Report: Healthcare RTLS Market to Grow at a CAGR of Over 50% Through 2021
The global RTLS market in the healthcare sector is expected to grow at an impressive CAGR of more than 50 percent during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global RTLS market in the healthcare sector for 2017-2021. The market is further categorized into three major segments based on technology, including RFID, WiFi, and barcodes and QR codes, of which the RFID segment dominated the market with over 43 percent of the market share in 2016.
“The reduction in the price of RFID tags is contributing to the increase in the adoption of RTLS among hospitals that have been dependent on traditional or manual mediums for asset tracking. The incorporation of RTLS in hospitals increases operational efficiency and improves the productivity of hospitals,” says Abhishek Sharma, a lead M2M and connected devices research expert from Technavio.
Technavio’s ICT research analysts segment the global RTLS market in the healthcare sector market into the following regions: Americas; EMEA; and APAC.
In the Americas, the U.S. contributes the maximum revenue to the market because of the high adoption of RFID tags and RTLS solutions in the country. Most of the hospitals are installing RTLS to attain hassle-free operations. Zebra Technologies and STANLEY Healthcare are the major RTLS providers in this region.
The highest demand for RTLS in the region comes from countries such as Mexico, Canada, and Brazil. It is expected that the demand for RFID tags will increase in Canada and Brazil because of the increase in adoption of tags in hospitals.
Western Europe is a prominent region where the demand for RTLS is expected to rise exponentially. Most of the demand for RTLS solutions originates from Germany, the UK, and France.
Hospitals across the region use RTLS applications to monitor assets and patient safety, employee management, and clinical monitoring. The increased demand for RTLS with analytical features in the healthcare sector has led to the growth of the market.
In MEA, the RTLS penetration is very low due to lack of awareness about the benefits of RTLS and RFID tags among healthcare and government organizations in the region. Therefore, the region offers considerable growth potential.
APAC is one of the promising markets for RTLS products. At present, the penetration of RTLS products is low in this region. However, it is expected that there will be an upsurge in their demand in the coming years. In the healthcare sector, managing resources have been a prime concern. The implementation of RTLS will help in effective tracking and management of assets, employees, and supply chain.
“The low cost and benefits of RTLS are prompting hospitals to adopt RFID tags. Earlier, hospitals depended on traditional technologies or were managing assets manually, which is a time-consuming process,” says Abhishek.