Deep Analysis of Impact of COVID-19 on “RFID Kanban Systems Market 2012-2020” Growth Worldwide….


Global RFID kanban systems market is expected to reach USD 1.1 Billion by 2020, according to a new study by Grand View Research, Inc. Increasing cases of stock outs, over inventory, clerical errors and growing demand for real time asset and inventory tracking are some factors expected to drive market growth over the next six years. Furthermore, high cost incurred due to medication expiration, increasing demand for FIFO system and the implementation of lean inventory management is expected to boost market growth over the forecast period.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
North America held majority of the market in 2013, with revenue estimated at USD 97.5 million. Economic development, increasing demand for process optimization, rising awareness level amongst healthcare organizations pertaining to the benefits associated with RFID kanban systems are some major drivers of this market.
The presence of a large gap between the need for hospital inventory management and availability of real time inventory management solutions has resulted in high growth potential for the U.S. market. RFID based kanban systems have been incorporated by certain healthcare facilities. However, a large percentage of hospitals have yet to make this transition.
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Further key findings from the study suggest:
·         The U.S. RFID kanban systems market was valued at USD 76.9 million in 2013. The incorporation of RFID kanban systems brings down the overall inventory ordering, shortage, carrying and purchase costs by as much as 30%. This cost reduction incentive acts as the most important driver for the RFID based kanban systems market in the region.
·         The Japanese RFID kanban systems market is expected to grow at a CAGR of over 23.8% from 2014 to 2020. Owing to the fact that the kanban system was initially developed in Japan, there has been significant development since then in the country for the purpose of automating the two bin kanban system. There has been prototype deployment of RFID kanban systems in Japan and it is expected that there will be growing demand for further such implementation in the Japanese hospitals to further improve healthcare services.
·         Some key market players of RFID Kanban systems include Brooks Automation, Grifols, Hurst Green Plastics Ltd., Wurth Group, Bollhoff Group, Pepperl+Fuchs, Datelka, Metra Tec GmbH, Logi-Tag and Mattteo
·         In order to develop cost effective and technologically advanced products, manufacturers in the market are involved in rigorous R&D. For Instance, LogiTag released a new mobile app for hospital inventory management and charge capture.
Increasing demand for asset tracking and controlling devices and drugs stockouts in the medication supply rooms are two primary drivers of the RFID kanban systems. Rising demand for streamlining hospital inventory management as a cost curbing measure coupled with growing incidences of clinical errors is expected to propel market growth over the forecast period.
Continuous R&D initiatives and new product development, growing cases of stock outs, over inventory, clerical errors, and growing demand for real-time asset and inventory tracking are expected to significantly boost demand over the next six years. Furthermore, the cost incurred due to medication expiration coupled with increasing demand for FIFO system and implementation of lean inventory management is anticipated to increase market growth at a rapid pace.   Kanban system works on the traditional Japanese kanban system which literally means sign board which is a scheduling system for lean just in time production.
In RFID kanban system colored cards are replaced with RFID tags which automatically send a signal with the help of software which is integrated with hospital information system to purchase department regarding inventory replenishment. Moreover, it has been estimated that RFID kanban systems can reduce inventory levels by nearly 33% and eliminate the risk of stock outs. Healthcare facilities have installed RFID Kanban systems in order to provide efficient and proper patient care. For instance, healthcare organizations have installed Stockbox and RFID Tagging to improve patient outcome by enabling hospitals and other medical facilities to keep the right quantities of medications and pharmaceutical products in stock. The global RFID kanban systems market is expected to grow at a CAGR of over 20.0% during the forecast period, to reach USD 1,089.6 million in 2020. 
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Increasing demand for asset tracking and controlling devices and drugs stockouts in the medication supply rooms are two primary drivers of the RFID kanban systems. Rising demand for streamlining hospital inventory management as a cost curbing measure coupled with growing incidences of clinical errors is expected to propel market growth over the forecast period.
Grand View Research has segmented the global RFID Kanban systems market on the basis of region:
RFID Kanban Systems Regional Outlook (Revenue, USD Million, 2012 - 2020)
·         North America
o    U.S.
o    Canada
o    Mexico
·         Europe
o    Belgium
o    Poland
o    Netherlands
o    Spain
o    Germany
o    UK
o    France
·         Asia
o    China
o    India
o    Japan
o    Australia
·         RoW
o    Brazil
o    Argentina
o    Chile
o    GCC
Continuous R&D initiatives and new product development, growing cases of stock outs, over inventory, clerical errors, and growing demand for real-time asset and inventory tracking are expected to significantly boost demand over the next six years. Furthermore, the cost incurred due to medication expiration coupled with increasing demand for FIFO system and implementation of lean inventory management is anticipated to increase market growth at a rapid pace.   Kanban system works on the traditional Japanese kanban system which literally means sign board which is a scheduling system for lean just in time production.
In RFID kanban system colored cards are replaced with RFID tags which automatically send a signal with the help of software which is integrated with hospital information system to purchase department regarding inventory replenishment. Moreover, it has been estimated that RFID kanban systems can reduce inventory levels by nearly 33% and eliminate the risk of stock outs. Healthcare facilities have installed RFID Kanban systems in order to provide efficient and proper patient care. For instance, healthcare organizations have installed Stockbox and RFID Tagging to improve patient outcome by enabling hospitals and other medical facilities to keep the right quantities of medications and pharmaceutical products in stock. The global RFID kanban systems market is expected to grow at a CAGR of over 20.0% during the forecast period, to reach USD 1,089.6 million in 2020. 
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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