Real time location system (RTLS) is a technology, which is also referred to as location based services (LBS) and is primarily used to track objects, assets, vital equipment and individuals in real time in indoor and outdoor environments. This technology is used to track valuable assets, staff and patients on sequence of images and video in hospitals and clinics. By adopting the RTLS solutions, healthcare organisations can record the location data and analyse developments that transform operations. RTLS provides general benefits such as asset tracking, patient tracking, staff safety, workflow optimization, environmental monitoring and reporting.
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According to a recent study from IndustryARC, the RTLS healthcare market generated revenue of $717.8 Million in 2015 and is projected to grow at 19.2% CAGR through 2021. The RTLS Healthcare market is exhibiting high growth due to increased adoption in elder care facilities as well as significant growth in penetration in healthcare facilities. The launch of new products with improved functionality and features has also had a positive effect on the market. This high growth rate is also attributed to the increased demand for patient tracking services in this industry.
North America Market is the biggest market in 2015 with revenue of $406 Million followed by Europe. Reimbursement policies being implemented by government across various countries will be the most important driver for the RTLS market. The most significant demand will be in the North American region, especially in the U.S. and Canada, where the government has established policies to partially or fully reimburse the RTLS users, particularly for elder care and safety applications. Furthermore, discounts provided by organizations such as American Association of Retired Persons (AARP) and American Automobile Association (AAA) to its members on RTLS with nurse call and fall detection features, will lead to more number of elder care and assisted care facilities utilizing these systems. Medicaid reimbursement programs and introduction of Obamacare will open up a number of avenues of sales for RTLS in healthcare market.
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The APAC region is poised to grow at a very high CAGR due to growing economy leading to high adoption of RTLS, particularly for patient safety. The increasing innovation in technology and growing awareness regarding the capabilities of RTLS are set to propel the adoption. The ROW region is poised to exhibit high growth due to growing healthcare tourism in the Middle East and the consequent spending on improving healthcare facilities. The ageing population combined with evolving healthcare industry is set to play a key role in this market. The growing utilization of RTLS solutions for hand hygiene and patient tracking will propel the market.
The Major Players in RTLS Healthcare Market Include:
-Ekahau Inc. (U.S)
-Awarepoint Corp. (U.S)
-Versus Technologies (U.S)
-Stanley, Black and Decker (U.S)
The RTLS companies have concentrated on agreements with end user companies for wide distribution network to improve sales of their products in fast growing markets in APAC and South America. Other companies such as Zebra Technologies (U.S) and GE Healthcare (U.S) are challenging these leading companies with their growing product portfolio.
The global RTLS in healthcare market report provides detailed analysis of the different types of RTLS solutions based on technology and application.
The RTLS Healthcare Market study across various applications is incorporated in the Report
-Work in Progress Tracking
-Hand Hygiene Tracking
-Temperature and Humidity Monitoring
-Patient Safety Tracking
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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