Healthcare Technology Featured Article

June 15, 2015

RFID Boosting Advances in Healthcare Market

When it comes to RFID chips, there is very little doubt that there are a number of different uses. One business sector that is especially taking advantage of radio frequency identification technology is the area of healthcare. In fact, this particular market is starting to really expand the way it uses RFID technology to go beyond just a basic tracking format and has started using the technology for other things including something called a Smart Cabinet System.

The need for inventory management is certainly very real and ever present in the healthcare market. By having an inventory management system that is able to reduce the instance of loss or misplacement, companies are able to cut down on the cost of doing business as well as improve patient safety. A new report by Frost and Sullivan says that the market for RFID Smart Cabinet Systems is only going to grow in the next couple of years. While the United States is certainly going to see good growth in this area, the UK, Germany, France and Spain are all considered to be market leaders in this area.

The low infrastructure costs and quick returns associated with RFID smart cabinets encourage their adoption in hospitals," Frost & Sullivan Healthcare Research Analyst Shruthi Parakkal said in a recent statement. "End users prefer RFID smart cabinets with cost-effective architecture that eliminates redundancies – such as multiple paths – and reduces interference.”

There is some bad news when it comes to RFID technology and its use in smart cabinets. The biggest piece of less than optimistic news when it comes to advancement in this market is that most companies haven’t been forward thinking enough to really invest what they should have. That means that the growth of this market is going to be a bit slower than it should be. Having said that, it appears the market is going to be advancing quite nicely over the next few years.

Edited by Rory J. Thompson

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