RTLS in Healthcare Market Trends

Growth Drivers:

• Integration of RTLS with IoT: Working in healthcare facilities is quite stressful compared to working in other domains. For instance, according to the National Center for Biotechnology Information, healthcare workers experience stress at a rate of 70%, affecting patient care. The convergence of RTLS and IoT (the Internet of Things) in healthcare systems is anticipated to enhance data collection and analytics, leading to better decision-making, reduced workers’ stress levels, and improved patient care. IoT devices such as wearables and smart sensors continuously collect data on patient movements, vital signs, and asset utilization. This when integrated with RTLS offers a comprehensive view of workflows and resource use.

• RTLS transforming telehealth services: The increasing adoption of telehealth services is driving a high demand for effective and reliable asset management solutions, particularly through the integration of remote patient monitoring systems. The growing need for accurate location monitoring and tracking to enhance the functionality and effectiveness of telehealth solutions is also driving the adoption of RTLS. Furthermore, RTLS helps in scheduling appointments and mitigating waiting times, making telehealth a more attractive and viable option for patient care.

Challenges

• High installation cost: The implementation of RTLS requires high upfront costs, as the hardware and software components are complex and expensive. Furthermore, RTLS is integrated with existing hospital information systems (HIS), electronic health records (EHR), and other IT infrastructure. This integration requires skilled IT professionals leading to increased labor costs. Hospitals with limited budgets often fail to install such advanced technologies, limiting the overall market growth.

• Data security concerns: Real-time location systems like any other networked technology are susceptible to cyberattacks. A data breach could expose sensitive patient information, leading to significant legal and financial consequences for healthcare providers. Thus, despite their potential benefits healthcare facilities may hesitate to adopt RTLS due to security concerns.