A Real-Time Location System (RTLS) is a system used to provide immediate or real-time tracking and management of medical equipment, staff, and patients within all types of patient care environments.RTLS or real-time location technology facilitates real-time location detection and tracking of objects and people. Technology is very popular in many verticals such as defense, marketing, sales management, and health care.
The focus of this technology on health care is increasingly gaining in the development of improved hospital services and higher returns on investment. The growth of RTLS in the healthcare market is due to the increase in market competition with the benefits associated with RTLS. On the other hand, factors such as data security and privacy concerns associated with RTLS limits the market growth.
Impact of COVID-19 on RTLS for Healthcare Market
- The global outbreak of COVID-19 leads to an ongoing downturn in the healthcare market. Apart from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategies to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.
- Technological progress, cost containment, and increased access are projected to be an integral part of healthcare reforms in the near future. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, the segment is anticipated to experience growth over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduced the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeated visits, and these devices can be further used in a crisis. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which boosts the growth of the RTLS for healthcare market.
- The RTLS healthcare market has also been decreased due to the pandemic as all major healthcare sectors are focusing to procure medical equipment and other resources to combat COVID-19. The market does not fall under the basic essential category to combat COVID-19 that is why there is a decline in this market mainly in the year.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
- Ultra-wideband technology-enabled solutions with an increase in market access for RTLS healthcare. Ultra-wideband's technical ability to provide accurate identification of a person/object is at the forefront of the UWB market based on healthcare technology. It offers high accuracy and breadth with low power consumption compared to other RTLS technologies. This has led to its high penetration into systems that require high accuracy. One such example is tracking a patient. If the distance between the 2 beds in the hospital room is 1 meter or less, UWB technology can help determine the exact position of both patients. Previously, the high price has been a major factor in reducing its penetration into various vertical disciplines, including health care. In recent years the demand for the market has increased due to a decline in prices as well as there has been an increase in UWB solutions for RTLS Technology.
- With the development in RTLS technology, solutions, such as RFID and Wi-Fi have been evolved to UWB-designed for RTLS solutions which improve efficiency, limit the wastage of time as well as cost.
- Advancements in technology such Wi-Fi, ultrasound, and Bluetooth have high maintenance costs as well as the cost of hardware, software, infrastructure, wiring, and high power consumption, this market has high potential there still there is a lack of awareness about the market. The understanding about the market in many developing countries is very less which hinders the growth potential.
Aruba launched the First Enterprise-Grade Wi-Fi 6E Solution on May 25, 2021, which will increase the transition speed to cloud, reduce latency, and give a great performance that will increase the connectivity.
Key Benefits of the Report
- This study presents the analytical depiction of the RTLS for the healthcare market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the RTLS for healthcare market share.
- The current market is quantitatively analyzed to highlight the RTLS for healthcare market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed RTLS for healthcare market analysis based on competitive intensity and how the competition will take shape in the coming years
Questions Answered in the RTLS for Healthcare Report
- Who are the leading players active in the RTLS for healthcare market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "RTLS for healthcare"?
- What is "RTLS for healthcare" market prediction in the future?
RTLS For Healthcare Market Report Highlights
Key Market Players
GmbH, CenTrak, Inc, Aruba (Hewlett Packard enterprise development LP), Zebra Technologies Corp, Midmark Corporation, Airista Flow, Inc, Sonitor Technologies, Intelligent Insites, Litum, GE Healthcare, Tele-tracking Technologies Inc., Stanley Healthcare (Stanley Black and Decker, Inc), Impinj Inc