U.S. Real-Time Location Systems (RTLS) in Healthcare Market size in 2019 is estimated to be $ 2370 million, growing at a CAGR of 15% during the forecast period 2020-2025. A real-time location system helps determine the current position of an object based on real-time information gathered through a wireless system. It helps in indoor tracking of the object as well. RTLS helps to know the exact position of forklifts, vehicles, and operators at any given time. Increasing technological advancement and rise in Asset tracking are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for U.S. real-time location systems in healthcare during the forecast period 2020-2025.
U.S. Real-Time Location Systems (RTLS) in Healthcare Market Segment Analysis - By Component
Based on the Component, U.S. Real-Time Location Systems (RTLS) in Healthcare Market is segmented into Hardware, Software. The hardware segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 14.5% during the forecast period 2020-2025. This is mainly owing to abundant availability of affordably priced sensors, growing awareness about benefits of RTLS technology are contributing to the growth of this segment.
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U.S. Real-Time Location Systems (RTLS) in Healthcare Market Segment Analysis - By Technology
Based on the Technology, U.S. Real-Time Location Systems (RTLS) in Healthcare Market is segmented into Wi-Fi, RFID, Ultra-Wideband (UWB), Bluetooth (BLE), Ultrasound, ZigBee, Others. In 2019, Wi-Fi held the largest share in the U.S. Real-Time Location Systems (RTLS) in Healthcare Market. A number of RTLS vendors have been using the existing Wi-Fi infrastructure to layout RTLS solutions for the purpose of data sharing. This has resulted in the greater use of Wi-Fi technology for RTLS applications which is contributing to the growth of this segment.
U.S. Real-Time Location Systems (RTLS) in Healthcare Market Drivers
Increasing Technological Advancement
Increasing use of latest technologies like spatial data and Bi solutions are some factors driving the market growth of this segment. Moreover, the increasing use of the services in various industrial verticals and increasing use of social media which are increasing the market growth of U.S. Real-Time Location Systems (RTLS) in Healthcare.
Rise in Asset Tracking
Rise in asset tracking and increasing use of location-based mobile advertising are some factor driving the growth of the market. Moreover, asset tracking has gained increase in traction among various industry verticals including healthcare, defence, and manufacturing for tracking assets. These assets include tools, medical equipment, trailers, and containers which are contributing to the growth of U.S. Real-Time Location Systems (RTLS) in Healthcare Market.
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U.S. Real-Time Location Systems (RTLS) in Healthcare Market Challenges
High cost associated with LBS and RTLS and Energy detector based systems with limited range are challenging the growth of this market. Moreover, legal and privacy concerns with the use of technology and lack of awareness and skilled expertise are restraining its market growth during the forecast period 2020-2025.
U.S. Real-Time Location Systems (RTLS) in Healthcare Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the U.S. Real-Time Location Systems (RTLS) in Healthcare Market. U.S. Real-Time Location Systems (RTLS) in Healthcare top 10 companies are Awarepoint Corporation, AeroScout Inc., Zebra Technologies Corporation, Sonitor Technologies, Skytron LLC, TeleTracking Technologies Inc., and Ubisense Group plc.
Acquisitions/Product Launches:
On 14 August 2018, Zebra Technologies has acquisition with Xplore Technologies for the development of real-time location systems.
On May 2019, Kontakt.io has acquisition with Quuppa which will improve the accuracy and accessibility to the high-quality portfolio of tags for RTLS.
Key Takeaways
U.S. Real-Time Location Systems (RTLS) in Healthcare Market is growing owing to its well-established economy that encourages government and private investments in new technologies.
Increasing technological advancement and rise in asset tracking is driving the market growth of U.S. Real-Time Location Systems (RTLS) in Healthcare.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the U.S. Real-Time Location Systems (RTLS) in Healthcare Market report.
High Cost of RTLS and Energy detector based systems with limited range are challenging the growth of the market.
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