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", 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.
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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.
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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