Market Trends of Real Time Location System Industry
Healthcare Industry Offers Potential Growth
- With the increasing population and patients worldwide, patient safety has become a paramount and critical public health concern. According to WHO, medication errors are expected to cause one death per one million people in 2022. A population of 447 million equals 163,000 deaths per year in the EU. According to statistics from Spain, Germany, and the United States, between 60,000 and 131,000 people die in Europe yearly.
- Numbers from the World Health Organization state that there is a 1 out of 300 chance of a patient being harmed in healthcare due to medical errors. Most medical errors are attributed to adverse drug events, specimen misidentification, and incorrect blood transfusion, mainly caused by the misidentification of patients and medication. The Food and Drug Administration (FDA) has estimated that half of the medical errors caused by misidentification are preventable by introducing integrated IT infrastructure.
- At present, hospitals are facing unprecedented challenges with the ongoing pandemic. The other serious challenges the healthcare sector faces are aging populations and staff shortages that place enormous pressure on institutions, doctors, workers, patients, and communities.
- Doctors, hospitals, and clinics are looking for ways to cut costs and improve efficiency while still providing the quality of care their patients require. According to the WHO, the global healthcare workforce shortage could reach 14 million by 2030, with clinicians expected to face ever-increasing workloads.
- In addition to the financial challenges, there are safety challenges. In a hectic hospital environment, it cannot be guaranteed that every patient may be monitored at any time, leading to patients going unnoticed in dangerous situations. Hence, the demand for real-time location systems may grow in the coming years to manage and monitor patients in real time.
- Since the inception of RTLS, many industries have employed systems and benefitted from the reduced wastage of resources. RFID and Wi-Fi systems are currently the most-used devices in RTLS. With the sector actively adopting and moving toward Industry 4.0, connected devices, and IoT in manufacturing, the demand is expected to grow in the health industry.
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Asia-Pacific to Witness the Fastest Growth
- The Asia-Pacific market is expected to grow at the fastest rate during the forecast period because of the increasing working population and the booming healthcare industry in emerging economies of the world, i.e., India and China.
- The growing adoption of Industry 4.0 and IoT in manufacturing in the Asia-Pacific region has fueled the implementation of RTLS systems. The healthcare, transportation and logistics, industrial production, government, and defense industries are at the edge of radio technology-based RTLS implementation.
- The Indian Brand Equity Foundation estimates that India's manufacturing sector has the potential to reach USD 1 trillion by 2025. As a result, RTLS has a huge opportunity in warehouse management, shipping, and logistics.
- According to Cisco Systems, in 2022, wearables used in Asia-Pacific are forecast to account for approximately 28.7% of the wearable 5G connections globally. Therefore, the increasing demand for wearables drives the growth of the real-time location system market.
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