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Real-time Location Systems (RTLS) for Hospital Beds Market Size

Report ID: GMI11504
Published Date: Sep 2024
Report Format: PDF

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RTLS for Hospital Beds Market Size

The RTLS for hospital beds market size was valued at USD 379.1 million in 2023 and is estimated to register a CAGR over 19% between 2023 and 2032. Technological advancements in the healthcare sector are significantly increasing the demand for Real-Time Location Systems (RTLS) for hospital beds in Europe.

Real-time Location Systems (RTLS) for Hospital Beds Market

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As healthcare technology advances, RTLS systems are becoming essential components of modern hospital management, offering advanced solutions that align with the trend of digital transformation in healthcare. Integrating RTLS with other healthcare technologies, such as Electronic Health Records (EHRs) and Hospital Information Systems (HIS), enhances its value. Modern RTLS solutions are designed to integrate seamlessly with these systems, providing a cohesive platform that improves overall hospital management. This integration allows for real-time data sharing and coordination, enhancing decision-making and operational efficiency within hospitals.

Real-time Location Systems for Hospital Beds Market Report Attributes
Report Attribute	Details
Base Year:	2023
Real-time Location Systems for Hospital Beds Market Size in 2023:	USD 379.1 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	19%
2032 Value Projection:	USD 1.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	200
Tables, Charts & Figures:	320
Segments covered:	Offering, Technology, Application
Growth Drivers:	Increasing demand for efficient hospital management rowing focus on patient safety and quality of care Technological advancements in healthcare industry Increased investment in healthcare infrastructure
Pitfalls & Challenges:	Complexity of integration

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For instance, in March 2023, Telia, a leading telecommunications company in the Nordic and Baltic regions, has launched a new medical equipment tracking service in Sweden. This innovative solution leverages IoT (Internet of Things) and 5G technologies to enhance the efficiency and safety of healthcare operations by providing real-time monitoring of medical devices.

The RTLS market for hospital beds in Europe faces significant growth challenges due to the complex integration of Real-Time Location Systems (RTLS) with existing hospital management systems. For RTLS to work effectively, they must connect seamlessly with established technologies such as Electronic Health Records (EHRs) and Hospital Information Systems (HIS). This integration involves technical challenges such as ensuring system compatibility, customizing software, and addressing data synchronization issues. These tasks require technical expertise, which can be a major hurdle for hospitals without in-house IT resources or those with outdated infrastructure.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The RTLS for hospital beds market was valued at USD 379.1 million in 2023 and is estimated to register a CAGR of over 19% between 2023 and 2032, due to technological advancements in the healthcare sector.

In 2023, the patient tracking segment accounted for the market share of over 34% in 2023, as RTLS for hospital beds provide real-time data on patient locations and movements, enhancing quarantine practices and hygiene measures.

North America led the global RTLS for hospital beds industry with a share of over 37% in 2023, due to the region's advanced healthcare infrastructure, early adoption of cutting-edge technologies, and strong focus on patient care efficiency.

Cerner Corporation, GE Healthcare, Identec Solutions AG, IMPINJ, Inc., Infor Global Solutions, Jeron Electronic Systems, Inc., Quuppa, Sewio Networks s.r.o., and Siemens Healthineers AG among others.