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.
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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.
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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.
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%...