According to the latest market research
report "RTLS
Market for Healthcare by Facility Type (Hospitals & Healthcare Facilities,
Senior Living), Offering (Hardware, Software, Services), Technology (RFID,
Wi-Fi, BLE, UWB, IR, Ultrasound), Application/Use case, and Geography - Global
Forecast to 2023", published by MarketsandMarkets™, the
RTLS market for healthcare is expected to grow from USD
1,271.2 million in 2018 and is expected to reach USD
2,941.2 million by 2023, at a CAGR of 18.3%.
The increased competitiveness in the market
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 for healthcare. Other factors driving the market
growth include safety and security concerns in healthcare facilities and high
return on investment. The need for resource utilization and workflow
optimization, development of hybrid RTLS solutions, and use of IoT technology
in healthcare would create growth opportunities for the players in RTLS market
for healthcare during the forecast period.
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The hardware segment accounted for the
largest share of the RTLS market for healthcare in 2017
The hardware segment accounted for the
largest share of the RTLS market for healthcare in 2017. However, 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.
UWB-based RTLS solutions are expected to
register the highest growth in the RTLS market for healthcare during the
forecast period
UWB-based RTLS solutions operate in a large
bandwidth spectrum, generally greater than 500 MHz and are reliable and
accurate. The increasing popularity of UWB in the RTLS market for healthcare is
mainly due to the advantages such as high precision, long battery life, high
capacity, and fast update rates. These advantages of UWB solutions make them an
ideal choice for high-precision applications in healthcare organizations or
facilities. The decline in the prices of UWB tags has also resulted in the high
implementation of UWB-based RTLS solutions.
Hospitals and healthcare facilities to
continue to dominate the RTLS market for healthcare during the forecast period
with a larger market share
Hospitals
and healthcare facilities accounted for a larger market share in 2017.
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 RTLS market
for healthcare.
The market in APAC expected to register the
highest CAGR during the forecast period
APAC is one of the potential regions for the
RTLS market for healthcare, and the market in this region is expected to grow
at the highest CAGR during the forecast period. Asia
Pacific is witnessing advancements in the healthcare sector as several
healthcare facilities adopt newer technology-based products to improve their
performance and automate certain processes. Japan
is the early adopter of RTLS in this region and has witnessed the highest
growth in the RTLS market for healthcare in the past. Countries such as South Korea, China, and
Australia are now expected to witness high
growth in the RTLS market for healthcare.
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Sample Pages:
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 among a few 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 other prominent players
in the RTLS market for healthcare.
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