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 real-time locating systems (RTLS) market for healthcare to grow at a CAGR of 18.3% during the forecast period”
The RTLS market for healthcare is expected to grow from USD 1,271.2 million in 2018 to USD 2,941.2 million by 2023, at a CAGR of 18.3% during the forecast period. 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. Factors restraining the market growth include concerns regarding data security and privacy, unsatisfactory results and negative feedback from RTLS end users, and the high cost of acquisition and maintenance.
“Senior living facilities to register a higher growth in the RTLS market for healthcare during the forecast period”
Resident’s safety and comfort are top priorities of senior living facilities. Many such facilities adopt RTLS for improving the experience of residents and increasing operational efficiency. RTLS, in combination with wearable sensors or tags/badges, can assist with situations that are potentially harmful to patients/residents, such as patient wandering and access to unauthorized or sensitive areas. The market for senior living facilities segment is expected to witness a surge in demand during the forecast period, especially from the US and European countries.
“North America to hold the largest share of the RTLS market for healthcare during the forecast period”
North America, being technologically advanced and developed, is a leading market for cutting-edge technologies that are used in the real-time tracking applications. North America is one of the largest contributors to the RTLS market for healthcare owing to the healthcare revolution in the region. The reason for the dominance of the US in North America is its well-established economy, which allows for investments in new technologies. The rapid adoption of RTLS solutions for several applications is also contributing to the largest share of North America in the RTLS market for healthcare.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts. Following is the breakup of the profile of primary participants:
By Company Type: Tier 1 = 15%, Tier 2 = 25%, and Tier 3 = 60%
By Designation: C-Level Executives = 60%, Directors = 30%, and Others = 10%
By Region: North America = 50%, Europe = 25%, APAC = 20%, and RoW = 5%
STANLEY Healthcare (US), Zebra Technologies Corporation (US), Aruba Networks (Hewlett Packard Enterprise, US), IMPINJ (US), TeleTracking Technologies (US), CenTrak (US), AiRISTA Flow (US), Sonitor Technologies (Norway), Versus Technology (US), and Identec Group (Liechtenstein) are the 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 a few other prominent players in the RTLS market for healthcare.
The report estimates the market size and future growth potential of the RTLS market for healthcare across different segments, such as offering, facility type, technology, application, and geography. Moreover, the report includes the industry trends and company focus/strategies, market dynamics, and competitive analysis of the key players in the market, along with their company profiles, and recent developments.
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market in the following ways:
The report helps stakeholders to understand RTLS tag costs, shipments, operating range, and accuracy levels or resolution segmented on the basis of technology and helps in identifying the focus of top 50 companies in the market based on RTLS technologies, offerings, and applications.
The report helps stakeholders to understand the pulse of the market and provides them with information on market dynamics, namely, drivers, restraints, challenges, and opportunities.
The report helps stakeholders to identify different strategies adopted by leading players and startups in the RTLS market for healthcare, and how startups are witnessing higher growth by offering custom solutions and interactive services to end users.
The report is a result of the analysis of all players in the RTLS market for healthcare and would help stakeholders to better understand their competitors and gain more insights to enhance their position in the business.
The Competitive Landscape section of the report includes competitor ecosystem, player ranking, major strategies adopted by leading players, and major developments such as product launches and developments, mergers and acquisitions, partnerships, agreements, and collaborations, which help stakeholders to take revenue growth-related decisions.