About RTLS in the Healthcare Sector
The RTLS is technology is used to find, track, manage, and identify the geographical position of a target on a real-time basis. This is done with the help of nodes or tags and readers. Nodes or tags are embedded in smartphones or navigational devices, through which a user can easily track an object.
Technavio’s analysts forecast the global RTLS market in the healthcare sector to grow at a CAGR of 50.47% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global RTLS market in the healthcare sector for 2017-2021. To calculate the market size, the report considers the revenue generated from the following:
Technavio Announces the Publication of its Research Report – Global RTLS Market in the Healthcare Sector 2017-2021
Technavio recognizes the following companies as the key players in the global RTLS market in the healthcare sector: AiRISTA, HP, STANLEY Healthcare, and Zebra
Other Prominent Vendors in the market are: Awarepoint, BeSpoon, Borda Technology, CenTrak, decaWave, Emanate Wireless, GE Healthcare, IBM, Intelligent InSites, Purelink, Radianse, RF Technologies, Sonitor Technologies, Sewio, TagSense, TeleTracking Technologies, ThingMagic, Tyco Security Products, and Versus Technology
Commenting on the report, an analyst from Technavio’s team said: “In the healthcare domain, right communication between patient and doctor and patient and caretaker is the key factor. Poor communication between hospital staff and patients leads to treatment delays. Delay in communication at times become critical and lead to patient deaths. Earlier, pagers were used inside hospitals. However, this has caused inefficiency. Owing to the use of outdated technology, the hospital staff loses an average of 46 minutes each working day. Therefore, to improve the efficiency and reduce the cost, most of the hospitals are using LBM. This technology is mainly used for patient communications, patient help button alerting, and staff safety alerting.”
According to the report, RFID tags are broadly used across the healthcare sector for asset tracking and workforce management. These tags help the sector enhance its efficiency and effectiveness of various operations. The cost of RFID tags is declining exponentially due to the increase in its adoption rate and competition among vendors in the industry. In 2014, the price of RFID tags had declined to 30%-40% as compared with the cost in 2012.
Further, the report states that despite numerous advantages, RTLS also brings challenges to its enterprise users. The implementation of RTLS is expensive because of its high initial deployment cost. This will prompt manufacturers to opt for low-cost technologies such as barcode systems. The cost of RTLS includes expenses involved in planning and design, cabling, software licenses, and location hardware such as signposts and readers. A full-fledged implementation of RTLS in a large manufacturing company costs between $10 million and $30 million. This initial cost varies from industry to industry.
AiRISTA, HP, STANLEY Healthcare, Zebra, Awarepoint, BeSpoon, Borda Technology, CenTrak, decaWave, Emanate Wireless, GE Healthcare, IBM, Intelligent InSites, Purelink, Radianse, RF Technologies, Sonitor Technologies, Sewio, TagSense, TeleTracking Technologies, ThingMagic, Tyco Security Products, Versus Technology.
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