Rising costs are compelling hospitals in Southeast Asia and Australia New Zealand (ANZ) to streamline their operations, which, in turn, is opening up several opportunities for the (RLTS) market. Hospitals are hoping to leverage RTLS technology to make healthcare more accessible and take a higher number of patients through various processes of treatment.
New analysis from Frost & Sullivan (autoid.frost.com), Southeast Asia and Australia-New Zealand Real-time Location Systems (RTLS) Market, finds that the market earned revenues of US$23.5 million in 2012 for RTLS tags, RTLS hardware and RTLS software in 2012 and expects this to reach US$323.8 million in 2016.
Medical staffs often waste time searching for doctors, nurses, patients, or medical equipment, and the delay caused by these manual searches increase the risk to patients, reduce the productivity of the hospital and add extra costs to the entire healthcare process. RTLS systems help eliminate these issues by adding real-time visibility to assets and people within an organization.
"The implementation of RTLS in the healthcare segment helps lower costs, as it enables faster and more efficient responses in emergencies and duress situations," said Frost & Sullivan Measurement & Instrumentation Research Analyst Susan Sahayan. "It also improves workflows and creates less room for error due to the better management of information."
While RTLS offers multiple benefits, the economic downturn has tightened the budgets of several businesses. The demand for RTLS has slowed down to some extent, as end users in Southeast Asia are unwilling to invest in new technologies.
Unlike the United States and Europe, where RTLS is deployed widely for real-time personnel and asset tracking, Southeast Asia is still largely unaware of the technology's business advantages. RTLS vendors can remedy this situation by showcasing their value proposition through forums and conferences.
When more end users understand the basic principles of RTLS as well as its sophistication and accuracy, they are expected to show greater enthusiasm in adopting RTLS. Most market participants, particularly the technology providers, are global players and are working on increasing channel partnerships in the region to gain a wider reach.
"Overall, the success of RTLS implementations will create better awareness of the effectiveness of this solution among end users and ultimately, drive market growth," noted Sahayan.
If you are interested in more information on this research, please send an email to Donna Jeremiah, Corporate Communications, at djeremiah[.]frost.com, with your full name, company name, job title, telephone number, company email address, company website, city, state and country.
Southeast Asia and Australia-New Zealand Real-time Location Systems (RTLS) Market is part of the Automatic Identification Growth Partnership Service program. Frost & Sullivan's related research services include: RTLS Market, APAC Biometrics in the Government Market, and SEA & ANZ Biometrics Markets. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Southeast Asia and Australia-New Zealand Real-time Location Systems (RTLS) Market / P657-11
Jessie Loh, Corporate Communications Asia Pacific
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