Real Time Location Systems Market Overview:
Real Time Location Systems are those used for tracking the objects using different technologies. These real time location systems are also employed in the hospitals for improving the facilities to the patients and also helps in tracking the assets that is the equipment and other medical devices. The market for real time location systems was estimated to be $1200 million and is expected to reach by $3442.20 million by 2023 at an estimated CAGR of 19.2%. Active RFID tags have accounted for the major share in the market generating a revenue of $1045.57 million in 2017 and is projected to grow at a CAGR of 17.4% during the forecast period (2018-2023). North American region holds the highest share in the market with a revenue of $644.42 million in 2017.
Real Time Location Systems Market Outlook:
Real Time Location Systems are used in healthcare to improve the workflow and increase the clinical quality. Different types of software and hardware are being used to track the data. Hardware components like RFID tags, sensors, readers and trackers are used in these systems. A tag is given to the object or patient that has to be tracked and a reader is employed at the receiving side. The connection between the asset/patient is established using various technologies like WiFi, Bluetooth low energy, RFID and many more. Zigbee is also an important technology as it provides the communication between a tag and a reader with much precision and at a lower rate. These real time location systems also monitors the environmental conditions and the staff location accurately.
Real Time Location Systems Market Growth drivers:
The rising aging population around the world is the major key driver for the real time location systems in the elder care facilities. The advancement in the technologies like Wi-Fi, Internet of Things, RFID among other technologies is also a major driver for the real time location system in the healthcare market. The rise in the patients safety and work compliance in the hospitals is also a major driver in the healthcare market.
Real Time Location Systems Market Challenges:
The stringent regulatory norms by the governments on these Real Time Location Systems is the major challenge that is restricting the new manufacturers entering in to the market. The other challenges in the market include the practitioners from using these new devices which is hindering the growth of the market.
Real Time Location Systems Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Real Time Location Systems Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of plastics in the electric vehicle market, and their specific applications in different types of vehicles.
Real Time Location Systems (SAP) Market Report: Industry Coverage
Real Time Location Systems Market– By Surgical devices: Gynaecological endoscopy devices, hydrothermal ablation devices, balloon ablation devices, cryotherapy, female sterilization, contraceptive devices and many more.
Real Time Location Systems Market– By Instrument: Tenaculum, Vaginal speculum, Curettes, Forceps, Trocars and others
Real Time Location Systems Market – By Application: Caesarian birthing, cervical muscles dilation, premalignant lesions of cervix, ultrasound and many more.
Real Time Location Systems Market– By Technology: Hospitals, Clinics, Diagnostic centers, Research organizations and many more.
Real Time Location Systems Market– By End user industries: Hospitals, Clinics, Diagnostic centers, Research organizations and many more.
The Real Time Location Systems Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Real Time Location Systems Market Key Players Perspective:
Some of the Key players in this market that have been studied for this report include: Olympus Corporation, Baxter International, Hologic Inc., Fresenius Medical Care AG and many more.
Market Research and Market Trends of Real Time Location Systems Market
- Zebra Technologies, a key player in the Real time location systems for healthcare market has acquired Xplore technologies on August 14, 2018. Xplore technologies is a leading manufacturer of rugged tablets to various industries. The products that are produced by Xplore technologies will help Zebra technologies to serve various industries.
- Stanley Healthcare, a major key player in the real time location systems market and also a leading provider of visibility and analytics solutions to the healthcare industry has announced that it is integrating with the Sonitor Technologies, also a key player in the RTLS market by positioning its Ultrasound indoor positioning technology in to the Stanley’s Aeroscout® Real-Time Location Systems platform.
- The other major player in the Real-Time Location Systems market, CenTrak, has introduced a product called IRUS™. This is the first hybrid product by combining two technologies that is the Ultrasound and Internet of Things. This product is used in the healthcare market for locating and sensing the assets. This is also used in hand hygiene monitoring, rounding compliance and also in nurse call automation. Gen2IR, a product by CenTrak has induced ultrasound technology in to it, thus by making it the first low cost hybrid product.