Growth in popularity of ultra-wideband technology-based RTLS solutions
Northbrook, IL -- (SBWIRE) -- 01/13/2021 -- The real-time location system market (RTLS) market for healthcare is expected to grow from USD 1.4 billion in 2020 to USD 3.9 billion by 2025; it is expected to grow at a CAGR of 23.0% during the forecast period. The RTLS market for healthcare has been witnessing significant growth over the past years, mainly owing to the high adoption of RTLS solutions in hospitals and healthcare facilities and growing adoption in emerging use cases.
Impact of COVID-19 on RTLS Market for Healthcare:
The world is facing an economic crisis caused by the COVID-19 pandemic. The pandemic, like various other markets, has also led to a decline in the growth rate of the RTLS market for healthcare, especially in 2020 and 2021. This is mainly because COVID-19 has led to healthcare organizations dedicating a major part of their funds toward the procurement of medical equipment and other resources required to combat COVID-19. As RTLS solutions do not fall under the essential resources category required for COVID-19 treatment, this factor is expected to hinder the penetration rate of RTLS technology in the short run. Additionally, COVID-19 has also disrupted the supply chain of the RTLS market for healthcare, which is hindering the manufacturing, distribution, and installation of RTLS solutions.
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RTLS market for senior living facilities to grow at higher CAGR during the forecast period
The market for senior living facilities is expected to grow at a higher CAGR between 2020 and 2025. The need to provide a higher level of safety and comfort to residents would drive the market growth during the forecast period. In addition to North America, other regions such as Europe and APAC are also adopting the senior living facility trend.
Inventory/asset tracking & management application to account for largest market share during the forecast period
The inventory/asset tracking & management segment is expected to lead the RTLS market for healthcare, in terms of size, during the forecast period. RTLS technologies are predominantly used in the asset and inventory tracking and management applications in healthcare facilities to better utilize the available resources and time during operations.
North America to account for the largest market share during the forecast period
North America is expected to account for the largest share of the RTLS market for healthcare during the forecast period, and a similar trend is likely to be observed during the forecast period. Many hospitals and senior living facilities in North America, especially in the US, are using RTLS solutions for various applications. To increase profitability, healthcare organizations, especially in the US, are adopting various tools and systems such as RTLS solutions that can increase their staff productivity and perform optimum asset utilization. Additionally, several companies offering RTLS solutions have their presence in this region, which further adds to the growth of the RTLS market for healthcare in North America.
Key Market Players
Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), CenTrak (US), TeleTracking Technologies (US), AiRISTA (US), GE Healthcare (US), Cerner Corporation (US), Impinj (US), and Sonitor Technologies (US) are among the key players operating in the RTLS market for healthcare.