Real Time Location Systems (RTLS) in Healthcare Market is anticipated to hit $2.92 billion by 2023 at a CAGR of 19.2%
By Component (Tags, Software, Sensor, Services) Technology (Active RFID [Bluetooth, WI-Fi, Others], Passive RFID) Tracking Use Cases (Patient, Asset, Personnel, Temperature Monitoring)-Forecast (2018-2023)”, the market is driven by the aging population and healthcare reforms.
Real Time Location Systems Market (2018 - 2023)”
Americas held the largest market share in the Real Time Location Systems Market
Americas region holds the largest market share in the Real Time Location Systems Market, and is anticipated to reach $1.32 billion by 2023 at a CAGR of 15.9%. However, APAC witnesses highest growth during the forecast period and is expected to reach $517.6 million by 2023 at a CAGR of 24.6%. Healthcare industry has primarily driven the demand for RTLS in the North American market. North America established healthcare IT Alliance, due to which, companies in this market are able to readily organize RTLS solutions in the healthcare industry. Furthermore, a major factor driving the RTLS market in North America is their government support. The U.S. government installed RTLS solutions in several hospitals and medical centers. The key end-users in this region include Hospitals, elder care facilities, and laboratories among others.
Selected Product/Market Life Cycle Analysis done in the full report
- The lifecycle of a RTLS technology takes into account the whole lifespan of a device; from the time it is manufactured and assembled to the end of its utility leading to disposal or recycling. The average life span of a RTLS is 10 to 15 years. However, growing technology and development of products with improved capabilities is the biggest factor in making the existing products obsolete. Location tracking is constantly evolving and these products have a typical lifespan of around eight years before losing significant ground to products in the market. As RTLS devices being developed are largely based on location tracking technologies and integrated with such systems, the average lifespan of devices will come down to eight to ten years.
- In most of the big hospitals where RTLS have been in use, the systems are projected to have lifespan of around 15 years and these are upgraded with newer technologies and wireless systems to adapt with the innovations and technological advancements. Once the system reaches the end of its lifecycle, the components and accessories such as light and sound indicators, number panels, and emergency switches can be reused and other electrical and electronic wastes are safely disposed. The plastic and metal components from the RTLS such as light domes, switches and speakers are sometimes recycled. However, before the RTLS product reaches the end of the life cycle, the battery needs to be replaced with varying timings based on the technology utilized. Infrared based batteries last nearly two years, UWB batteries last up to three years while Bluetooth and Wi-Fi based batteries can last between five to seven years.
- The APAC and Latin American markets currently have lower penetration of 5%-10% due to a significant lack of awareness regarding the benefits of RTLS in healthcare.
Excerpts on Market Growth Factors
- The adoption of Real Time Location Systems in Healthcare is spurred by falling prices and increased penetration in the APAC region.
- The high return on investment from RTLS is estimated to be the major driver of growth as companies look to lower operational costs and maximize efficiency and profit.
- The growth of the elderly care market will be another major driver for adoption of patient tracking.
- The healthcare RTLS market growth is projected due to strong growth in the patient and elderly care segments.
- Patient tracking in particular will drive the RTLS market as the market is projected to grow at 22.1% CAGR through 2021 to reach $762 million.
- The main driving factor for this market would be increment in rising tide of health care- associated infections which would lead the RTLD Healthcare market.
- The market for patient tracking is estimated to grow significantly during the next two decades as the booming elder care market drives the adoption of these systems.
- The healthcare 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 Chinese and Japanese markets are projected to be the major growth areas for RTLS with the hospital segment leading the way.
- Reimbursement policies being implemented by government across various countries will be the most important driver for the RTLS market.
- Healthcare industry in Asia-Pacific is mushrooming driven by rising affluence and rise in demand for quality healthcare services.
- Moreover, medical tourism market in Asia will further drive the adoption of high-tech devices and medical systems to attract more medical tourists.
- High level of automation and technological awareness are the factors that drive market penetration across the regions.
- The focus on reduction of operational cost will be the driving factor behind adoption of RTLS in healthcare in the APAC market.
Key players of Real Time Location Systems in Healthcare Market:
- The top five players in Real Time Location in healthcare Market are: Ekahau Inc. (U.S.), Awarepoint Corp. (U.S.), GE Healthcare (U.S.), Zebra Technologies (U.S.), and Stanley, Black and Decker Inc. (U.S.).
- These companies have focused on agreements with end user industries in order to supplement revenue and gain market position in the growing RTLS market as well as enhancing their product capabilities in order to capture new applications with their product portfolio.
- Mergers and acquisitions are set to play a significant role in growth of the key players. Mergers and acquisitions have been undertaken to augment product portfolio and leverage capabilities of the acquired company.
- Stanley, Black and Decker acquired Sentient Health, a healthcare inventory optimization solutions provider. This acquisition is intended to leverage Sentient's asset optimization solutions in order to offer new functionality to the company's RTLS solutions.
- Zebra Technologies acquired Motorola Solutions’ Enterprise division. This acquisition has enhanced Zebra Technologies mobile solutions product portfolio.
- This acquisition acquisition is intended to leverage Motorola Solutions’ asset tracking services to augment the RTLS portfolio.
- The market share of key players was derived based on the analysis obtained from secondary research of the companies’ revenue and product portfolio, product shares in the market, and geographic presence, status of the companies and the various agreements linked with end user companies.
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