U.S Real Time Location System (RTLS) in Healthcare Market Estimated to Surpass $2.4 Billion Mark by 2026
Increasing Technological Advancement and Rise in Asset Tracking Is Driving the Market Growth of Real Time Location Systems (RTLS) in Healthcare Market
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.
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.
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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.
U.S Real Time Location System (RTLS in Healthcare Market Drivers
RTLS prices have exhibited decline trend in the recent years and are expected to drop in the next few years. Drop in prices has resulted in increased adoption of RTLS systems as customers overcome their price sensitivity. Markets are hindered by price sensitivity, and thus, the declining prices is an excellent prospect for the RTLS market. Base Real Time Location system deployments were priced at around $4,900 in 2014, but this price has dropped to $4,100 by 2020 and is further set to decline.
Rising Demand for Software and Analytics
Analytics with software implementation provides many advantages to the customers present in the healthcare market for medical equipment and patient tracking. Software provides features such as automated alerts and notifications, data representation in a geospatial facility map, APIs for integration with third party systems, and many more. RTLS software solutions also facilitate asset tracking.
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U.S Real Time Location System (RTLS) in Healthcare Market Challenges
High Level of Investment required to Drive Innovation
Privacy and security are the major issues faced by the RTLS market. Concerns have already been raised about the issues in the medical market, especially in the application of patient tracking. Customers are apprehensive about RTLS possibly being used for remote asset monitoring and other reprehensible utilization.
Customers are concerned about the security of the RTLS network that is utilized to transmit data and the possibility of third parties being able to obtain this data. This issue is particularly prevalent in the healthcare industry, where patient tracking is performed. There are concerns that patient data can be breached, allowing third parties to attain these records.
U.S Real Time Location System (RTLS in Healthcare Market Lanscape
Awarepoint Corporation, AeroScout Inc., Zebra Technologies Corporation, Sonitor Technologies, Skytron LLC, TeleTracking Technologies Inc., and Ubisense Group plc. and others are considered to be the key players of the RTLS in Healthcare Market
In January 2021, IQGeo Group, the Cambridge-based developer of geospatial productivity and collaboration software has agreed to sell its stake in its former RTLS SmartSpace business to Investcorp Technology Platform.
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.
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