Real Time Location Systems (RTLS) in Healthcare Market Estimated to Cross the 2 Billion USD Mark by 2021 - IndustryARC

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Real Time Location Systems (RTLS) in Healthcare Market Estimated to Cross the 2 Billion USD Mark by 2021 - IndustryARC

Mensajepor VanessAlzatEscobar » Lun 16 May, 2016 8:02 pm

Real time location system (RTLS) is a technology, which is also referred to as location based services (LBS) and is primarily used to track objects, assets, vital equipment and individuals in real time in indoor and outdoor environments. This technology is used to track valuable assets, staff and patients on sequence of images and video in hospitals and clinics. By adopting the RTLS solutions, healthcare organisations can record the location data and analyse developments that transform operations. RTLS provides general benefits such as asset tracking, patient tracking, staff safety, workflow optimization, environmental monitoring and reporting.
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According to a recent study from IndustryARC, the RTLS healthcare market generated revenue of $717.8 Million in 2015 and is projected to grow at 19.2% CAGR through 2021. The RTLS Healthcare market is exhibiting high growth due to increased adoption in elder care facilities as well as significant growth in penetration in healthcare facilities. The launch of new products with improved functionality and features has also had a positive effect on the market. This high growth rate is also attributed to the increased demand for patient tracking services in this industry.
North America Market is the biggest market in 2015 with revenue of $406 Million followed by Europe. Reimbursement policies being implemented by government across various countries will be the most important driver for the RTLS market. The most significant demand will be in the North American region, especially in the U.S. and Canada, where the government has established policies to partially or fully reimburse the RTLS users, particularly for elder care and safety applications. Furthermore, discounts provided by organizations such as American Association of Retired Persons (AARP) and American Automobile Association (AAA) to its members on RTLS with nurse call and fall detection features, will lead to more number of elder care and assisted care facilities utilizing these systems. Medicaid reimbursement programs and introduction of Obamacare will open up a number of avenues of sales for RTLS in healthcare market.

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