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.
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
From 2014 to 2017, six startups have been started across globe for providing RTLS. For instance, Pozyx Labs, the private company was founded in year 2015, Pozyx ultra-wideband (UWB) is the hardware/software RTLS solution which provides accurate positioning and motion information with sub-meter accuracy of 10 cm.
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- Impinj, Inc
- Intelligent InSites
- Aruba (Hewlett Packard Enterprise Development LP)
- Midmark Corporation
- Sonitor Technologies
- Stanley Healthcare
- Teletracking Technologies, Inc
- Zebra Technologies Corp
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.
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.
Entrepreneurial venture or the startup companies in its early stages of operations aimed at resolving a real-life issue with an innovative product or service. Many startup companies across the globe are entering into productions or manufacturing of RTLS systems.
This has enabled market competitiveness. Moreover, this has increased the market competition, and companies are providing innovative and customized RTLS solutions for all different sectors.
RTLS FOR HEALTHCARE – MARKET SEGMENTATION
Global RTLS for healthcare Market – By Technology
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
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