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4th February, 2021, New York, US - The RTLS for health market will likely reach over USD 2753 million in valuation by 2027, rising from $578.47 million in valuation in 2019. The market will register a notable CAGR of 20.3% during 2020-2027 period, thanks to technological advancements like wearable devices, growing demand for chronic care, and increased linked to digitalization with federal aid.
GPS Tracking Application Remains a Promising Driver in the Healthcare Sector
According to Centre for Disease Control and Prevention (CDC), 1 in 25 hospitalized patients witnessed a Healthcare Associated Infections (HAIs), and resulted in death of over 75,000 patients in 2017. HAIs remain a major concern for the global healthcare industry. Rising incidences of diseases like cancer, HIV, diabetes, and subsequent longer hospitalization has forced many hospitals to adapt to real-time asset tracking, and patient flow. Moreover, the growth of infectious diseases on the horizon also remains a key concern in the healthcare sector. For example, Bill Gates, the founder of Microsoft who had predicted danger to the globe from an infectious disease way before Covid-19 pandemic began, expects another similar pandemic to grip the world in the near future. The growing demand to ensure safety, and efficacy for treatment of patients with chronic diseases remain a major driver of growth in the RTLS for healthcare industry. The RTLS technology promises major breakthrough in detection of infections, along with reporting, testing, and treatment for patients across the world.
Growing Demand for Emergency Services Will Likely Boost Growth in the RTLS Market
According to the US federal Agency for Healthcare Research and Quality (AHRQ), the incidences of emergency visits continue to rise since 1990s. The emergency departments are regulated to admit patients regardless of their ability to pay. Moreover, patients between 18-44, and 45-64 years accounted for the greatest increase since 1997 to 2007. Furthermore, the need to avail medical services remains highest among recipients of Medicaid. In 2011, one in five adults in United States visited the emergency department at least once. Furthermore, the percentage also remains high among patients with insurance. The growing shift to increase insurance coverage for all patients will drive promising growth for players in the RTLS for healthcare industry market. The RTLS services remain essential to use in emergence departments to locate tools, assets, and patients. Furthermore, the RTLS technology can provide more control to stakeholders like hospital to provide more personal care. The hospitals can understand the average amount of time spent on personal attention by core staff members like nurses. This is essential as growing shift towards personal therapy to cater to patients with chronic illnesses, disabilities, and increased federal funding for therapies remain promising drivers of growth for players in the RTLS market.
Contact Tracing to Cater to Covid-19 Pandemic Will Remain Key to Growth
Apart from asset management, and patient management, the RTLS technology also promises advancement for managing electronic health records, and check on availability of important application like contact tracing to track spread of infectious diseases. The Covid-19 crisis has brought the need for digitally connected systems to track potential spread of the disease to the fore. The crisis led to key tech companies like Google, Apple to develop collaborative platforms to trace the spread of Covid-19. This resulted in major datasets to track sick patients, and keep vulnerable demographics like the elderly away from hot-zones. Technologies like smartphone today are capable of tracking air pressure, environmental conditions, monitor temperatures, and help improve hygiene practices like regular hand-washing. The growing danger of infectious diseases, and its gigantic impact on people, and the global economy will be a major boost for the RTLS in healthcare market.
RFID Tags to Make Way for Growth in Inventory Management Systems
RFID tags are common across retail chains and help drive efficient management of inventories for a wide range of products. Such management is crucial for hospitals, as risks of thefts, and potential limitation in use of equipment can be deadly for patients. RFID-driven RTLS technology promises to deliver quick stock checks for hospitals, clinics, and supply rooms. Moreover, these can also help order supplies in advance, maintaining a growing collaboration between admin systems, with real-time information. The systems promise a chain of custody of supply lines to key stakeholders like hospitals, and also enhance the application of testing, diagnostics, and other related services. The prevention of thefts also remains a major challenge for hospitals, as high-value of items necessitate growth of RTLS technology for asset management.
Growing Demand for Data Analysis to Remain Key Driver for Growth
The healthcare sector continues to demand more data-tracking solutions, thanks to advent of horizons of machine learning, and artificial intelligence. ML, and AI promise to bring costs down for hospitals, and also promise improvement in research through more data analysis opportunities. Ann Bugge, president and CEO of Sonitor technologies Inc reported that RTLS technologies helped deliver a wide range of services including ambulatory, senior living facilities, and orthopedic clinics. The RTLS technology based on ultrasound reduced hospital visits by 25% for elderly patients. The technology helped pave way for larger clinic capacity, and patient access. This is directly related to larger total revenues for hospitals, to drive more growth for players in the RTLS for healthcare industry market.
Emerging Regions to Offer Untapped Opportunities for Growth
Limited healthcare infrastructure, and promising scenario for reimbursement in emerging scenarios, thanks to entry of private insurance remain key drivers to growth in the RTLS in healthcare market. The growth of the market in APAC is estimated to remain robust, as growing consumer awareness about RTLS technology, and young-tech savvy population remain key driver to digital adoption, and rising demand. Furthermore, growing adoption of digitalization in key sectors like manufacturing, and rising technological advancements in RTLS technology promise to drive down costs in the near future.
Global RTLS for Healthcare Market, by Technology
Global RTLS For Healthcare Market, By Facility Type
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