U.S. Real Time Location System (RTLS) in Healthcare Market - Forecast(2021 - 2026)

 

U.S Real Time Location System (RTLS in Healthcare Market Overview

The U.S Real Time Location System (RTLS) in healthcare market is estimated to surpass $2.4 billion mark by 2026 growing at a projected CAGR of more than 11.3% during the forecast period 2021 to 2026. Real Time Location System (RTLS) technology is used to automatically identify and locate objects, assets or individuals in real time. The goal of RTLS is to continuously track the location of the targets. Real-time location systems help determine the current position of an object based on real-time information gathered through a wireless system. It helps in indoor tracking of the object as well. 

RTLS helps to know the exact position of patients, doctors and equipment at any given time. Increasing technological advancement and rise in Asset tracking are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for RTLS in healthcare during the forecast period 2021-2026. RTLS are based on either Passive Radio Frequency Identification (RFID) or Active RFID. Active RFID is used in conjunction with other technologies particularly Wi-fi and Bluetooth Low Energy.

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Report Coverage

The report: “U.S RTLS in Healthcare Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the U.S RTLS in Healthcare Market.

By Component: Tags, Readers, Software and Services

By Technology: Passive RFID & Active RFID ( Bluetooth, Global Positioning System (GPS), Ultra-Wideband, Wi-Fi, Zigbee, and others)

By Application: Asset Tracking & Management, Supply Chain Management, Staff Locating & Monitoring, Patient Tracking System, Hand Hygiene Monitoring, Workflow & Process Automation, Others

By End Use: Hospital, Clinic, Elder Care Facilities, Diagnostic Centers and Others

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Key Takeaways

• The RTLS companies have concentrated on agreements with end user companies to expand their distribution networks and improve sales of their products in fast growing markets such as APAC and South America, with Zebra Technologies, in particular, leading the way.
• Increasing technological advancement and rise in asset tracking is driving the market growth of Real Time Location Systems (RTLS) in Healthcare.
• The market has witnessed increased adoption of RTLS systems with Wi-Fi technology as end users utilize the already present infrastructure to drive down installation costs for RTLS.

U.S RTLS in Healthcare Market, By Technology, 2020 (%)

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U.S Real Time Location System (RTLS in Healthcare Market Segment Analysis - By Technology

WI-fi based RFID systems dominate the RTLS in Healthcare market however Bluetooth Low Energy is set to grow at the fastest rate of 25.3%. End users are increasingly aware of the advantages of RTLS in the healthcare market. The market has witnessed increased adoption of RTLS systems with Wi-Fi technology as end users utilize the already present infrastructure to drive down installation costs for RTLS. The readers are usually fixed at predetermined positions and they transmit the location data to the software which then interprets the exact location visually to the end user. 

The North America and APAC regions are projected to be the major growth areas for the RTLS in Healthcare market. The growing awareness and declining prices of RTLS have resulted in the growth of the user base and increased adoption of RTLS, led by the Chinese market. The improved security of the standardized bluetooth low energy network has also led to increased adoption of these systems. Utilization of Bluetooth RTLS systems is growing at a very high rate and these systems are projected to play a key a role as customer demand increases for high security standardized and cost effective RTLS solutions. These Bluetooth RTLS systems have slower update speeds of 400ms, and thus, are utilized in applications where continuous monitoring is not of critical importance.

U.S Real Time Location System (RTLS in Healthcare Market Segment Analysis - By Component

Based on the Component, U.S. Real Time Location Systems (RTLS) in Healthcare Market is segmented into Tags, Readers, Services and Software. The tags segment is the largest market but the software segment forecast to be the fastest-growing segment and is projected to grow at a CAGR of 17.5% during the forecast period 2021-2026. This is mainly owing to abundant availability of affordably priced sensors, growing awareness about benefits of RTLS technology are contributing to the growth of this segment. 

Advancement of this industry has increased the requirement of optimizing the operations and tracking various high value assets, and improving patient care and worker efficiency. RTLS finds major applications in the healthcare industry as it is an early adopter of the RTLS technology. Some of the applications are equipment tracking, hand hygiene compliance tracking, patient tracking, bed tracking, infant protection, staff protection, temperature monitoring, fall management, wander management, and many more.