Real-Time Location Systems for Healthcare Market is anticipated to grow at a healthy CAGR of 17.5% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Real-Time Location Systems for Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global real-time location systems for healthcare market is estimated to account for over US$ 1.35 billion in 2019. It is anticipated to grow at a healthy CAGR of 17.5% from 2019 to 2030.
The global real-time location systems for healthcare market is driven primarily by factors such as rising demand for real-time location systems and security concerns in healthcare facilities. Moreover, use of IoT in healthcare facilities help in better utilization of resources.
Real-time location systems are used in healthcare facilities to track patients and staff with help of sequential images. Also, the system being capable of collecting real-time data about locations & status of personnel and patients. This helps the caretaker of facility to react to emergency situations. For instance, RTLS helps in tracking whether the members are complying with the rules & regulations pertaining to sterilization and hygiene. It also helps in minimizing the risks of nosocomial infections.
Real-time location systems are parts of IoT devices used in healthcare facilities that help in capturing real-time information from remote locations. There have been various wall-penetrating technologies such as Wi-Fi, Bluetooth Low Energy and various others that are used in IoT solutions. These help in sending & receiving signals across walls; for instance, Wi-Fi sensors can communicate with monitor unit that is located a few feet away and tracks temperature.
- For instance, in 2019, Wake Forest Baptist Medical Center deployed RTLS system with infinite loop deployed across whole healthcare facility, which resulted in major savings for them as the following:
- In terms of asset management, medical center has saved US$ 3.5 Million by avoiding equipment purchases and reducing rental expenses due to increased assets visibility and process changes that have allowed staff to distribute assets effectively.
- In terms of enhanced patients’ experience, real-time location systems have impacted patients’ experience and staff efficiency. RTLS is also being used to check location of patients and staff. It is also helping medical centers to reduce the waiting time of patients by approximately 50%.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Real-Time Location System for Healthcare Market by Offering (Hardware, Software, and Services), Technology (Ultra-Wideband Technology, Bluetooth Low Energy, Wi-Fi, Others), Application (Inventory & Asset Tracking and Management, Staff Locating & Monitoring, Access Control, Supply Chain Management, Others), Facility Type (Hospitals and Healthcare Facilities, Senior Living Facilities) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/real-time-location-system-for-healthcare-market/178
However, concerns related to data security are factors that are likely to restrain market growth to a certain extent. Threat of stealing personal data of the patients has always been at risk. The use of RTLS can lead to more cyberattacks in healthcare. Real-time location systems may have been revolutionizing the industry by tracking the whereabouts of individuals at any moment. It also offers the visibility required to keep people safe. But, there are risks associated with personal medical & health-related data of the patients being disclosed to unauthorized sources. For instance, while undertaking routine healthcare activities, the data related to credit card payments for doctor visits can be at risk.
North America is expected to dominate the real-time location systems for healthcare market owing to factors such as adoption of the technology by several hospitals in the U.S. for safe & effective communications and presence of various market players in region. The U.S. represents one of the largest markets of healthcare sector followed by Canada.
Asia Pacific is estimated to account for highest CAGR in real-time location systems for healthcare market over the forecast period 2019 to 2030, owing to advancements in healthcare facilities in developing countries such as China, India, and others.
Some of the prominent players in the real-time location systems for healthcare market include STANLEY Healthcare, Zebra Technologies Corporation, Aruba Networks, IMPINJ, TeleTracking Technologies, CenTrak, AiRISTA Flow, Sonitor Technologies, Versus Technology, and Identec Group, among others.
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