California, San Francisco (PRWEB) March 18, 2014
The global RFID smart cabinets market revenue is expected to reach USD 784.6 million by 2020, growing at a CAGR of 11.5% from 2014 to 2020. Rising initiatives undertaken by healthcare institutions to curb costs via the adoption of an efficient inventory management solution is expected to be a key driver for RFID smart cabinet demand. The report also observes that government regulations aimed at efficient inventory management of medical supplies in healthcare institutions coupled with the current low market penetration rate of RFID technologies in these institutions is expected to fuel market demand over the next six years.
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Growing adoption rates of healthcare information technologies and the entry of private healthcare establishments into emerging markets such as India, China, Brazil and Argentina is also expected to drive market growth over the next six years. The implementation of healthcare reforms such as the 12th Five Year Plan in China aimed at providing healthcare to all its citizens via healthcare infrastructure strengthening and other regulatory initiatives are expected to be critical for market development over the next six years.
Further Key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global RFID smart cabinets market on the basis of region:
Regional coverage of the database includes:
• North America
• Latin America
• Asia Pacific
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