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
By: marketsandmarkets.com
Publishing Date: August 2018
Report Code: SE 2568
The real-time location system (RTLS) market for healthcare was valued at USD 976.1 million in 2017 and is expected to reach USD 2,941.2 million by 2023, at a CAGR of 18.3% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023.
Study Objectives:
- To define, describe, and forecast the RTLS market for healthcare, in terms of value, segmented on the basis of facility type, offering, technology, application, and geography
- To analyze and forecast the market size, in terms of volume, segmented on the basis of offerings (hardware)
- To provide the market size estimation for North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW), along with respective countries, in terms of value
- To identify and analyze the major factors, namely, drivers, restraints, opportunities, and challenges influencing the growth of the RTLS market for healthcare
- To analyze the value chain of the RTLS market for the healthcare
- To strategically analyze subsegments with regard to individual growth trends, prospects, and contribution to the RTLS market for healthcare
- To analyze the key trends related to components, connectivity technologies, and applications that shape and influence the RTLS for healthcare market
- To analyze strategic developments such as acquisitions, partnerships, collaborations, product developments, and key contracts in the RTLS market for healthcare
- To strategically profile the key players and comprehensively analyze their market position in terms of their market ranking
Research Methodology:
This research study involves extensive use of secondary sources, directories, and databases such as Hoovers, BusinessWeek, OneSource, and Factiva to identify and collect information useful for this technical, market-oriented, and commercial study of the RTLS market for healthcare. Primary sources mainly comprise several experts from the core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, technology developers, alliances, standards, and certification organizations related to various parts of this industrys value chain. In-depth interviews of various primary respondents, including key industry participants, subject matter experts (SMEs), C-level executives of key companies, and consultants, have been conducted to obtain and verify critical qualitative and quantitative information as well as assess future prospects. The following figure shows the market research methodology applied in making this report on the RTLS market for healthcare. The breakdown of the profiles of primaries has been depicted in the following figure.
To know about the assumptions considered for the study, download the pdf brochure
STANLEY Healthcare (US), Zebra Technologies Corporation (US), Aruba Networks (US), IMPINJ (US), TeleTracking Technologies (US), CenTrak (US), AiRISTA Flow (US), Sonitor Technologies (Norway), Versus Technology (US), and Identec Group (Liechtenstein) are among a few 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 other prominent players in the RTLS market for healthcare.
Product Launches and Developments
|
Month & Year |
Company |
Description |
|
March 2018 |
CenTrak |
The company launched IRUS hybrid locating technology. Its a combination of advanced ultrasound and sGen2IR. This will be added to the company's IoT location and sensing offering. The product is interoperable with the company's existing line of waterproof tags. |
|
February 2018 |
STANLEY Healthcare |
The company launched a cloud-based IoT solution for real-time monitoring applications, especially in the healthcare sector. This solution supports multiple sensors and has the scalability to cover from a few devices in one location to thousands of devices across multiple sites. |
Agreements, Partnerships, Collaborations
|
Month & Year |
Company |
Description |
|
February 2018 |
STANLEY Healthcare |
The company partnered with Sonitor by integrating Sonitors proprietary Sense High- Definition Ultrasound indoor positioning technology into its AeroScout RTLS platform. The partnership is likely to enable hospitals to deploy RTLS solutions at a lower cost of ownership and with greater ease and less complexity. |
|
October 2017 |
STANLEY Healthcare |
The company partnered with Foresite Healthcare and included Foresites Patientcare and Eldercare predictive fall safety and health monitoring solutions into its healthcare portfolio solutions. This partnership increased the capability of the company to provide hospitals, rehabilitation centers, and senior living organizations a data-driven technique to manage and reduce falls, as well as monitor health status monitoring solutions for the elderly and rehabilitating patients. |
Contracts
|
Month & Year |
Company |
Description |
|
August 2017 |
Aruba Networks |
Schlegel Villages, an organization which that provides senior living programs, have adopted the BLE-based beacons from Aruba. This can be leveraged for obtaining the location-based services such as mobile engagement and asset tracking. |
|
April 2016 |
AiRISTA |
AiRISTA Flow successfully installed RTLS solution tags for the safety of the staff safety at The Lawrence Upper School located in Sagamore Hills, Ohio, US. As part of RTLS, staff members are equipped with badge tags that offer completely wireless 2-way communication to detect incidents on the campus while reducing emergency response times with real-time location intelligence for safety-related events. The tags offer completely wireless two-way communication to detect incidents on the campus while reducing emergency response times with real-time location intelligence. The badge tags can also send proximity-based alerts for medical matters involving students and staff members. |
Acquisitions
|
Month & Year |
Company |
Description |
|
May 2016 |
Versus Technology (Midmark) |
Midmark completed the acquisition of Versus Technology. The acquisition helped Midmarks to maintain its leadership position in the RTLS market for in outpatient clinical workflows using real-time locating systems applications. |
|
March 2016 |
AiRISTA |
AiRISTA Flow announced the acquisition of Ekahau RTLS (Reston, VA) and Ekahau RTLS International (Helsinki, Finland) in March 2016. AiRISTA Flow continued to offer the Ekahau RTLS products, along with supporting the Ekahau RTLS customer base, as well as expand its portfolio of offerings by integrating existing AiRISTA and Ekahau platforms.AiRISTA Flow assumed responsibility for the ongoing servicing of the Ekahau RTLS customer base worldwide. |
Key Target Audience
- RTLS hardware providers
- RTLS software providers
- RTLS-related service providers
- RTLS-related associations, healthcare organizations, forums, and alliances
- OEM/ODMs, foundries, and semiconductor component suppliers
- RTLS distributors and sales firms
- RTLS end users
- Government bodies such as regulating authorities and policymakers
- Venture capitalists, private equity firms, and startup companies
- Research institutes, organizations, and consulting companies
Scope of the Report:
The research report segments the global RTLS market into the following subsegments:
RTLS Market for Healthcare, by Offering
- Hardware
- Tags/Badges
- Readers/Trackers/Access Points
- Others
- Software
- Application
- Middleware
- Location Analytics Engine
- Services
- Consulting
- Support & Maintenance
- Deployment & Integration
RTLS Market for Healthcare, by Technology
- RFID
- Wi-Fi
- UWB
- BLE
- Infrared (IR)
- Ultrasound
- GPS
- Others
- RTLS Market for Healthcare, by Facility
- Hospitals and Healthcare Facilities
- Senior Living Facilities
RTLS Market for Healthcare, by Application
- Inventory/Asset - Tracking & Management
- Personnel/Staff - Locating & Monitoring
- Access Control/Security
- Environmental Monitoring
- Supply Chain Management & Operational Automation/Visibility
- Others
RTLS Market, by Region
- North America
- Europe
- APAC
- RoW
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the companys specific needs. The following customization options are available for the report.
Application/Use Case-specific Data
- Detailed analysis of specific use cases or applications of RTLS Solutions in healthcare industry
- Impact of different RTLS technologies in specific use cases or applications
Competitive Landscape
- Detailed analysis and profiling of additional market players
- Company mapping based on RTLS technology, application, offering, and geography
- Analysis on unfair advantage of STANLEY Healthcare and Zebra Technologies in RTLS market for healthcare in terms of product portfolio expansion, customer acquisition, and R&D expenditure
- Competitive leadership mapping of top players in RTLS market for healthcare based on their business strategies and product portfolio.
Market Dynamics
Key Questions
- How much growth is expected from UWB, BLE, Wi-Fi, and RFID product portfolio and what would be the impact of these technologies on different applications/use cases in healthcare industry?
- Which are the top use cases/applications of RTLS market to invest in and what are the untapped opportunities?
- Who are the major current and potential competitors in the market and what are their top priorities, strategies, and developments?
Table of Contents
1 Introduction (Page No. - 17)
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered
1.4 Currency
1.5 Package Size
1.6 Stakeholders
2 Research Methodology (Page No. - 21)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions
3 Executive Summary (Page No. - 29)
4 Premium Insights (Page No. - 35)
4.1 Attractive Opportunities for Growth of RTLS Market for Healthcare
4.2 RTLS Market for Healthcare, By Offering, 20152023 (USD Million)
4.3 RTLS Market for Healthcare, By Facility Type, 20152023 (USD Million)
4.4 Opportunity Analysis of RTLS Market for Hospitals and Healthcare Facilities, By Region
4.5 Opportunity Analysis of RTLS Market for Senior Living Facilities, By Region
4.6 RTLS Market for Healthcare, By Technology, 2017, 2020, and 2023 (USD Million)
4.7 RTLS Market for Healthcare, By Application, 20152023 (Market Share)
4.8 RTLS Market for Healthcare, By Technology and Region, 2017 (Market Share)
4.9 RTLS Market for Healthcare, By Region, 2017 vs 2023 (Market Share)
5 Market Overview (Page No. - 41)
5.1 Market Dynamics
5.1.1 Drivers
5.1.1.1 Increased Market Competitiveness With the Emergence of Startups Providing Innovative and Customized RTLS Solutions Based on Newer Technologies
5.1.1.2 Safety and Security Concerns in Healthcare Facilities
5.1.1.3 High Return on Investment
5.1.2 Restraints
5.1.2.1 Concerns Regarding Data Security and Privacy
5.1.2.2 Unsatisfactory Results and Negative Feedback From RTLS End Users and High Cost of Acquisition and Maintenance
5.1.3 Opportunities
5.1.3.1 Need for Resource Utilization and Workflow Optimization
5.1.3.2 Development of Hybrid RTLS Solutions
5.1.3.3 Use of IoT Technology in Healthcare
5.1.4 Challenges
5.1.4.1 Designing RTLS Solutions Satisfying High Accuracy, High Range, and Low Power Consumption Requirements
5.1.4.2 System Incompatibility and Lack of Uniform Standards and Interoperability
6 Industry Trends (Page No. - 49)
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Electronic Equipment and Components
6.2.2 Connectivity Technologies
6.2.3 RTLS Hardware and Software
6.2.4 System Integration and Services
6.2.5 Application/Use Cases
6.3 RTLS Technology Comparison
6.4 Price Comparison of RTLS Tags, By Technology, 2017
6.5 RTLS Tag Cost, Accuracy Level, and Operating Range, By Technology, 2017
6.6 Company Focus/Major Trends in RTLS Market for Healthcare
6.6.1 By Technology
6.6.2 By Offering
6.6.3 By Use Case/Application
7 RTLS Market for Healthcare, By Offering (Page No. - 56)
7.1 Introduction
7.2 Hardware
7.2.1 Tags/Badges
7.2.2 Readers/Trackers/Access Points
7.2.3 Others
7.3 Software
7.3.1 Application
7.3.2 Middleware
7.3.3 Location Analytics Engine
7.4 Services
7.4.1 Consulting
7.4.2 Support and Maintenance
7.4.3 Deployment & Integration
8 RTLS Market for Healthcare, By Technology (Page No. - 70)
8.1 Introduction
8.2 RFID
8.3 Wi-Fi
8.4 UWB
8.5 BLE
8.6 Infrared (IR)
8.7 Ultrasound
8.8 Others
9 RTLS Market for Healthcare, By Facility Type (Page No. - 89)
9.1 Introduction
9.2 Hospitals and Healthcare Facilities
9.3 Senior Living Facilities
10 RTLS Market for Healthcare, By Application (Page No. - 99)
10.1 Introduction
10.2 Inventory/Asset - Tracking and Management
10.3 Personnel/Staff - Locating and Monitoring
10.4 Access Control/Security
10.5 Environment Monitoring
10.5.1 Temperature Monitoring
10.5.2 Humidity and Air Pressure Monitoring
10.6 Supply Chain Management and Operation Automation/Visibility
10.7 Others
11 Geographic Analysis (Page No. - 106)
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Rest of Europe
11.4 Asia Pacific (APAC)
11.4.1 Japan
11.4.2 China
11.4.3 Australia
11.4.4 South Korea
11.4.5 Rest of APAC
11.5 Rest of the World (RoW)
11.5.1 Middle East
11.5.2 Africa
11.5.3 South America
12 Competitive Landscape (Page No. - 132)
12.1 Overview
12.2 Ranking Analysis of Players in RTLS Market for Healthcare
12.3 Competitive Situations and Trends: RTLS Market for Healthcare
12.3.1 Product Launches and Developments
12.3.2 Agreements, Partnerships, Collaborations
12.3.3 Contracts
12.3.4 Acquisitions
13 Company Profiles (Page No. - 139)
13.1 Introduction
13.2 Key Players
13.2.1 Stanley Healthcare
13.2.2 Zebra Technologies
13.2.3 Aruba Networks (HP Enterprise)
13.2.4 Teletracking Technologies
13.2.5 Centrak
13.2.6 Impinj
13.2.7 Airista
13.2.8 Sonitor Technologies
13.2.9 Versus Technology
13.2.10 Identec Group
13.3 Key Innovators
13.3.1 Decawave
13.3.2 Redpine Signals
13.3.3 Sanitag
13.3.4 Mojix
13.3.5 Intelligent Insites
13.4 Other Important Players
13.4.1 Cerner Corp.
13.4.2 Ge Healthcare
13.4.3 Secure Care Products
13.4.4 Borda Technology
13.4.5 Cetani Corp.
14 Appendix (Page No. - 176)
14.1 Discussion Guide
14.2 Knowledge Store: Marketsandmarkets Subscription Portal
14.3 Available Customization
14.4 Related Reports
14.5 Author Details
List of Tables (65 Tables)
Table 1 Typical Return on Investment (RoI) in Hospitals With RTLS Deployment
Table 2 Comparison of RTLS Tags Based on Different Technologies
Table 3 RTLS Market for Healthcare, By Offering, 20152023 (USD Million)
Table 4 RTLS Hardware Market for Healthcare, By Technology, 20152023 (USD Million)
Table 5 RTLS Hardware Market for Healthcare, By Component, 20152023 (USD Million)
Table 6 RTLS Market for Tags/Badges, By Technology, 20152023 (Million Units)
Table 7 RTLS Software Market for Healthcare, By Technology, 20152023 (USD Million)
Table 8 RTLS Services Market for Healthcare, By Technology, 20152023 (USD Million)
Table 9 RTLS Services Market for Healthcare, By Service Type, 20152023 (USD Million)
Table 10 RTLS Market for Healthcare, By Technology, 20152023 (USD Million)
Table 11 RTLS Market for Healthcare for RFID Technology, By Offering, 20152023 (USD Million)
Table 12 RTLS Market for Healthcare for RFID Technology, By Region, 20152023 (USD Million)
Table 13 RTLS Market for Healthcare for Wi-Fi Technology, By Offering, 20152023 (USD Million)
Table 14 RTLS Market for Healthcare for Wi-Fi Technology, By Region, 20152023 (USD Million)
Table 15 RTLS Market for Healthcare for UWB Technology, By Offering, 20152023 (USD Million)
Table 16 RTLS Market for Healthcare for UWB Technology, By Region, 20152023 (USD Million)
Table 17 RTLS Market for Healthcare for BLE Technology, By Offering, 20152023 (USD Million)
Table 18 RTLS Market for Healthcare for BLE Technology, By Region, 20152023 (USD Million)
Table 19 RTLS Market for Healthcare for IR Technology, By Offering, 20152023 (USD Million)
Table 20 RTLS Market for Healthcare for IR Technology, By Region, 20152023 (USD Million)
Table 21 RTLS Market for Healthcare for Ultrasound Technology, By Offering, 20152023 (USD Million)
Table 22 RTLS Market for Healthcare for Ultrasound Technology, By Region, 20152023 (USD Million)
Table 23 RTLS Market for Healthcare for Other Technologies, By Offering, 20152023 (USD Million)
Table 24 RTLS Market for Healthcare for Other Technologies, By Region, 20152023 (USD Million)
Table 25 RTLS Market for Healthcare, By Facility Type, 20152023 (USD Million)
Table 26 RTLS Market for Healthcare for Hospitals and Healthcare Facilities, By Region, 20152023 (USD Million)
Table 27 RTLS Market for Healthcare in North America for Hospitals and Healthcare Facilities, By Country, 20152023 (USD Million)
Table 28 RTLS Market for Healthcare in Europe for Hospitals and Healthcare Facilities, By Country, 20152023 (USD Million)
Table 29 RTLS Market for Healthcare in APAC for Hospitals and Healthcare Facilities, By Country, 20152023 (USD Million)
Table 30 RTLS Market for Healthcare in RoW for Hospitals and Healthcare Facilities, By Region, 20152023 (USD Million)
Table 31 RTLS Market for Healthcare for Senior Living Facilities, By Region, 20152023 (USD Million)
Table 32 RTLS Market for Healthcare in North America for Senior Living Facilities, By Country, 20152023 (USD Million)
Table 33 RTLS Market for Healthcare in Europe for Senior Living Facilities, By Country, 20152023 (USD Million)
Table 34 RTLS Market for Healthcare in APAC for Senior Living Facilities, By Country, 20152023 (USD Million)
Table 35 RTLS Market for Healthcare in RoW for Senior Living Facilities, By Region, 20152023 (USD Million)
Table 36 RTLS Market for Healthcare, By Application, 20152023 (USD Million)
Table 37 RTLS Market for Healthcare, By Region, 20152023 (USD Million)
Table 38 RTLS Market for Healthcare in North America, By Technology, 20152023 (USD Million)
Table 39 RTLS Market for Healthcare in North America, By Facility Type, 20152023 (USD Million)
Table 40 RTLS Market for Healthcare in North America, By Country, 20152023 (USD Million)
Table 41 RTLS Market for Healthcare in US, By Facility Type, 20152023 (USD Million)
Table 42 RTLS Market for Healthcare in Canada, By Facility Type, 20152023 (USD Million)
Table 43 RTLS Market for Healthcare in Mexico, By Facility Type, 20152023 (USD Million)
Table 44 RTLS Market for Healthcare in Europe, By Technology, 20152023 (USD Million)
Table 45 RTLS Market for Healthcare in Europe, By Facility Type, 20152023 (USD Million)
Table 46 RTLS Market for Healthcare in Europe, By Country, 20152023 (USD Million)
Table 47 RTLS Market for Healthcare in UK, By Facility Type, 20152023 (USD Million)
Table 48 RTLS Market for Healthcare in Germany, By Facility Type, 20152023 (USD Million)
Table 49 RTLS Market for Healthcare in France, By Facility Type, 20152023 (USD Million)
Table 50 RTLS Market for Healthcare in Rest of Europe, By Facility Type, 20152023 (USD Million)
Table 51 RTLS Market for Healthcare in APAC, By Technology, 20152023 (USD Million)
Table 52 RTLS Market for Healthcare in APAC, By Facility Type, 20152023 (USD Million)
Table 53 RTLS Market for Healthcare in APAC, By Country, 20152023 (USD Million)
Table 54 RTLS Market for Healthcare in Japan, By Facility Type, 20152023 (USD Million)
Table 55 RTLS Market for Healthcare in China, By Facility Type, 20152023 (USD Million)
Table 56 RTLS Market for Healthcare in Australia, By Facility Type, 20152023 (USD Million)
Table 57 RTLS Market for Healthcare in South Korea, By Facility Type, 20152023 (USD Million)
Table 58 RTLS Market for Healthcare in Rest of APAC, By Facility Type, 20152023 (USD Million)
Table 59 RTLS Market for Healthcare in RoW, By Technology, 20152023 (USD Million)
Table 60 RTLS Market for Healthcare in RoW, By Facility Type, 20152023 (USD Million
Table 61 RTLS Market for Healthcare in RoW, By Region, 20152023 (USD Million)
Table 62 RTLS Market for Healthcare in Middle East, By Facility Type, 20152023 (USD Million)
Table 63 RTLS Market for Healthcare in Africa, By Facility Type, 20152023 (USD Million)
Table 64 RTLS Market for Healthcare in South America, By Facility Type, 20152023 (USD Million)
Table 65 Ranking of Key Market Players, 2017
List of Figures (68 Figures)
Figure 1 RTLS Market for Healthcare: Process Flow of Market Size Estimation
Figure 2 RTLS Market for Healthcare: Research Design
Figure 3 Data Triangulation
Figure 4 RTLS Market for Healthcare, 20152023 (USD Billion)
Figure 5 Senior Living Facilities to Witness Higher CAGR in RTLS Market for Healthcare During 20182023
Figure 6 UWB Technology to Exhibit Highest CAGR in RTLS Market for Healthcare During Forecast Period
Figure 7 Hardware Segment to Command RTLS Market for Healthcare, in Terms of Size, By 2023
Figure 8 Inventory/Asset Tracking & Management Application to Dominate RTLS Market for Healthcare, in Terms of Size, By 2023
Figure 9 RTLS Market for Healthcare to Grow at Highest CAGR in APAC Between 2018 and 2023
Figure 10 RTLS Market for Healthcare Expected to Grow at High CAGR Between 2018 and 2023
Figure 11 Services Segment to Witness Highest Growth During Forecast Period
Figure 12 RTLS Market for Healthcare to Grow at Higher Rate in Senior Living Facilities During Forecast Period
Figure 13 APAC and RoW to Adopt RTLS Solutions at High Rate in Hospitals and Healthcare Facilities During Forecast Period
Figure 14 North America and Europe to Witness Huge RTLS Solution Deployment in Senior Living Facilities During Forecast Period
Figure 15 Wi-Fi-Based RTLS Solutions to Account for Largest Market Share During Forecast Period
Figure 16 Inventory/Asset Tracking and Management Application to Account for Largest Share of RTLS Market for Healthcare During Forecast Period
Figure 17 Wi-Fi Technology and North America Accounted for Largest Market Share in 2017
Figure 18 APAC and RoW to Witness Increase in Market Share By 2023
Figure 19 RTLS Market for Healthcare to Grow at Highest CAGR in China Between 2018 and 2023
Figure 20 RTLS Market for Healthcare: Drivers, Restraints, Opportunities, and Challenges
Figure 21 RTLS Market for Healthcare: Value Chain Analysis
Figure 22 Price Comparison of RTLS Tags Based on Different Technologies
Figure 23 Comparison of Cost, Accuracy Level, and Operating Range of RTLS Tags Based on Different Technologies
Figure 24 Focus of Companies in RTLS Market for Healthcare, By Technology, 2017
Figure 25 Focus of Companies in RTLS Market for Healthcare, By Offering, 2017
Figure 26 Focus of Companies in RTLS Market for Healthcare, By Use Case/Application, 2017
Figure 27 RTLS Market for Healthcare, By Offering
Figure 28 Services Segment in RTLS Market for Healthcare to Witness Highest CAGR Between 2018 and 2023
Figure 29 Wi-Fi Technology to Hold Largest Size of RTLS Hardware Market for Healthcare By 2023
Figure 30 Tags/Badges to Account for Largest Size of RTLS Hardware Market for Healthcare By 2023
Figure 31 RFID Technology-Based Tags/Badges to Dominate RTLS Market for Healthcare, in Terms of Volume, During Forecast Period
Figure 32 UWB Technology to Exhibit Highest CAGR in RTLS Software Market for Healthcare During 20182023
Figure 33 Market for Services Provided for UWB-Based RTLS Solutions to Witness Highest CAGR During Forecast Period
Figure 34 Deployment & Integration Services to Account for Largest Share of RTLS Services Market for Healthcare By 2023
Figure 35 RTLS Market for Healthcare, By Technology
Figure 36 Wi-Fi Technology to Account for Largest Size of RTLS Market for Healthcare By 2023
Figure 37 Services Segment to Witness Highest CAGR in RTLS Market for Healthcare for RFID Technology During 20182023
Figure 38 APAC to Register Highest CAGR in RTLS Market for Healthcare for RFID Technology During 20182023
Figure 39 Services Segment to Command RTLS Market for Healthcare for Wi-Fi Technology During 20182023
Figure 40 North America to Continue to Account for Largest Size of RTLS Market for Healthcare for Wi-Fi Technology During 20182023
Figure 41 Hardware Segment to Continue to Hold Largest Size of RTLS Market for Healthcare for UWB Technology During Forecast Period
Figure 42 North America to Hold Largest Size of RTLS Market for Healthcare for UWB Technology During Forecast Period
Figure 43 Software Segment to Account for Largest Size of RTLS Market for Healthcare for BLE Technology During 20182023
Figure 44 APAC to Exhibit Highest CAGR in RTLS Market for Healthcare for BLE Technology During Forecast Period
Figure 45 Services Segment to Witness Highest CAGR in RTLS Market for Healthcare for IR Technology During Forecast Period,
Figure 46 North America to Account for Largest Size of RTLS Market for Healthcare for IR Technology By 2023
Figure 47 Hardware Segment to Dominate RTLS Market for Healthcare for Ultrasound Technology During Forecast Period
Figure 48 APAC to Witness Highest CAGR in RTLS Market for Healthcare for Ultrasound Technology During Forecast Period
Figure 49 North America to Account for Largest Size of RTLS Market for Healthcare for Other Technologies By 2023
Figure 50 RTLS Market for Healthcare, By Facility Type
Figure 51 RTLS Market for Healthcare, By Facility Type, 2018 vs 2023
Figure 52 North America to Account for Largest Size of RTLS Market for Hospitals and Healthcare Facilities By 2023
Figure 53 APAC to Witness Highest CAGR in RTLS Market for Healthcare for Senior Living Facilities During 20182023
Figure 54 RTLS Market for Healthcare Segmentation, By Application
Figure 55 Inventory/Asset Tracking & Management Application to Account for Largest Size of RTLS Market for Healthcare By 2023
Figure 56 Geographic Snapshot of RTLS Market for Healthcare: Rapidly Growing Markets Emerging as New Hotspots
Figure 57 North America to Dominate RTLS Market for Healthcare, in Terms of Size, During 20182023
Figure 58 North America: RTLS Market for Healthcare Snapshot
Figure 59 US to Account for Largest Size of North American RTLS Market for Healthcare By 2023
Figure 60 Europe: RTLS Market for Healthcare Snapshot
Figure 61 UK to Witness Highest CAGR in European RTLS Market for Healthcare During 20182023
Figure 62 Asia Pacific: RTLS Market for Healthcare Snapshot
Figure 63 China to Witness Highest CAGR During 20182023, While Japan to Account for Largest Size of RTLS Market for Healthcare in APAC By 2023
Figure 64 RTLS Market for Healthcare in RoW, By Region, 2018 vs 2023 (USD Million)
Figure 65 Key Developments By Leading Players in RTLS Market for Healthcare Between 2015 and 2018
Figure 66 Stanley Black & Decker: Company Snapshot 2017
Figure 67 Zebra Technologies: Company Snapshot 2017
Figure 68 Impinj: Company Snapshot 2017
The real-time locating systems (RTLS) market for healthcare is estimated 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 (20182023). The increased market competitiveness 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. The safety and security concerns in healthcare facilities and high return on investment are the other factors driving the growth of the market. The need for resource utilization and workflow optimization, development of hybrid RTLS solutions, and use of IoT technology in healthcare are likely to pose major opportunities to the players in the RTLS market for healthcare during the forecast period.
The hardware segment accounted for largest share of the RTLS market for healthcare in 2017. The market share of the hardware segment is expected to decrease during the forecast period mainly because of the falling ASPs of tags and readers as the technology further matures. Although the price of hardware components of RTLS solutions is expected to decrease in the near future, the required volume of these hardware components would increase.
Hospitals and healthcare facilities are likely to continue to dominate the RTLS market for healthcare during the forecast period by accounting for a larger market share. Hospitals in the US and European countries have a high demand for RTLS solutions for enhancing their operations, optimizing resource utilization, and increasing profitability. RTLS solutions provide real-time information about the location of people and assets, which helps healthcare organizations in making faster decisions and improving their operational processes. Additionally, the rapid growth in IoT in the healthcare industry has led to the increased adoption of RTLS, thereby accelerating the growth of the RTLS market for healthcare.
The market for UWB technology-based RTLS solutions is expected to grow at the highest CAGR during the forecast period. The high precision and accuracy offered by UWB technology for tracking objects will be the major factor to drive the growth of the market for UWB technology-based RTLS solutions. The increasing adoption of UWB in the RTLS market for healthcare is primarily due to the advantages offered by solutions based on this technology, such as high precision, long battery life, high capacity, and fast update rates.
North America accounted for the largest share of the RTLS market for healthcare in 2017. North America is one of the largest contributors to the RTLS market for healthcare owing to the presence of a large number of healthcare facilities in the region, especially in the US. The rapid adoption of RTLS solutions for several applications in the healthcare sector is also one of the major reasons for North America to capture the largest share of the RTLS market for healthcare.
The major challenge faced by RTLS vendors in the healthcare sector is designing RTLS solutions satisfying high accuracy, high range, and low power consumption requirements. System incompatibility and lack of uniform standards and interoperability is also another major challenge the market players are facing. 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.
STANLEY Healthcare (US), Zebra Technologies Corporation (US), Aruba Networks (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.
Drivers
Increased market competitiveness with the emergence of startups providing innovative and customized RTLS solutions based on newer technologies
The market for RTLS technologies has witnessed rapid growth with the increasing number of players entering this market with innovative and customized RTLS solutions for customers. More than 50 players are active in the RTLS market for healthcare; out of these, top 5 players account for about 70% of the market share. These top companies primarily focus on healthcare, retail, and manufacturing industries and have introduced industry-specific solutions. However, startups and smaller players in the market offer customized solutions and expand their customer base in newer industries such as livestock, agriculture, education, sports, and aerospace & defense, thereby witnessing higher growth and increasing their market share every year. Hence, the high competition in the RTLS market forces RTLS companies to offer application-specific customized products at affordable rates to their customers.
Safety and security concerns in healthcare facilities
Safety and security of people and assets is the key concern of medical institutions, hospitals, factories, and commercial spaces. The rise in the crime rate easy access to healthcare and related services, and the increase in the number of patients to be served are the major factors that compel healthcare organizations to maintain high-level security. According to the healthcare crime survey conducted by the International Association for Healthcare Security and Safety (IAHSS), in 2017, the violent crime (murder, rape, robbery, and aggravated assault) rate per 100 hospital beds was 1.0 in 2016, assault rate per 100 beds was 9.3 in 2016, and disorderly conduct (disturbing the peace, blasphemy, profanity, and obscene language) rate per 100 beds was 34.1 in the US in 2016. This indicates that patient tracking, wander management, and access control are the essential parameters to be trailed in the hospital environment.
Opportunities
Need for resource utilization and workflow optimization
Several industries have faced resource utilization as a major challenge while increasing their output in terms of workflow optimization, production, asset tracking and monitoring, and cost reduction. RTLS addresses these challenges by effectively tracking and monitoring the assets and personnel in numerous industries. Efficient operations and optimum utilization of existing resources help enterprises to save costs and increase profits. In the healthcare industry, asset tracking (both equipment and personnel) helps to improve patient safety and increase the bed utilization ratio. RTLS helps utilize the minimum available resources to provide a better yield by increasing the workflow.
Development of hybrid RTLS solutions
In the recent past, a range of hybrid solutions has emerged to overcome some major challenges associated with a single technology-based RTLS system. Localized RFID/RTLS can provide a solution in areas where GPS has visibility problems, without the infrastructure cost of full-scale RTLS. The result is a robust, easy-to-install, and flexible solution that offers unsurpassed reliability immediately after the deployment.
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