's pharmaceutical sector. New rules for bio-similar medications have considerably boosted local R&D and manufacture of the biosimilars sub-sector, and numerous global corporations have announced the introduction of new products and investments. Consequently, it is anticipated that increasing drug imports and exports and the growing pharmaceutical industry will drive the market for RFID smart cabinets.
The US market dominated the North America RFID (Radio-frequency Identification) Smart Cabinets Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $772.9 Million by 2029. The Canada market is poised to grow at a CAGR of 11.2% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 10.2% during (2023 - 2029).
Based on Component, the market is segmented into RFID Tags, RFID Readers, RFID Antenna and Others. Based on End User, the market is segmented into Hospitals & Clinics, Bio-Pharmaceutical Companies and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide RFID (Radio-frequency Identification) Smart Cabinets Market is Projected to reach USD 2.8 Billion by 2029, at a CAGR of 9.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Grifols, S.A., Invengo Technology Pte. Ltd., Alien Technology, LLC, Impinj, Inc., Honeywell International, Inc., Stanley Healthcare (Securitas), Motorola Solutions, Inc., Siemens Healthineers AG (Siemens AG), 3M Company and IBM Corporation.
Scope of the Study
Market Segments Covered in the Report:
By Component
- RFID Tags
- RFID Readers
- RFID Antenna
- Others
By End User
- Hospitals & Clinics
- Bio-Pharmaceutical Companies
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Grifols, S.A.
- Invengo Technology Pte. Ltd.
- Alien Technology, LLC
- Impinj, Inc.
- Honeywell International, Inc.
- Stanley Healthcare (Securitas)
- Motorola Solutions, Inc.
- Siemens Healthineers AG (Siemens AG)
- 3M Company
- IBM Corporation
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America RFID (Radio-frequency Identification) Smart Cabinets Market, by Component
1.4.2 North America RFID (Radio-frequency Identification) Smart Cabinets Market, by End User
1.4.3 North America RFID (Radio-frequency Identification) Smart Cabinets Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. North America RFID (Radio-frequency Identification) Smart Cabinets Market by Component
3.1 North America RFID Tags Market by Country
3.2 North America RFID Readers Market by Country
3.3 North America RFID Antenna Market by Country
3.4 North America Others Market by Country
Chapter 4. North America RFID (Radio-frequency Identification) Smart Cabinets Market by End User
4.1 North America Hospitals & Clinics Market by Country
4.2 North America Bio-Pharmaceutical Companies Market by Country
4.3 North America Others Market by Country
Chapter 5. North America RFID (Radio-frequency Identification) Smart Cabinets Market by Country
5.1 US RFID (Radio-frequency Identification) Smart Cabinets Market
5.1.1 US RFID (Radio-frequency Identification) Smart Cabinets Market by Component
5.1.2 US RFID (Radio-frequency Identification) Smart Cabinets Market by End User
5.2 Canada RFID (Radio-frequency Identification) Smart Cabinets Market
5.2.1 Canada RFID (Radio-frequency Identification) Smart Cabinets Market by Component
5.2.2 Canada RFID (Radio-frequency Identification) Smart Cabinets Market by End User
5.3 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market
5.3.1 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market by Component
5.3.2 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market by End User
5.4 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market
5.4.1 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market by Component
5.4.2 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market by End User
Chapter 6. Company Profiles
6.1 IBM Corporation
6.1.1 Company Overview
6.1.2 Financial Analysis
6.1.3 Regional & Segmental Analysis
6.1.4 Research & Development Expenses
6.1.5 SWOT Analysis
6.2 Honeywell International, Inc.
6.2.1 Company Overview
6.2.2 Financial Analysis
6.2.3 Segmental and Regional Analysis
6.2.4 Research & Development Expenses
6.2.5 SWOT Analysis
6.3 3M Company
6.3.1 Company Overview
6.3.2 Financial Analysis
6.3.3 Segmental and Regional Analysis
6.3.4 Research & Development Expense
6.3.5 SWOT Analysis
6.4 Impinj, Inc.
6.4.1 Company Overview
6.4.2 Financial Analysis
6.4.3 Regional Analysis
6.4.4 Research & Development Expense
6.4.5 Recent strategies and developments:
6.4.5.1 Product Launches and Product Expansions:
6.5 Grifols, S.A
6.5.1 Company Overview
6.5.2 Financial Analysis
6.5.3 Regional & Segmental Analysis
6.5.4 Research & Development Expenses
6.6 Stanley Black & Decker, Inc. (Stanley Healthcare)
6.6.1 Company Overview
6.6.2 Financial Analysis
6.6.3 Segmental and Regional Analysis
6.6.4 Research & Development Expenses
6.7 Motorola Solutions, Inc.
6.7.1 Company Overview
6.7.2 Financial Analysis
6.7.3 Regional & Segmental Analysis
6.7.4 Research & Development Expenses
6.8 Siemens Healthineers AG (Siemens AG)
6.8.1 Company Overview
6.8.2 Financial Analysis
6.8.3 Segmental and Regional Analysis
6.8.4 Research & Development Expense
6.9 Invengo Technology Pte. Ltd.
6.9.1 Company Overview
6.10. Alien Technology, LLC
6.10.1 Company Overview
TABLE 1 North America RFID (Radio-frequency Identification) Smart Cabinets Market, 2019 - 2022, USD Million
TABLE 2 North America RFID (Radio-frequency Identification) Smart Cabinets Market, 2023 - 2029, USD Million
TABLE 3 North America RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2019 - 2022, USD Million
TABLE 4 North America RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2023 - 2029, USD Million
TABLE 5 North America RFID Tags Market by Country, 2019 - 2022, USD Million
TABLE 6 North America RFID Tags Market by Country, 2023 - 2029, USD Million
TABLE 7 North America RFID Readers Market by Country, 2019 - 2022, USD Million
TABLE 8 North America RFID Readers Market by Country, 2023 - 2029, USD Million
TABLE 9 North America RFID Antenna Market by Country, 2019 - 2022, USD Million
TABLE 10 North America RFID Antenna Market by Country, 2023 - 2029, USD Million
TABLE 11 North America Others Market by Country, 2019 - 2022, USD Million
TABLE 12 North America Others Market by Country, 2023 - 2029, USD Million
TABLE 13 North America RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2019 - 2022, USD Million
TABLE 14 North America RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2023 - 2029, USD Million
TABLE 15 North America Hospitals & Clinics Market by Country, 2019 - 2022, USD Million
TABLE 16 North America Hospitals & Clinics Market by Country, 2023 - 2029, USD Million
TABLE 17 North America Bio-Pharmaceutical Companies Market by Country, 2019 - 2022, USD Million
TABLE 18 North America Bio-Pharmaceutical Companies Market by Country, 2023 - 2029, USD Million
TABLE 19 North America Others Market by Country, 2019 - 2022, USD Million
TABLE 20 North America Others Market by Country, 2023 - 2029, USD Million
TABLE 21 North America RFID (Radio-frequency Identification) Smart Cabinets Market by Country, 2019 - 2022, USD Million
TABLE 22 North America RFID (Radio-frequency Identification) Smart Cabinets Market by Country, 2023 - 2029, USD Million
TABLE 23 US RFID (Radio-frequency Identification) Smart Cabinets Market, 2019 - 2022, USD Million
TABLE 24 US RFID (Radio-frequency Identification) Smart Cabinets Market, 2023 - 2029, USD Million
TABLE 25 US RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2019 - 2022, USD Million
TABLE 26 US RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2023 - 2029, USD Million
TABLE 27 US RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2019 - 2022, USD Million
TABLE 28 US RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2023 - 2029, USD Million
TABLE 29 Canada RFID (Radio-frequency Identification) Smart Cabinets Market, 2019 - 2022, USD Million
TABLE 30 Canada RFID (Radio-frequency Identification) Smart Cabinets Market, 2023 - 2029, USD Million
TABLE 31 Canada RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2019 - 2022, USD Million
TABLE 32 Canada RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2023 - 2029, USD Million
TABLE 33 Canada RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2019 - 2022, USD Million
TABLE 34 Canada RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2023 - 2029, USD Million
TABLE 35 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market, 2019 - 2022, USD Million
TABLE 36 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market, 2023 - 2029, USD Million
TABLE 37 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2019 - 2022, USD Million
TABLE 38 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2023 - 2029, USD Million
TABLE 39 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2019 - 2022, USD Million
TABLE 40 Mexico RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2023 - 2029, USD Million
TABLE 41 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market, 2019 - 2022, USD Million
TABLE 42 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market, 2023 - 2029, USD Million
TABLE 43 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2019 - 2022, USD Million
TABLE 44 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market by Component, 2023 - 2029, USD Million
TABLE 45 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2019 - 2022, USD Million
TABLE 46 Rest of North America RFID (Radio-frequency Identification) Smart Cabinets Market by End User, 2023 - 2029, USD Million
TABLE 47 Key information – IBM Corporation
TABLE 48 Key Information – Honeywell International, Inc.
TABLE 49 Key Information – 3M Company
TABLE 50 Key Information – Impinj, Inc.
TABLE 51 Key information – Grifols, S.A.
TABLE 52 Key Information – Stanley Black & Decker, Inc.
TABLE 53 Key Information – Motorola Solutions, Inc.
TABLE 54 Key Information – Siemens Healthineers AG
TABLE 55 Key Information – Invengo Technology Pte. Ltd.
TABLE 56 Key Information – Alien Technology, LLC
List of Figures
FIG 1 Methodology for the research
FIG 2 Swot analysis: IBM Corporation
FIG 3 Swot analysis: Honeywell international, inc.
FIG 4 SWOT Analysis: 3M Company