The RTLS in healthcare market was valued at US$ 1455.73 million in 2018 and it is projected to reach US$ 6384.45 million by 2027; it is expected to grow at a CAGR of 18.6% from 2019 to 2027.
The RTLS in healthcare market is expected to witness substantial growth post-pandemic. The RTLS in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems.
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As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement.
Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
The market for RTLS for healthcare is expected to grow, owing to factors such as Benefits associated with RTLS system like it helps to reduce operation cost, managing hospital assets and patient tracking system is likely to have a positive impact on the growth of the market in the coming years.
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- CenTrak, Impinj, Inc.
- Intelligent InSites
- Aruba (Hewlett Packard Enterprise Development LP)
- Midmark Corporation
- Sonitor Technologies
- STANLEY Healthcare
- Teletracking Technologies
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 in 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.
The report segments the Global RTLS for healthcare Market as follows:
Global RTLS for healthcare Market – By Technology
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
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. Therefore, startups always discover ways to cost-effectively implement the technology without compromising on performance.
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