1.1 Drivers Growing Applications of Location Tracking in Healthcare
The introduction of location tracking technologies such as real-time location system (RTLS) and indoor positioning system (IPS) in healthcare has opened up a vast array of possibilities for managing hospital resources. Along with automating the process of tracking clinical equipment, RTLS has shown potential to transform hospital processes such as asset temperature monitoring, bed capacity management, patient/provider workflow, patient elopement, security, and other location-dependent applications. There is an overwhelming perception of a shortage of medical equipment in the majority of hospitals around the world. According to Sonitor, in the US, the expense of USD 4000 is incurred in productivity of hospitals staff such as biomedical engineers, doctors, and nurses while searching for lost equipment. This leads to a tendency of hoarding equipment which adds to the perception of equipment shortage in hospitals. According to Sonitor, it is estimated that around 10–20% of excess equipment are purchased by hospitals across the globe due to lost assets. The US alone spends over USD 2 trillion annually in the development of its healthcare infrastructure and its advancement. Hospitals are slowly realizing that they may be spending more money than required on purchasing equipment that eventually end up lost or hoarded.
The introduction of RTLS enables a more accurate assessment of the exact number, location, and functionality of medical devices which has enabled hospitals to focus on improving patient care and reduce capital expenses and identify and manage inefficient use of human resources. Moreover, RTLS has provided a large number of benefits in terms of improving worker safety in hospitals. According to Sonitor, 50–80% of healthcare workers across the globe have been victims of workplace violence. In this regard, these systems have improved safety in hospitals by introducing patient and worker tracking features. The increased demand for location tracking systems in hospital and clinics due to the benefits they offer in terms of cost saving and improving safety are expected to drive the growth of real-time location system market during the forecast period. Increasing Demand for RTLS Due to the Adoption of Industry 4.0
There is an exponential increase in IoT spending by companies in the manufacturing segment across the globe. Industrial processes are increasingly getting automated due to the rapid development of technologies including IoT, artificial intelligence (AI), machine learning, and virtual reality. There is a rise in demand for asset tracking solutions such as RTLS in manufacturing due to the benefits it has offered in terms of providing full visibility of assets, processes, resources, and products. These systems have enabled streamlined business operations, optimized productivity and improved ROI which has further increase their demand in the manufacturing market. Manufacturers are moving towards implementing connected equipment while integrating diverse industrial data and securing industrial systems for the entire lifespan of the equipment. Smart manufacturing has enabled manufacturers to collect equipment, assets, and employee data automatically which is being analyzed to make better-informed decisions and optimize production. RTLSs are being used to track, monitor, and analyze equipment and employee data to improve the outcomes of manufacturing processes by reducing waste, speeding production, and improving yield and the quality of produced goods. Large-scale manufacturers in countries such as China, US, and India have launched IoT initiatives to strengthen their position in manufacturing.
Manufacturers are connecting their equipment using technologies such as Wi-Fi, Bluetooth, RFID, Low-Power Wide-Area Networks including LoRa and LTE M. RTLS is considered as an essential part of industry 4.0 as it has provided solutions in terms of locating and tracking objects and people, and providing real-time feedback about process performance. Ultra-wideband based RTLS is increasingly being adopted for manufacturing applications due to the provision of optimal range and location precision. The increased demand for RTLS due to the adoption of smart manufacturing is expected to drive the growth of the global real-time location system (RTLS) market during the forecast period.
1.1 Restraints Concerns Regarding Data Security and Privacy
The threats of cyber-attacks have been prevalent, especially in the healthcare sector, in recent years. Cyber-attacks ranging from ransomware to data breaches have been a major concern for organizations looking to implement RTLS entry points into their network and systems. RTLSs consist of two major components: software and hardware. The software component of the RTLS system requires robust protection with firewalls, encryption, authentication, regular OS updates which are normally required for any other software used in healthcare systems. For cloud based RTLS, security becomes a primary concern as the data accessed by RTLSs may consist of private information of patients and employees. The infrastructure components of RTLS are considered as its unique aspect and mostly work in closed systems. However, these systems are highly vulnerable to attacks such as man-in-the-middle attacks and replay protection, at the transmission level. Moreover, there are multiple security concerns related to 2-D bar coding which is used in assert tags. 2-D barcoding can enable the increased risk of PC attacks via embedded PC system commands which may migrate to RTLS modalities and platforms. The major concerns regarding data privacy and the level of vulnerability of RTLSs are some factors that are expected to hamper the growth of real-time location system (RTLS) market during the forecast period.
1.1 Opportunity Emergence of Hybrid RTLS
The rising popularity of location tracking services has prompted notable research in the field of hybrid real-time location systems. A hybrid RLTS can integrate multiple location technologies for communications in a single infrastructure. The most popular location technologies for real-time tracking include Bluetooth low energy (BLE), Wi-Fi, ultra-wideband (UWB), active and passive RFID, and GPS (Global positioning system). The increasing need for providing a seamless transaction between indoor and outdoor location tracking has prompted research to combine location tracking technologies such as RFID and GPS. RFID tags offer ideal real-time indoor tracking solutions whereas real-time tracking for outdoor applications through GPS is unrivaled. Hybrid RTLS offers high versatility in terms of location accuracy of different assets which is expected to accelerate the implementation of hybrid solutions in the coming years. Another pair of location technology which perfectly complement each other when integrated together include UWB and BLE. UWB technology offers high accuracy of tracking, however, it is unaffordable due to highly expensive UWB tags. Bluetooth low energy eliminates this shortcoming by offering relatively inexpensive tags for asset tracking. Hybrid RTLS has also proposed to integrate multiple other location technologies such as active and passive RFID tags which are expected to present significant growth opportunities in the global real-time location system (RTLS) market.
1.2 Upstream and Downstream Analysis of Real-Time Location System (RTLS) Upstream Analysis of Real-Time Location System (RTLS)
According to Wantstats analysis, the upstream analysis of real-time location system (RTLS) refers to all the activities needed to procure raw materials required to create finished real-time location system product. The upstream stage in real time location system involves searching for and extracting raw materials required to build real-time location analysis systems. Key players in real-time location system (RTLS) work with raw material suppliers to acquire materials and manage real-time inventory and visibility of raw materials for efficient manufacturing of RTLS devices. Labor Cost
Labor costs analysis for RTLS system market includes the compensation paid by a company to its laborers at various levels of the manufacturing process. This enables key players to analyze labor-related expenses incurred and to take measured cost-effective approach for labor cost management. Manufacturing RTLS involves various stages in terms of hardware and software integrations with the help of system integrators and software developers. More often, labor costs are integral to the organization’s cost of goods and services and contribute significantly to direct wages and overtime pays. With the help of the labor cost analysis, key players are able to evaluate how effective labor cost management can help the organization to stay competitive in the market and accelerate its profitability. By analyzing the payment structure, an enterprise can determine how much is spent on daily, weekly, monthly, or annually on wages and labor expenses. Manufacturing Expenses
Manufacturing Expenses for RTLS include assembling, manufacturing, and testing expenses incurred by an enterprise. These expenses include the cost of materials as well as costs incurred to convert these materials into finished goods. Manufacturing expenses for RTLS are mostly classified into direct materials, direct labor, and manufacturing overhead. Direct material involves the cost of traceable raw materials procured from suppliers or extracted from the environment. Direct labor expenses involve wages and costs by the individuals physically involved in transforming the raw materials into finished products. Manufacturing overheads include other costs and expenses associated with manufacturing activities such as repairs and maintenance or manufacturing equipment, energy and utility costs, and other expenses incurred in the overall manufacturing process. Manufacturing Process
The manufacturing process of RTLS comprises various industrial processes such as casting, forming, molding, final assembling of hardware components, and transforming the raw materials into finished goods. The manufacturing process also involves efficient supply chain management, global manufacturing facilities, and end product testing of RTLS devices. The manufacturing of real-time location systems involves hardware and integration of software. The manufacturers purchase the components and sub-assemblies used in the manufacturing of RTLS systems. Finished products are produced at various production facilities located globally, and the finished goods are then shipped through various distribution channels. Downstream Analysis of Real-Time Location System (RTLS)
According to Wantstats analysis, the downstream analysis of real-time location system (RTLS) refers to all the activities involved in processing the materials acquired during the upstream stage to manufacture a finished product. The downstream stage in a real-time location system also includes the actual selling of the RTLS system to the various end users of the market. This includes elements such as distribution, wholesaling, retailing as well as customer service, which acts as a bridge between the RTLS product and the end users. Downstream processes have more direct contact with the customer through finished products.
Leading Consumers of Real-Time Location System:
Healthcare: Texas Health Resources, Dallas Hospitals, Mayo Clinic, Cleveland Clinic, Singapore General Hospital, Johns Hopkins Hospital, and Toronto General Hospital.
Transportation and Logistics: DHL, FedEx, UPS Supply Chain Solutions, XPO Logistics Inc. and Flipkart Pvt Ltd, and Amazon.com, Inc.
