Real-Time Location Systems Market - Global Forecast to 2025

Posted April 7, 2021 by ctom7000

Growth in popularity of ultra-wideband technology-based RTLS solutions
The RTLS market for healthcare is estimated to grow from USD 1,271.2 million in 2018 to USD 2,941.2 million by 2023, at a CAGR of 18.3% during the forecast period (2018–2023). The increased market competitiveness with the emergence of startups providing innovative and customized RTLS solutions based on newer technologies is one of the major factors fueling the growth of the RTLS market. The safety and security concerns in healthcare facilities and high return on investment are the other factors driving the growth of the market. The need for resource utilization and workflow optimization, development of hybrid RTLS solutions, and use of IoT technology in healthcare are likely to pose major opportunities to the players in the market during the forecast period.

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The hardware segment accounted for largest share of the RTLS market for healthcare in 2017. The market share of the hardware segment is expected to decrease during the forecast period mainly because of the falling ASPs of tags and readers as the technology further matures. Although the price of hardware components of RTLS solutions is expected to decrease in the near future, the required volume of these hardware components would increase.

Hospitals and healthcare facilities are likely to continue to dominate the RTLS market for healthcare during the forecast period by accounting for a larger market share. Hospitals in the US and European countries have a high demand for RTLS solutions for enhancing their operations, optimizing resource utilization, and increasing profitability. RTLS solutions provide real-time information about the location of people and assets, which helps healthcare organizations in making faster decisions and improving their operational processes. Additionally, the rapid growth in IoT in the healthcare industry has led to the increased adoption of RTLS, thereby accelerating the growth of the market.

The market for UWB technology-based RTLS solutions is expected to grow at the highest CAGR during the forecast period. The high precision and accuracy offered by UWB technology for tracking objects will be the major factor to drive the growth of the market for UWB technology-based RTLS solutions. The increasing adoption of UWB in the RTLS market for healthcare is primarily due to the advantages offered by solutions based on this technology, such as high precision, long battery life, high capacity, and fast update rates.

North America accounted for the largest share of the RTLS market for healthcare in 2017. North America is one of the largest contributors to the market owing to the presence of a large number of healthcare facilities in the region, especially in the US. The rapid adoption of RTLS solutions for several applications in the healthcare sector is also one of the major reasons for North America to capture the largest share of the RTLS market for healthcare.

The major challenge faced by RTLS vendors in the healthcare sector is designing RTLS solutions satisfying high accuracy, high range, and low power consumption requirements. System incompatibility and lack of uniform standards and interoperability is also another major challenge the market players are facing. Factors restraining the market growth include concerns regarding data security and privacy, unsatisfactory results and negative feedback from RTLS end users, and the high cost of acquisition and maintenance.

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STANLEY Healthcare (US), Zebra Technologies Corporation (US), Aruba Networks (US), IMPINJ (US), TeleTracking Technologies (US), CenTrak (US), AiRISTA Flow (US), Sonitor Technologies (Norway), Versus Technology (US), and Identec Group (Liechtenstein) are the major players in the RTLS market for healthcare.

A few key innovators considered in the RTLS market for healthcare are DecaWave (Ireland), Redpine Signals (US), Sanitag (Turkey), Mojix (US), and Intelligent InSites (US), while Cerner Corporation (US), GE Healthcare (US), Secure Care Products (US), Borda Technology (Turkey), Cetani Corp. (US) are a few other prominent players in the market.
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Issued By Tom
Country United Kingdom
Categories Medical
Tags rtls market in healthcare
Last Updated April 7, 2021