Healthcare RTLS Market: Introduction
- RTLS, also known as real-time location systems have become an essential component of many existing universal location-aware systems. It is used to provide real-time tracking and management of patients, staff, and medical equipment in a hospital.
- Global Positioning System (GPS) is fairly successful as an outdoor real-time locating system, but it fails indoors in tracking real-time location, and so RTLS technology is used as an indoor tracking system.
- Healthcare RTLS consists of specialized fixed receiver or location sensors (reader), receiving a wireless signal from small ID tags; the tags are attached to the object, to determine where the tag entities are located within an outdoor or indoor space
- The healthcare RTLS market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies and increasing adoption of real-time location tracking system in healthcare systems across the globe.
Healthcare RTLS Market: Dynamics
Healthcare RTLS Market: Key Drivers
- Healthcare RTLS is used to develop the workflow and enhance hospital management. In RTLS, hardware and software are used to track the data. Hardware components such as sensors, readers, RFID tags, and trackers are used in the system.
- In healthcare RTLS, a tag is provided to the patient or object that can to be tracked by the authorize person on his monitor/screen on the receiving site. The link between the patient/asset is established using various technologies such as Bluetooth Low Energy, RFID, and Wi-Fi, besides others.
- Zigbee is an important technology because it provides communication between a reader and a tag with much accuracy and at a lower rate. Healthcare RTLS also monitors staff location and environmental conditions accurately.
- Technological advancement in healthcare RTLS such as the development of hardware components and software interface is expected to create demand for healthcare RTLS during the forecast period.
- However, high capital investment for healthcare RTLS is expected to hamper the market during the forecast period.
Impact of COVID-19 on the Healthcare RTLS Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. COVID-19 has a positive impact on the healthcare RTLS market. The outbreak of COVID-19 has led the rise for RTLS solutions and the expansion of new products, which is expected to positively impact the market in the long run.
North America to Hold Major Share of the Healthcare RTLS Market
- In terms of region, the healthcare RTLS market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the healthcare RTLS market in 2020. The U.S. is a key market in terms of adoption of new technologies. Strong financial position enables the country to invest heavily in the adoption of leading tools and technology to ensure business operations.
- The healthcare RTLS market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Hospitals in India and China are seeing huge demand for healthcare RTLS solutions to optimize resource utilization and operations.
Healthcare RTLS Market: Competition Landscape
Several local, regional, and international players are active in the healthcare RTLS market with a strong presence. Rapid technological advancements have created significant opportunities in the global healthcare RTLS market.
Key Players Operating in the Healthcare RTLS Market Include:
- Zebra Technologies Corp.
- Teletracking Technologies, Inc.
- Impinj, Inc.
- Intelligent InSites
- Stanley Healthcare
- Aruba (Hewlett Packard Enterprise Development LP)
- Midmark Corporation
- Sonitor Technologies
Healthcare RTLS Market: Research Scope
Healthcare RTLS Market, by Device
Healthcare RTLS Market, by Technology
Healthcare RTLS Market, by Facility Type
- Hospital and Healthcare Facilities
- Senior Living Centers
Healthcare RTLS Market, by Application
- Patient and Staff Tracking
- Inventory and Asset Tracking
- Environment Monitoring
- Access Control and Security
- Supply Chain Management and Operation Automation
Healthcare RTLS Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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