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", published by MarketsandMarkets™, the market 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 2020 to 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.
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Wi-Fi segment to hold the largest share of the RTLS market for healthcare, by technology, in 2020
Wi-Fi segment will lead the RTLS market for healthcare, by technology, in terms of size, in 2020. A number of RTLS vendors have been using the existing Wi-Fi infrastructure to layout RTLS solutions for the purpose of data sharing. This has resulted in the greater use of Wi-Fi technology for RTLS applications.
The market for supply chain management & operational automation/visibility segment to grow at the highest CAGR during the forecast period
The supply chain management & operational automation/visibility application segment is expected to witness the highest growth in the RTLS market for healthcare during the forecast period. RTLS technologies allow better visualization of supply chain dynamics in real-time. As healthcare companies move toward IoT, there is a demand for greater visibility to facilitate faster decision-making.
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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. The US leads the market in North America owing to its well-established economy that encourages government and private investments in new technologies. Europe is expected to account for the second-largest share of the RTLS market for healthcare during the forecast period. The UK and Germany are significant demand-generating countries for RTLS solutions in this region.
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).