The Real-time location systems (RTLS) market for healthcare is expected to grow fromUSD 1.4 billion in 2020 to USD 3.9 billion by 2025; it is expected to grow at a CAGR of 23.0% during the forecast period. The RTLS market for healthcare has been witnessing significant growth over the past years, mainly owing to the high adoption of RTLS solutions in hospitals and growing adoption in emerging use cases.
However, the COVID-19 outbreak is likely to result in a decline in the growth rate of the RTLS market for healthcare, especially in 2020 and 2021. This is mainly because COVID-19 has led to healthcare organizations dedicating a major part of their funds toward the procurement of medical equipment and other resources required to combat COVID-19. As RTLS solutions do not fall under the essential resources category required for COVID-19 treatment, this factor is expected to hinder the penetration rate of RTLS technology in the short run. Additionally, COVID-19 has also disrupted the supply chain of the RTLS market for healthcare, which is hindering the manufacturing, distribution, and installation of RTLS solutions.
The software segment is expected to witness the highest growth during the forecast period. Organizations or companies using RTLS solutions are expected to regularly spend a significant amount on support and maintenance services; hence, the market for services is expected to grow at the highest CAGR during the forecast period.
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The market for ultra-wideband (UWB)technology-based RTLS solutions is expected to witness significant growth during the forecast period. UWB technology-based RTLS solutions provide more accurate data than RTLS solutions based on other technologies. UWB technology can support locating objects down to the range of a few centimeters. This is highly beneficial in high-intensity operations in the healthcare vertical. The rapid decline in the prices of UWB tags has also resulted in the high implementation of these tags in RTLS solutions.
The market for senior living facilities is expected to grow at a higher CAGR between 2020 and 2025. The need to provide a higher level of safety and comfort to residents would drive the market growth during the forecast period. In addition to North America, other regions such as Europe and APAC are also adopting the senior living facility trend.
Among all regions, the RTLS market for healthcare in APAC is expected to grow at the highest CAGR during the forecast period. China, Japan, Australia, and South Korea are expected to contribute to the growth of the RTLS for the healthcare market in APAC.
Key players in the RTLS market for healthcare are grabbing opportunities by launching new products. Besides, product launches, partnerships, agreements, and collaborationswere a fewof the other strategies adopted by companies in this market to strengthen their market position.
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