Growth in popularity of ultra-wideband technology-based RTLS solutions
Northbrook, IL -- (SBWIRE) -- 01/19/2021 -- According to the new market research report - Real-Time Location Systems Market for healthcare with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Technology (RFID, W-Fi, UWB, BLE, IR, Ultrasound, Others), Facility Type, Application, Geography -Global Forecast to 2025.
The 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% from 2020to 2025. 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 growing adoption in emerging use cases. However, the COVID-19 outbreak is likely to result in 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.
Browse over 138 tables, 70 figures/charts, and an in-depth TOC on the RTLS market for healthcare report.
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Hospitals and healthcare facilities to hold the largest share of the RTLS market for healthcare, by facility type,in 2020
Hospitals and healthcare facilities expected to account for largest share of RTLS market for healthcare in 2020, and continue to dominate the RTLS market for healthcare during the forecast period. There has been a high demand for RTLS solutions from hospitals in the US and European countries to enhance their operations, optimize resource utilization, and increase profitability. Also, there is an increasing demand for RTLS solutions from developing regions such as China, Japan, and India. The outbreak of COVID-19 has also led to a rise in awareness for RTLS solutions and the development of new products, which is also expected to positively impact the market in the long run.
The market for inventory/asset tracking and management segment to witness significant growth during the forecast period
Among all applications, the inventory/asset tracking and management application is likely to continue to account for the largest market size during the forecast period. The market for the same is also expected to witness significant growth 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 hold the largest share of RTLS market for healthcare by 2020
North America is expected to hold the largest share of the RTLS market for healthcare by 2020. 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.
A few key players operating in the RTLS market for healthcare are Stanley Black & Decker (US), Zebra Technologies (US), Aruba Networks (US), Impinj (US), CenTrak (US), TeleTracking Technologies (US), AiRISTA (US), and Litum Technologies (Turkey).
This report categorizes the RTLS market for healthcare by offering, technology,application, facility type, and geography.The report also describes the drivers, restraints, opportunities, and challenges about this market. Further, the report includes the value chain analysis of the RTLS ecosystem, technology analysis, ASP analysis, standards and regulations,patent analysis, and case study analysis.
Brief information on the research methodology for the report can be found in the report description provided on the website.