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.
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. 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. Moreover, Wi-Fi RTLS technology is more accurate than proximity-based RTLS options as Wi-Fi RTLS uses time-of-flight measurements which have relatively wide bandwidth.
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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
The global RTLS for healthcare market by facility type was led by, hospitals & healthcare facilities. The segment is also expected to witness growth at a significant rate during the forecast period owing to growing hospital industry and increasing IoT in the healthcare industry
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.
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. There are many such startups in India, USA, Europe, and other regions who are helping this market to grow with huge competitions. Startups are making significant progress which offers a well-thought-out embedded location platform. UWINLOC is another new startup that designed a semi-passive UWB solution that can ultimately compete on price with passive RFID, also providing similar benefits to an active technology within energy harvesting. Thus, the high market competitiveness due to emerging startup are expected to propel the growth of the RTLS for healthcare market over the forecast years.
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.
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