Introduction:

In medical care, a Real-Time Location System (RTLS) is a framework used to give quick or continuous following and the board of clinical hardware, staff and patients inside a wide range of patient consideration conditions. While the innovation contrasts from utilizing area information caught by satellite trilateration, it tends to be considered as a kind of "indoor GPS" for medical clinics. Nonetheless, more so than simply finding resources, exact finding innovation that effectively coordinates with other Healthcare IT arrangements empowers offices to improve work process, diminish expenses and increment clinical quality. 

The real-time location systems (RTLS) for healthcare is expected to grow at a CAGR of 27.6% from 2021 to 2027, to reach USD 7,312.2 million by 2027 from USD 1,389.4 million in 2020. 

Market Dynamics:

Availability of cost-effective RTLS solutions; increasing concern in healthcare industry to improve safety, workflow, and security; and increasing popularity of ultra-wideband technology-based RTLS solutions are few of the key driving factors for the RTLS market for healthcare growth. However, concerns regarding data security and privacy, and hindrance in RTLS supply chain due to COVID-19 are a few of the factors hindering the growth of the RTLS market for healthcare. Hospitals and healthcare facilities segment to dominate RTLS market for heathcare, in terms of size, during the forecast period.

The RTLS for healthcare market is relied upon to fill in the estimate time frame to popularity for RTLS arrangements from emergency clinics in the US and European nations to upgrade their tasks, advance asset use, and increment productivity. Additionally, there is an expanding interest for RTLS arrangements from creating districts like China, Japan, and India. The flare-up of COVID-19 has likewise prompted an ascent in mindfulness for RTLS arrangements and the advancement of new items, which is additionally expected to emphatically affect the market over the long haul.

As far as market size, the inventory/asset tracking & management application segment is expected to account for large market during the gauge time frame and is probably going to observe huge development in the said market from 2021 to 2027. RTLS advances are dominatingly utilized in the resource and stock following and the board applications in medical services offices to all the more likely use the accessible assets and time during activities. 

Global Real-Time Location Systems (RTLS) for healthcare Market Forecast 2019-2027 (US$ Mn)

Source: Precise Market Intelligence, 2020

Segmentation:

The market has been segmented based on product type, functionality, application, and region.

•    By Offering 
          o    Hardware
          o    Software
          o    Services

•    By Technology 
          o    RFID
          o    W-Fi
          o    Ultra-wideband (UWB)
          o    BLE
          o    GPS
          o    Infrared (IR)
          o    Ultrasound
          o    Others

•    By Application
          o    Personnel/Staff-Locating & Monitoring
          o    Inventory/Asset-Tracking & Management 
          o    Others

•    By Region
          o    North America (U.S., Canada)
          o    Europe (U.K., France, Germany, Italy, Spain, and rest of Europe)
          o    Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
          o    South America (Brazil, Mexico, and Rest of South America)
          o    Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa)

Global Real-Time Location Systems (RTLS) for healthcare Market, By Region, 2020
Source: Precise Market Intelligence, 2020

In terms of region, North America is expected to account for larger market share, followed by Europe. During the forecast period, APAC will have the highest market growth. During the forecast era, the RTLS market for healthcare in APAC is projected to rise at the fastest pace. China, Japan, Australia, and South Korea are only a couple of the significant nations in APAC where the RTLS interest for medical services is relied upon to grow rapidly. In APAC, clinics and medical services offices are the main classification for RTLS market for medical services.

Competition Landscape:

The prominent companies in the market are; Zebra Technologies, Stanley Black & Decker, CenTrak, TeleTracking Technologies, AiRISTA, Sonitor Technologies, Cerner, GE Healthcare, Intelligent InSites, Secure Care Products, Borda Technology, Alien Technology, Ubisense Group and Awarepoint Corporation and Other