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Event Driven Patient Tracking Systems Market Competitive Landscape Analysis with Forecast by 2024

03-05-2018 10:03 AM CET | Health & Medicine

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Event Driven Patient Tracking Systems Market Competitive

Patient tracking is a sophisticated process designed to monitor patient’s movements, outside conventional clinical settings such as hospitals, clinics, diagnostic center and laboratories. This increases the access to care, and minimizes health care costs. Many health care providers have started incorporating this method which has significantly lowered the personal costs of patients, reduced complications and improved quality of life of patients. Event driven patient tracking usually involves monitoring and maintenance of patient’s medical records, either manually by entering the details of patient’s locations, or by use of software’s (RLTS, RFID, GPS, etc.) and hardware components such as sensors, detectors and others. Manual entries are made by an authorized person, usually a doctor or a caregiver, who makes entries whenever an event takes place. Software and hardware use technology to track the patient’s whereabouts, triangulating their positions based on their last known locations. Previously, manual methods or approaches were adopted by healthcare providers for event driven patient tracking, but changing market dynamics, increasing focus on a patient centric approach, and rising financial and operational costs of hospitals, have shifted the trend towards sophisticated systems to monitor patients.

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Demand for bed capacity is projected to rise by 2024, and this is proving to be a challenge for hospitals and other healthcare settings, as physically increasing bed capacity is not a viable option, and hence healthcare settings are shifting their focus towards improving their ability to move patients through a treatment system, known as “throughput”. New technologies in event driven patient tracking systems, such as Real Time Locating System (RTLS), Radio Frequency Identification (RFID), Global Positioning System (GPS), and other technologies, allow caregivers to work efficiently by providing real-time information about the patient and improving the workflow. RTLS is adopted by major healthcare settings and hospitals, but smaller hospitals, clinics, and diagnostic centers mainly opt for RFID, GPS, and other systems, as RTLS is more costly, and affordability of this technology is a major issue for smaller healthcare settings.

The global event driven patient tracking system is driven by factors such as adoption of patient centric approach by healthcare providers, seemingly increasing costs of healthcare services, which has led to adoption of new technologies and approaches by hospitals and other healthcare settings to reduce the pressure of increasing demands for bed capacity, and rising return on investment.

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Event driven patient tracking systems accounted for the largest share of the patient flow management solutions market, in 2024. Event driven patient tracking systems are segmented on the basis of product type, delivery mode, components, and geography. By product type, the market can be segmented into stand-alone devices, and integrated devices. By delivery mode, the market can be segmented into cloud-based delivery solutions, web-based delivery solutions, and premises based delivery solutions. Based on Components, the market can be segmented into hardware components, software components, and services. By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa.

Geographically, North America accounted for the largest share of the event driven patient tracking systems market owing to factors such as use of advanced technologies, and increasing emphasis on improving patient flow coupled with increased focus on reducing costs related to health care services. Asia Pacific market is expected to grow at a formidable CAGR, during the forecast period from 2016-2024, owing to its large population base, increasing gap between supply and demand of health care services, technological advancements in the field of cloud computing and web based services, and high scope of adoption of these systems owing to largely unorganized patient flow management. The major players having presence in the global event driven patient tracking systems market include, Epic Systems, McKesson Corporation, Allscripts, Cerner Corporation, Sonitor Technologies, Centrallogic Medworxx, and TeleTracking Technologies, Inc.

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