US RTLS for Healthcare Market Growth Opportunities and Forecast by 2027

The US RTLS for healthcare market is expected to reach US$ 2,346.82 million by 2027 from US$ 574.76 million in 2019; it is expected to grow at a CAGR of 19.2% from 2020 to 2027.

Factors such as advantages of RTLS in healthcare and increasing adoption of RTLS in healthcare are the major enablers of the growth US RTLS for Healthcare market. However, the data security and privacy concerns associated with RTLS is the major factor hindering its market growth.

US RTLS for healthcare Market Revenue and Forecast to 2027 (US$ Million)

Market Insights-

Advantages of RTLS in Healthcare

The implementation of RTLS in the facility centers has allowed reducing the cost of assets required in the hospitals. It has also enhanced work efficiencies right from clinical management to nursing staff. The two major applications, such as asset tracking and patient tracking, have provided maximum value to hospitals in tracking patients, staff, inventories, equipment, and other such factors. The automated tracking through RTLS has enabled to save costs and time for hospitals and outpatients clinics. For instance, in October 2019, a Florida-based hospital has saved more than US$ 250 000 by leveraging asset Wi-Fi RTLS that assist in locating equipment and medical device by reducing rental costs and create value for future RTLS expansion. In addition, the real-time tracking facility helps in streamlining the processes more efficiently. The functions such as Bluetooth, LTE, UWB, and Zigbee have added better value additions in their current businesses. For instance, in January 2018, CenTrak has updated its Bluetooth Low Energy (BLE) beacon technology to its next-generation Enterprise Location Services for healthcare infrastructures. The updating of its services has allowed better interoperability, reliability, extreme battery life, and scalability and has enhanced their service offerings. Thus, such advantages offered by the RTLS to healthcare are likely to drive the market's growth during the forecast period.

Technology - Based Market Insights

In terms of technology, the US RTLS for healthcare market is segmented into RFID, Wi-Fi, UWB, bluetooth, GPS, and others. In 2019, the RFID segment held the largest share of the market, and is expected to remain dominant during the forecast period. Moreover, UWB is expected to grow faster over the forecasted years.

United States RTLS for Healthcare Market, by Technology – 2019 and 2027

Facility Type - Based Market Insights

Based on Facility Type, the US RTLS for healthcare market is segmented into hospitals and healthcare facilities, and senior living. The hospitals and healthcare facilities segment held the largest share of the market in 2019 and is expected to grow at the highest CAGR during the forecast period.

Application - Based Market Insights

Based on application, market is segmented as inventory and asset tracking, patient and staff tracking, access control and security, environment monitoring, supply chain management and operation automation, others. In 2019, inventory and asset tracking held the largest market share in the forecasted year.

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US RTLS for Healthcare Market: Strategic Insights

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Product launches and approvals are commonly adopted strategies by companies to expand their footprint worldwide and meet the growing demand. The players operating in the US RTLS for healthcare market adopt the expansion, collaboration, and product launch strategies to enlarge customer base across the world. These strategies allow the players to maintain their brand name globally. For instance, in July 2019, TeleTracking Technologies, Inc. entered into a collaboration with B. Braun Medical Inc. for the combination of their Space Infusion Pump Systems with TeleTracking. RTLS Asset Tracking solution. This interoperability is intended to improve workflow and optimize pump utilization.

US RTLS for Healthcare Market – Market Segmentation

By Technology

• RFID
• Wi-Fi
• Bluetooth
• GPS
• UWB
• Others

By Facility Type

• Hospitals and Healthcare Facilities
• Senior Living

By Application

• Inventory and Asset Tracking
• Patient and Staff Tracking
• Access Control and Security
• Environment Monitoring
• Supply Chain Management and Operation Automation
• Others

By Country

• North America

  • US

 

Company Profiles

• CenTrak
• Impinj, Inc
• Intelligent InSites
• Aruba (Hewlett Packard Enterprise Development LP)
• Midmark Corporation
• Sanitag
• Sonitor Technologies
• STANLEY Healthcare
• Teletracking Technologies, Inc.
• Zebra Technologies Corp

Report Scope

US RTLS for Healthcare Market Regional Insights

The regional trends and factors influencing the US RTLS for Healthcare Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses US RTLS for Healthcare Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

US RTLS for Healthcare Market Report Scope

US RTLS for Healthcare Market Players Density: Understanding Its Impact on Business Dynamics

The US RTLS for Healthcare Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the US RTLS for Healthcare Market are:

1. CenTrak
2. Impinj, Inc
3. Intelligent InSites
4. Aruba (Hewlett Packard Enterprise Development LP)
5. Midmark Corporation

Disclaimer: The companies listed above are not ranked in any particular order.