Dublin, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The "Real-Time Location Systems Market (RTLS) 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" report has been added to ResearchAndMarkets.com's offering.
The RTLS Market for Healthcare is Expected to Grow at a CAGR of 23.0% from 2020 to 2025, to Reach USD 3.9 Billion by 2025 from USD 1.4 Billion in 2020
The availability of cost-effective RTLS solutions; increasing concern in the healthcare industry to improve safety, workflow, and security; and the increasing popularity of ultra-wideband technology-based RTLS solutions are a few of the key driving factors for the RTLS market for healthcare growth. However, concerns regarding data security and privacy, and hindrance in the 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 the RTLS market for healthcare, in terms of size, during the forecast period.
The RTLS market for hospitals and healthcare facilities is expected to hold a dominant position during the forecast period. There has been a high demand for RTLS solutions from hospitals in the US and European countries to enhance their operations, optimize resource utilization, and increase profitability. Also, there is an increasing demand for RTLS solutions from developing regions such as China, Japan, and India. The outbreak of COVID-19 has also led to a rise in awareness for RTLS solutions and the development of new products, which is also expected to positively impact the market in the long run.
Inventory/asset tracking & management segment to hold the largest share of the RTLS market for healthcare and witness significant growth from 2020 to 2025
In terms of market size, the inventory/asset tracking & management application segment is expected to dominate the RTLS market for healthcare during the forecast period and is likely to witness significant growth in the said market from 2020 to 2025. RTLS technologies are predominantly used in the asset and inventory tracking and management applications in healthcare facilities to better utilize the available resources and time during operations.
APAC to witness the highest growth in the market during the forecast period.
APAC is expected to witness the highest growth in the RTLS market for healthcare during the forecast period. China, Japan, Australia, and South Korea are a few major countries expected to accelerate the growth of the RTLS market for healthcare in APAC. Hospitals and healthcare facilities are the key segments in the APAC RTLS market for healthcare.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the RTLS market for healthcare. Following is the breakup of the profiles of primary participants for the report.
Market Dynamics
Drivers
- Rise in Market Competitiveness Leading to Cost-Effective RTLS Solutions
- High Return on Investment
- Growth in Popularity of Uwb-Based RTLS Solutions
- Ability of RTLS Solutions to Help Healthcare Organizations Check COVID-19 Spread
- Safety and Security Concerns in Healthcare Facilities
Restraints
- Concerns Regarding Data Security and Privacy Inhibits Adoption Rate of Rtls
- High Cost of Installation and Maintenance Restricts RTLS Market Growth
- Unsatisfactory Results and Negative Feedback from RTLS End-users
Opportunities
- Need for Resource Utilization and Workflow Optimization to Boost Demand for Rtls
- Rise in Trend for Hybrid RTLS Solutions
- Focus on IoT in Healthcare
- Rise in Demand for RTLS Solutions in Emerging Regions
Challenges
- Hindrance in RTLS Supply Chain due to COVID-19
- Designing RTLS Solutions Fulfilling All Requirements - High Accuracy, High Range, and Low Power Consumption
- System Incompatibility and Lack of Uniform Standards and Interoperability
- Lack of Awareness About RTLS Solutions and Expert Workforce Restricting Market Growth
Companies Mentioned
- Airista
- Aruba Networks (Hp Enterprise)
- Borda Technology
- Centrak
- Cerner Corporation
- Cetani Corporation
- Decawave
- GE Healthcare
- Identec Group
- Impinj
- Intelligent Insites
- Midmark RTLS
- Mysphera
- Redpine Signals
- Sanitag
- Secure Care Products
- Sonitor Technologies
- Stanley Black & Decker
- Teletracking Technologies
- Zebra Technologies
For more information about this report visit https://www.researchandmarkets.com/r/fvx2en
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