Real-Time Locating System (RTLS) Market for Healthcare

Industry Overview

Real-Time Locating System (RTLS) For Healthcare is used to deliver instant or real-time tracking and management of medical equipment, staff and patients within all categories of patient care settings. Elevated refund on investment and wellbeing and security apprehensions in healthcare facilities are some of the primary factors driving the growth of the global RTLS market for healthcare. The market has witnessed high demand for UWB in the coming years due to high accuracy and precision, long battery life, and high capacity.

Market Segmentation

Insight by Offering

On the basis of the offering, the RTLS market for healthcare is subdivided into hardware, software and services. Of all offerings, the hardware segment accounted the largest share in the market. However, the market share of the hardware segment is estimated to decrease in the future due to sinking ASPs of tags and readers.

The hardware segment is further subdivided into readers or trackers or access point, tags or badges and others. In addition, the software segment is further subdivided into middleware, location analytics engine and application. Moreover, the services segment are further subdivided into support and maintenance, deployment & integration and consulting.

Insight by Technology

On the basis of technology, the RTLS market for healthcare market is subdivided into BLE, RFID, ultrasound, Wi-Fi, infrared, UWB and others. Of all the technologies, the UWB is expected to grow at the fastest rate in the market due to high accuracy and precision, long battery life, decreasing prices, and high capacity.

Insight by Facility Type

On the basis of facility type, the market is subdivided into senior living facilities and hospitals and healthcare facilities. Among the all facility type, the hospitals and healthcare facilities accounted the largest share in the RTLS market for healthcare due to rapid growth in the Internet of Things (IoT) in healthcare, mounting profitability, optimizing resource utilization and helps healthcare facilities to make quicker decisions and refining their operational processes. In addition, senior living facilities are expected to grow at the fastest rate in the market due to mounting operational competence and refining the experience of residents.

Insight by Application

On the basis of application, the market is subdivided into inventory or asset - tracking and management, access control or security, personnel or staff - locating and monitoring, environment monitoring, access control or security, supply chain management and operation automation/visibility and others. Among all applications, the personnel or staff - locating and monitoring segment accounted for the largest share in the RTLS market for healthcare.

Global Real-Time Locating System (RTLS) Market for Healthcare Report Coverage

Industry Dynamics

Growth Drivers

Augmented market attractiveness with the appearance of startups offering inventive and tailored RTLS solutions, elevated refund on investment and wellbeing and security apprehensions in healthcare facilities are the primary growth drivers for the RTLS market for healthcare.

The necessity for resource consumption and workflow optimization, usage of IoT technology in healthcare and the development of hybrid RTLS solutions are also facilitating the growth for the RTLS market for healthcare. For instance, medical care and healthcare is one of the utmost appealing application areas for the IoT and has maximum probable for advancement with IoT technology. IoT is speedily shifting the healthcare scenario by focusing the way devices; people and applications are connected and intermingle with each other.

Challenges

Apprehensions concerning data security and privacy, unacceptable outcomes and adverse feedback from RTLS end users and the high price of acquisition and maintenance are the major challenges for the growth of RTLS market for healthcare. In addition, inventing RTLS solutions pleasing high correctness, high range, and less power depletion requirements, system unsuitability and absence of unvarying standards and interoperability are also hindering the growth of the market.

Industry Ecosystem

Globally industry players are leveraging market growth by launching new products. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Geographic Overview

Geographically, North America is the largest RTLS market for healthcare due to the presence of a large number of healthcare facilities. The rapid adoption of RTLS solution in healthcare, investment in innovative technologies and mounting profitability are also up surging growth of the North American RTLS market for healthcare.

In addition, Asia-Pacific is observed to witness the fastest growth in the market due to progression in the healthcare sector. In addition, adoption of RTLS solution in healthcare to improve their performance and automate processes is also creating ample opportunities for the Asia-Pacific RTLS market for healthcare.

Competitive Insight

Key players in the RTLS market for healthcare are catering to the demand by investing in technologically advanced RTLS across the globe. STANLEY Healthcare, signed an agreement with Premier, Inc. to offer access to STANLEY Healthcare’s AeroScout Asset Management solution. STANLEY Healthcare, Teletracking Technologies, Sonitor Technologies, Zebra Technologies, HP Enterprise, Airista, and Identec Group are the key players offering RTLS.