The latest report on Real Time Locating System Market in the Healthcare Industry Market (by application (employee management, clinical monitoring, asset monitoring and patient safety)) provides complete and deep insights into the market dynamics and growth of real time locating system market in the healthcare industry. Latest information on market risks, industry chain structure real time locating system market in the healthcare industry cost structure and opportunities are offered in this report.
The past, present and forecast market information will lead to investment feasibility by studying the essential real time locating system market in the healthcare industry growth factors. The global real time locating system market in the healthcare industry is projected to grow at a CAGR of 32.35% over the forecast period of 2018-2024.
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To track and identify various assets and objects real-time location system or RTLS is implemented. RTLS offers communication between the local engine and the object to be tracked to provide accurate information about the various assets or objects. The cloud-based application of RTLS in hospitals provides location system is accessible to any authorized staff member and from any computer or mobile device with internet access the staff member can find equipment from wherever they are, instead of finding a computer loaded with custom locating system software. The technology advancement in RTLS such as improved effectiveness across an enterprise and cost saving is likely to boost the growth of the market.
Growing Demand for Automated Pharmaceutical Distribution System, Point of Care Solutions and Electronic Medical Records is Expected to Drive the Growth of the Market
The demand for RTLS is increased due to rise in adoption level of the product in healthcare that helps in improving productivity of inventory management system and supply chain management to provide appropriate results to track the delivery of the object. Growing necessity of efficient medical devices worldwide is expected to drive the development of the product in healthcare market in the coming years. Government support for promoting the usage of RTLS and decreasing prices of RTLS components will help the market to grow. Moreover, growing demand for automated pharmaceutical distribution system, point of care solutions and electronic medical records is expected to drive the growth of the market. Rising incidents of expiration of medication due to improper storage and stock outs which results in revenue loss is expected to boost usage rates over the forecast period.
The use of multi-resonator-based chip-less RFID tags is anticipated to show positive impact on the growth of the market in the coming years. Constant research and development initiatives by non-profit organizations including Health Industry Business Communications Council (HIBCC) are a major driving factor for the growth. On the other hand, increasing anxieties regarding privacy and operational challenges are likely to limit the adoption rate of RTLS solutions in healthcare industry. In addition, high cost of installation and maintenance is likely to hamper the growth of the market. Furthermore, the development of novel products that is Smart Face Technology and TexTrace RFID tag are expected to propel the demand in the coming years.
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North America is Expected to Be the Largest Market RTLS Market in the Healthcare Industry
Among the regions, North America is expected to be the largest market RTLS market in the healthcare industry over the next six years. The presence of a large number of hospitals, health facilities, and senior living facilities is the key factors drives the growth in this region. The developing healthcare industries and infrastructure in the emerging countries such as India and china is likely to boost the fast growth of Asia-Pacific region.
Segments Make up the Real Time Locating System Market in the Healthcare Industry
The report on global real time locating system market in the healthcare industry covers segments such as, technology, solution and application. On the basis of technology, the global real time locating system market in the healthcare industry is categorized into Wi-Fi, RFID, barcodes and QR code and other. On the basis of solution, the global real time locating system market in the healthcare industry is categorized into system and tags. On the basis of application, the global real time locating system market in the healthcare industry is categorized into asset tracking and management, patient tracking, staff tracking, environment monitoring, clinical operations and workflow and other applications.
Key Players in the Real Time Locating System Market in the Healthcare Industry
The report provides profiles of the companies in the global real time locating system market in the healthcare industry such as, GE Healthcare, IBM, Awarepoint, CenTrak, Emanate Wireless, Stanley Healthcare, Versus Technology, Inc., Teletracking Technologies, Inc., Centrak, Inc. and Sonitor Technologies, Inc.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the real time locating system market in the healthcare industry.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research– Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.