Sun, 11 Apr 2021

The global RTLS for healthcare market is expected to reach US$ 6,384.45 Mn in 2027 from US$ 1,455.73 Mn in 2018. The market is estimated to grow with a CAGR of 18.6% from 2019-2027.

Asia Pacific is the fastest growing geographic market and is expected to grow at CAGR of 19.4% throughout the forecast period. The region has witnessed several government funding for development of healthcare infrastructure, collaboration between companies and hospitals for use of RTLS in the field of hospital asset management and patient tracking.

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Global RTLS for healthcare market, based on the application, was segmented as, inventory and asset tracking, patient and staff tracking, access control and security, environment monitoring, supply chain management and operation automation and others. In 2018, inventory and asset tracking held the largest share of the market, by application. In addition, the segment is also anticipated to grow at a significant rate during the forecast period. The benefits such as RTLS can automate inventory control, and thus this reduces the physically managing inventory which are labor-intensive, costly, and time-consuming these factors are anticipated to lead to the growth of the segment during the forecast period.

The major players operating in the RTLS for healthcare market include, CenTrak, Impinj, Inc., Intelligent InSites, Aruba (Hewlett Packard Enterprise Development LP), Midmark Corporation, Sanitag, Sonitor Technologies, Stanley Healthcare and Teletracking Technologies among the others.

The market has witnessed various organic as well as inorganic developments during recent years in the RTLS for healthcare market. For instance, in July 2018, Zebra Technologies Corporation, the market leader in rugged mobile computers, barcode scanners and barcode printers enhanced with software and services to enable real-time enterprise visibility, announced two new healthcare barcode printing solutions that can identify patients and specimens at the point of care.

Real time location systems (RTLS) have become the foundation for applications that boost efficiency, productivity, and safety in every industry. RTLS helps employees to focus on activities that bring more value to the organization. It enables to locate and track assets accurately, and people allow processes to be optimized. In January 2019, Bluetooth Special Interest Group or SIG which handles Bluetooth announced the introduction of new Bluetooth 5.1. This new Bluetooth at the cost of other standards allows to extend new capabilities to asset tracking. It benefits from a present large ecosystem up to 8.2 billion Bluetooth devices worldwide, making it the most broadly adopted standard for short-range wireless communication. The low cost of the Bluetooth LE tags technology makes it applicable in settings where these advanced systems not have been otherwise feasible. Moreover, Wi-Fi RTLS technology is more accurate than proximity-based RTLS options as Wi-Fi RTLS uses time-of-flight measurements which have relatively wide bandwidth.

The report segments the Global RTLS for healthcare Market as follows:

Global RTLS for healthcare Market – By Technology

  • RFID
  • Wi-Fi
  • Bluetooth
  • GPS
  • UWB
  • Others

Global RTLS for healthcare Market – By Facility Type

  • Hospitals and Healthcare Facilities
  • Senior Living Centres

Global RTLS for healthcare Market – By Application

  • Inventory and Asset Tracking
  • Patient and Staff Tracking
  • Access Control and Security
  • Environment Monitoring
  • Supply Chain Management and Operation Automation
  • Others

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