MarketsandMarkets published new Market research report on RTLS Market for Healthcare.
RTLS Market for Healthcare by Facility Type (Hospitals & Healthcare Facilities, Senior Living), Offering (Hardware, Software, Services), Technology (RFID, Wi-Fi, BLE, UWB, IR, Ultrasound), Application/Use case, and Geography - Global Forecast to 2023
Major Market drivers, new opportunities and restrains-
Market Dynamics
Drivers
1 Increased Market Competitiveness With the Emergence of Startups Providing Innovative and Customized RTLS Solutions Based on Newer Technologies
2 Safety and Security Concerns in Healthcare Facilities
3 High Return on Investment
Restraints
1 Concerns Regarding Data Security and Privacy
2 Unsatisfactory Results and Negative Feedback From RTLS End Users and High Cost of Acquisition and Maintenance
Opportunities
1 Need for Resource Utilization and Workflow Optimization
2 Development of Hybrid RTLS Solutions
3 Use of IoT Technology in Healthcare
Challenges
1 Designing RTLS Solutions Satisfying High Accuracy, High Range, and Low Power Consumption Requirements
2 System Incompatibility and Lack of Uniform Standards and Interoperability
A few key innovators considered in the RTLS market for healthcare are DecaWave (Ireland), Redpine Signals (US), Sanitag (Turkey), Mojix (US), and Intelligent InSites (US), while Cerner Corporation (US), GE Healthcare (US), Secure Care Products (US), Borda Technology (Turkey), Cetani Corp. (US) are other prominent players in the RTLS market for healthcare.
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STANLEY Healthcare (US), Zebra Technologies Corporation (US), Aruba Networks (US), CenTrak (US), and TeleTracking Technologies (US) were among a few major players in the market in 2017.
Zebra Technologies-
Zebra Technologies has a major competitive edge owing to its robust market presence and financial strength. Zebra Technologies acquired the Enterprise business of Motorola Solutions for USD 3.45 billion in October 2014, which enabled the company to achieve its goal of widening its presence, and maintaining and gaining a competitive edge in the RTLS market for healthcare. The company has a diversified product portfolio specific to the healthcare industry. The company has been involved in developing customized RTLS solutions for its customers, which enables strong customer satisfaction.
The company has been focusing on developing RTLS solutions based on advanced technologies such as Wi-Fi, UWB, GPS, BLE, and RFID to grow in the RTLS market for healthcare. It has also adopted inorganic strategies, such as partnerships and acquisitions to evolve in the RTLS market for healthcare. For instance, in June 2017, it collaborated with GE Healthcare to develop an RTLS solution that helps hospitals to effectively manage their mobile asset inventory.
STANLEY Healthcare-
STANLEY Healthcare has strong global presence and a wide customer base, particularly in North America and Europe. The company’s acquisition of Aeroscout has helped increase its product portfolio, as well as its RTLS-related revenue generation. The company is financially strong owing to the support it gets from the parent company and is one of the top real-time locating system providers in the healthcare industry. With the diverse product portfolio, the company has grown in various regions and market segments through extending partnerships and establishing new facilities to increase its solution portfolio. The company serves more than 5,000 hospitals and healthcare systems and offers products for security and protection, patient and resident safety, clinical operations, workflow environmental monitoring, and asset management.
The company has also partnered with other technology vendors in the RTLS market to expand its RTLS offerings in the healthcare sector. In February 2018, the company integrated Sonitor’s indoor positioning technology into its AeroScout solution for RTLS. STANLEY has also partnered with industry leaders such as IBM, Intel, Rauland-Borg, and Critical Alert Systems for research and development in RTLS. The company has collaborated with different organizations to create awareness about the role of RTLS in patient care and asset management. For instance, in July 2016, the company extended its support to the Alzheimer’s Association. The company showcased its products in various events, including HIMSS 2018.
Premium Insights
Attractive Opportunities for Growth of RTLS Market for Healthcare
RTLS Market for Healthcare, By Offering, 2015–2023 (USD Million)
RTLS Market for Healthcare, By Facility Type, 2015–2023 (USD Million)
Opportunity Analysis of RTLS Market for Hospitals and Healthcare Facilities, By Region
Opportunity Analysis of RTLS Market for Senior Living Facilities, By Region
RTLS Market for Healthcare, By Technology, 2017, 2020, and 2023 (USD Million)
RTLS Market for Healthcare, By Application, 2015–2023 (Market Share)
RTLS Market for Healthcare, By Technology and Region, 2017 (Market Share)
4.9 RTLS Market for Healthcare, By Region, 2017 vs 2023 (Market Share)
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