(MENAFN- iCrowdNewsWire) May 28, 2020
According to The Insight Partners market research study titled 'RTLS for healthcare Market to 2027 – Global Analysis and Forecasts by Technology, Facility Type and Application.' The global RTLS for healthcare market is expected to reach US$ 6,384.45 Mn in 2027 from US$ 1,455.73 Mn in 2018. The market is estimated to grow with a CAGR of 18.6% from 2019-2027. The report highlights the trends prevalent in the global RTLS for healthcare market and the factors driving the market along with those that act as deterrents to its growth.
Global RTLS for healthcare market , based on the application, was segmented as, inventory and asset tracking, patient and staff tracking, access control and security, environment monitoring, supply chain management and operation automation and others. In 2018, inventory and asset tracking held the largest share of the market, by application. In addition, the segment is also anticipated to grow at a significant rate during the forecast period. The benefits such as RTLS can automate inventory control, and thus this reduces the physically managing inventory which are labor-intensive, costly, and time-consuming these factors are anticipated to lead to the growth of the segment during the forecast period.
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The major players operating in the RTLS for healthcare market include, CenTrak, Impinj, Inc., Intelligent InSites, Aruba (Hewlett Packard Enterprise Development LP), Midmark Corporation, Sanitag, Sonitor Technologies, Stanley Healthcare and Teletracking Technologies among the others.
The market has witnessed various organic as well as inorganic developments during recent years in the RTLS for healthcare market. For instance, in July 2018, Zebra Technologies Corporation, the market leader in rugged mobile computers, barcode scanners and barcode printers enhanced with software and services to enable real-time enterprise visibility, announced two new healthcare barcode printing solutions that can identify patients and specimens at the point of care.
Asia Pacific is the fastest growing geographic market and is expected to grow at CAGR of 19.4% throughout the forecast period. The region has witnessed several government funding for development of healthcare infrastructure, collaboration between companies and hospitals for use of RTLS in the field of hospital asset management and patient tracking.
From 2014 to 2017, six startups have been started across globe for providing RTLS. For instance, Pozyx Labs, the private company was founded in year 2015, Pozyx ultra-wideband (UWB) is the hardware/software RTLS solution which provides accurate positioning and motion information with sub-meter accuracy of 10 cm. There are many such startups in India, USA, Europe, and other regions who are helping this market to grow with huge competitions. Startups are making significant progress which offers a well-thought-out embedded location platform. UWINLOC is another new startup that designed a semi-passive UWB solution that can ultimately compete on price with passive RFID, also providing similar benefits to an active technology within energy harvesting. Thus, the high market competitiveness due to emerging startup are expected to propel the growth of the RTLS for healthcare market over the forecast years.
The report segments the Global RTLS for healthcare Market as follows:
Global RTLS for healthcare Market – By Technology - RFID
- Wi-Fi
- Bluetooth
- GPS
- UWB
- Others
Global RTLS for healthcare Market – By Facility Type - Hospitals and Healthcare Facilities
- Senior Living Centres
Global RTLS for healthcare Market – By Application - Inventory and Asset Tracking
- Patient and Staff Tracking
- Access Control and Security
- Environment Monitoring
- Supply Chain Management and Operation Automation
- Others
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.
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