In healthcare, Real Time Locating System (RTLS) is used to provide real time or immediate tracking and management of medical equipment, patients or staff in hospitals and other patient care locations. Real time locating system integrates with healthcare sector and provides facilities such as asset management, accurate locating technologies, reduced costs, improved clinical quality with improved workflow. Real time locating systems are adopted by the healthcare industry to quickly locate equipment such as wheel chairs, hospital beds, oxygen cylinders, infusion pumps, ventilators etc. RTLS tags are used for monitoring of sensitive equipment in the hospital. The global RTLS in healthcare market is anticipated to grow with the CAGR of about 24% during the forecast period of 2016-2023. Adoption of this technology by the healthcare sector increases the overall efficiency of the hospital.
Increasing penetration of internet in healthcare industry and increasing concerns regarding safety and security are fueling growth in the global real time locating system for healthcare market during the forecast period. According to International Telecommunication Union (ITU), around 3.74 billion internet user presents across globe in 2017(that is 48% of world population in 2017) which was 3.19 billion users in 2015. Increased internet penetration rate therefore, adds growth in the global time locating system for healthcare market.
Source: OBRC Analysis
The report on global real time locating system for healthcare market is segmented on the basis of its segments which include facility, device, technology and applications.
Facilities of real time locating system for healthcare are:
- Hospitals and health facility
- Senior living facility
Devices in real time locating system for healthcare are divided as:
- Hardware
- Services
- Software
The technologies offered by real time locating system for healthcare include:
- Bluetooth Low Energy (BLE)
- Infrared
- Radio-frequency identification (RFID)
- Ultrasound
- Ultra wideband (UWB)
- Wi-Fi
- Zig Bee
- Others
The applications of real time locating system for healthcare include:
- Asset tracking and management
- Clinical operations and work flow
- Patient tracking
- Staff tracking
- Environment monitoring
- Others
The report scope is widely categorized on the basis of its segments such as facility, device, technology and applications. Moreover, the market revenue estimates and forecast includes only the real time locating system for healthcare sector. However, report scope excludes real time locating system in automotive and other industries.
Geographically, the global real time locating system for healthcare market report has been segmented in:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
North America accounted for the largest market share in terms of revenue for the real time locating system for healthcare market in 2016 and the region is expected to dominate the market during the forecast period owing to high demand for RTLS. Large number of healthcare facilities, hospitals and senior living facilities utilize real time locating system for their maintenance. This fuels growth in the North American RTLS for healthcare market during the forecast period. The main area that contributes to the growth of the market in North America is Unites States, followed by Canada and Mexico due to the presence of key market players in the region. Asia Pacific is expected to be the fastest growing region for real time locating system for healthcare during the forecast period owing to increasing technological developments in IT and healthcare. According to Economic and Social Commission for Asia and the Pacific (ESCAP), Asia Pacific contributes to the market growth due to surge in the healthcare facilities in the region.
Global real time locating system for healthcare market report covers segmentation analysis of facility, device, technology and applications. Report further covers segments of facility which includes hospitals and health facility and senior living facility. Senior living facility accounted for the largest market revenue share for the global real time locating system for healthcare market in 2016. The segment is expected to dominate the market during the forecast period. Decreased cost of RTLS based hardware and increasing rate of adoption among senior living facilities is expected to fuel growth in the segment during the forecast period. Devices in real time locating system for healthcare are classified as hardware, services and software. Furthermore, the technologies offered by real time locating system for healthcare are classified as Bluetooth Low Energy (BLE), infrared, Radio-frequency identification (RFID), ultrasound, Ultra-wideband (UWB), Wi-Fi, Zig Bee and other technologies. Wi-Fi–based RTLS held the largest market revenue share in 2016 for global real time locating system for healthcare market. The segment is expected to dominate the market during the forecast period. Various healthcare organizations have installed wireless networks. Wi-Fi based real time locating system utilizes the existing Wi-Fi infrastructure of an enterprise, which can result in time and cost saving. This advantage drives the growth of Wi-Fi based real time locating system in the global RTLS for healthcare market during the forecast period. Moreover, the applications of real time locating system for healthcare market includes asset tracking and management, clinical operations and work flow, patient tracking, staff tracking, environment monitoring and other applications.
The major market players of the global real time locating system for healthcare market are:
- STANLEY HEALTHCARE
- TELE TRACKING TECHNOLOGIES INC.
- CENTRAK INC.
- VERSUS TECHNOLOGIES INC.
- AWAREPOINT CORPORATION
- OTHERS
These companies are using various strategies such as merger & acquisition, collaboration, partnership and product launch to gain competitive advantage whereas, product launch is the key strategy adopted by the companies in the global real time locating system for healthcare market.
For example: In 2017, H&D Wireless launches a GEPS device which provided real time locating.
The report covers detailed analysis of companies which comprises overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in the global real time locating system for healthcare market.
Key reasons to buy the report:
- The report includes market estimation, forecast and analysis for the year 2016-2023 of the global real time locating system for healthcare market.
- Report includes detailed analysis of different segments such as facility, device, technology and applications of the global real time locating system for healthcare market.
- Identify and understand the strength, opportunities, challenges and threat of the global real time locating system for healthcare market during the forecast period.
- Covers details analysis of Porters 5 force model and other strategic models. Also covers revenues, market share analysis, competitive landscape analysis of major players of the global real time locating system for healthcare market.
- Detailed analysis of various the regulatory policies which are affecting the global real time locating system for healthcare market during the forecast period.
How are we different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on the global real time locating system for healthcare market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the global real time locating system for healthcare market, with giving extensive SCOT analysis of key companies.
Key Findings of the global real time locating system for healthcare market:
- Increasing concerns regarding geriatric population’s health is adding growth in the global real time locating system for healthcare market during the forecast period.
- North America held highest revenue share in 2016 and is expected to dominate the market during the forecast period.
- Wi-Fi–based RTLS held the largest market revenue share in 2016.
- Product launch is the key strategy adopted by players of the global real time locating system for healthcare market.