[183 Pages Report] The RTLS market for healthcare was valued at USD 976.1 million in 2017 and is expected to reach USD 2,941.2 million by 2023, at a CAGR of 18.3% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023.

Study Objectives:

To define, describe, and forecast the RTLS market, in terms of value, segmented on the basis of facility type, offering, technology, application, and geography

To analyze and forecast the market size, in terms of volume, segmented on the basis of offerings (hardware)

To provide the market size estimation for North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW), along with respective countries, in terms of value

To identify and analyze the major factors, namely, drivers, restraints, opportunities, and challenges influencing the growth of the market

To analyze the value chain of the RTLS market for the healthcare

To strategically analyze subsegments with regard to individual growth trends, prospects, and contribution to the RTLS market

To analyze the key trends related to components, connectivity technologies, and applications that shape and influence the RTLS for healthcare market

To analyze strategic developments such as acquisitions, partnerships, collaborations, product developments, and key contracts in the RTLS market

To strategically profile the key players and comprehensively analyze their market position in terms of their market ranking

Research Methodology:

This research study involves extensive use of secondary sources, directories, and databases such as Hoovers, BusinessWeek, OneSource, and Factiva to identify and collect information useful for this technical, market-oriented, and commercial study of the RTLS market for healthcare. Primary sources mainly comprise several experts from the core and related industries, along with preferred suppliers, manufacturers, distributors, service providers, technology developers, alliances, standards, and certification organizations related to various parts of this industry�s value chain. In-depth interviews of various primary respondents, including key industry participants, subject matter experts (SMEs), C-level executives of key companies, and consultants, have been conducted to obtain and verify critical qualitative and quantitative information as well as assess future prospects. The following figure shows the market research methodology applied in making this report on the RTLS market. The breakdown of the profiles of primaries has been depicted in the following figure.

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STANLEY Healthcare (US), Zebra Technologies Corporation (US), Aruba Networks (US), IMPINJ (US), TeleTracking Technologies (US), CenTrak (US), AiRISTA Flow (US), Sonitor Technologies (Norway), Versus Technology (US), and Identec Group (Liechtenstein) are among a few major players in the RTLS market for healthcare.

A few key innovators considered in the RTLS market for healthcare are DecaWave (Ireland), Redpine Signals (US), Sanitag (Turkey), Mojix (US), and Intelligent InSites (US), while Cerner Corporation (US), GE Healthcare (US), Secure Care Products (US), Borda Technology (Turkey), Cetani Corp. (US) are other prominent players in the RTLS market.

Product Launches and Developments

Month & Year Company Description March 2018 CenTrak The company launched IRUS hybrid locating technology. It�s a combination of advanced ultrasound and sGen2IR. This will be added to the company's IoT location and sensing offering. The product is interoperable with the company's existing line of waterproof tags. February 2018 STANLEY Healthcare The company launched a cloud-based IoT solution for real-time monitoring applications, especially in the healthcare sector. This solution supports multiple sensors and has the scalability to cover from a few devices in one location to thousands of devices across multiple sites.

Agreements, Partnerships, Collaborations

Month & Year Company Description February 2018 STANLEY Healthcare The company partnered with Sonitor by integrating Sonitor�s proprietary Sense High- Definition Ultrasound indoor positioning technology into its AeroScout RTLS platform. The partnership is likely to enable hospitals to deploy RTLS solutions at a lower cost of ownership and with greater ease and less complexity. October 2017 STANLEY Healthcare The company partnered with Foresite Healthcare and included Foresite�s Patientcare and Eldercare predictive fall safety and health monitoring solutions into its healthcare portfolio solutions. This partnership increased the capability of the company to provide hospitals, rehabilitation centers, and senior living organizations a data-driven technique to manage and reduce falls, as well as monitor health status monitoring solutions for the elderly and rehabilitating patients.

Contracts

Month & Year Company Description August 2017 Aruba Networks Schlegel Villages, an organization which that provides senior living programs, have adopted the BLE-based beacons from Aruba. This can be leveraged for obtaining the location-based services such as mobile engagement and asset tracking. April 2016 AiRISTA AiRISTA Flow successfully installed RTLS solution tags for the safety of the staff safety at The Lawrence Upper School located in Sagamore Hills, Ohio, US. As part of RTLS, staff members are equipped with badge tags that offer completely wireless 2-way communication to detect incidents on the campus while reducing emergency response times with real-time location intelligence for safety-related events. The tags offer completely wireless two-way communication to detect incidents on the campus while reducing emergency response times with real-time location intelligence. The badge tags can also send proximity-based alerts for medical matters involving students and staff members.

Acquisitions

Month & Year Company Description May 2016 Versus Technology (Midmark) Midmark completed the acquisition of Versus Technology. The acquisition helped Midmark�s to maintain its leadership position in the RTLS market for in outpatient clinical workflows using real-time locating systems applications. March 2016 AiRISTA AiRISTA Flow announced the acquisition of Ekahau RTLS (Reston, VA) and Ekahau RTLS International (Helsinki, Finland) in March 2016. AiRISTA Flow continued to offer the Ekahau RTLS products, along with supporting the Ekahau RTLS customer base, as well as expand its portfolio of offerings by integrating existing AiRISTA and Ekahau platforms.AiRISTA Flow assumed responsibility for the ongoing servicing of the Ekahau RTLS customer base worldwide.

Key Target Audience

RTLS hardware providers

RTLS software providers

RTLS-related service providers

RTLS-related associations, healthcare organizations, forums, and alliances

OEM/ODMs, foundries, and semiconductor component suppliers

RTLS distributors and sales firms

RTLS end users

Government bodies such as regulating authorities and policymakers

Venture capitalists, private equity firms, and startup companies

Research institutes, organizations, and consulting companies

Scope of the Report:

The research report segments the global RTLS market into the following subsegments:

RTLS Market for Healthcare, by Offering

Hardware Tags/Badges Readers/Trackers/Access Points Others

Software Application Middleware Location Analytics Engine

Services Consulting Support & Maintenance Deployment & Integration



RTLS Market for Healthcare, by Technology

RFID

Wi-Fi

UWB

BLE

Infrared (IR)

Ultrasound

GPS

Others

RTLS Market for Healthcare, by Facility

Hospitals and Healthcare Facilities

Senior Living Facilities

RTLS Market for Healthcare, by Application

Inventory/Asset - Tracking & Management

Personnel/Staff - Locating & Monitoring

Access Control/Security

Environmental Monitoring

Supply Chain Management & Operational Automation/Visibility

Others

RTLS Market, by Region

North America

Europe

APAC

RoW

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the company�s specific needs. The following customization options are available for the report.

Application/Use Case-specific Data

Detailed analysis of specific use cases or applications of RTLS Solutions in healthcare industry

Impact of different RTLS technologies in specific use cases or applications

Competitive Landscape

Detailed analysis and profiling of additional market players

Company mapping based on RTLS technology, application, offering, and geography

Analysis on unfair advantage of STANLEY Healthcare and Zebra Technologies in RTLS market in terms of product portfolio expansion, customer acquisition, and R&D expenditure

Competitive leadership mapping of top players in RTLS market based on their business strategies and product portfolio.

Market Dynamics

Key Questions

How much growth is expected from UWB, BLE, Wi-Fi, and RFID product portfolio and what would be the impact of these technologies on different applications/use cases in healthcare industry?

Which are the top use cases/applications of RTLS market to invest in and what are the untapped opportunities?

Who are the major current and potential competitors in the market and what are their top priorities, strategies, and developments?

The RTLS market for healthcare is estimated to grow from USD 1,271.2 million in 2018 to USD 2,941.2 million by 2023, at a CAGR of 18.3% during the forecast period (2018�2023). The increased market competitiveness with the emergence of startups providing innovative and customized RTLS solutions based on newer technologies is one of the major factors fueling the growth of the RTLS market. The safety and security concerns in healthcare facilities and high return on investment are the other factors driving the growth of the market. The need for resource utilization and workflow optimization, development of hybrid RTLS solutions, and use of IoT technology in healthcare are likely to pose major opportunities to the players in the market during the forecast period.

The hardware segment accounted for largest share of the RTLS market for healthcare in 2017. The market share of the hardware segment is expected to decrease during the forecast period mainly because of the falling ASPs of tags and readers as the technology further matures. Although the price of hardware components of RTLS solutions is expected to decrease in the near future, the required volume of these hardware components would increase.

Hospitals and healthcare facilities are likely to continue to dominate the RTLS market for healthcare during the forecast period by accounting for a larger market share. Hospitals in the US and European countries have a high demand for RTLS solutions for enhancing their operations, optimizing resource utilization, and increasing profitability. RTLS solutions provide real-time information about the location of people and assets, which helps healthcare organizations in making faster decisions and improving their operational processes. Additionally, the rapid growth in IoT in the healthcare industry has led to the increased adoption of RTLS, thereby accelerating the growth of the market.

The market for UWB technology-based RTLS solutions is expected to grow at the highest CAGR during the forecast period. The high precision and accuracy offered by UWB technology for tracking objects will be the major factor to drive the growth of the market for UWB technology-based RTLS solutions. The increasing adoption of UWB in the RTLS market for healthcare is primarily due to the advantages offered by solutions based on this technology, such as high precision, long battery life, high capacity, and fast update rates.

North America accounted for the largest share of the RTLS market for healthcare in 2017. North America is one of the largest contributors to the market owing to the presence of a large number of healthcare facilities in the region, especially in the US. The rapid adoption of RTLS solutions for several applications in the healthcare sector is also one of the major reasons for North America to capture the largest share of the RTLS market for healthcare.

The major challenge faced by RTLS vendors in the healthcare sector is designing RTLS solutions satisfying high accuracy, high range, and low power consumption requirements. System incompatibility and lack of uniform standards and interoperability is also another major challenge the market players are facing. Factors restraining the market growth include concerns regarding data security and privacy, unsatisfactory results and negative feedback from RTLS end users, and the high cost of acquisition and maintenance.

STANLEY Healthcare (US), Zebra Technologies Corporation (US), Aruba Networks (US), IMPINJ (US), TeleTracking Technologies (US), CenTrak (US), AiRISTA Flow (US), Sonitor Technologies (Norway), Versus Technology (US), and Identec Group (Liechtenstein) are the major players in the RTLS market for healthcare.

A few key innovators considered in the RTLS market for healthcare are DecaWave (Ireland), Redpine Signals (US), Sanitag (Turkey), Mojix (US), and Intelligent InSites (US), while Cerner Corporation (US), GE Healthcare (US), Secure Care Products (US), Borda Technology (Turkey), Cetani Corp. (US) are a few other prominent players in the market.

Drivers

Increased market competitiveness with the emergence of startups providing innovative and customized RTLS solutions based on newer technologies

The market for RTLS technologies has witnessed rapid growth with the increasing number of players entering this market with innovative and customized RTLS solutions for customers. More than 50 players are active in the RTLS market for healthcare; out of these, top 5 players account for about 70% of the market share. These top companies primarily focus on healthcare, retail, and manufacturing industries and have introduced industry-specific solutions. However, startups and smaller players in the market offer customized solutions and expand their customer base in newer industries such as livestock, agriculture, education, sports, and aerospace & defense, thereby witnessing higher growth and increasing their market share every year. Hence, the high competition in the RTLS market forces RTLS companies to offer application-specific customized products at affordable rates to their customers.

Safety and security concerns in healthcare facilities

Safety and security of people and assets is the key concern of medical institutions, hospitals, factories, and commercial spaces. The rise in the crime rate easy access to healthcare and related services, and the increase in the number of patients to be served are the major factors that compel healthcare organizations to maintain high-level security. According to the healthcare crime survey conducted by the International Association for Healthcare Security and Safety (IAHSS), in 2017, the violent crime (murder, rape, robbery, and aggravated assault) rate per 100 hospital beds was 1.0 in 2016, assault rate per 100 beds was 9.3 in 2016, and disorderly conduct (disturbing the peace, blasphemy, profanity, and obscene language) rate per 100 beds was 34.1 in the US in 2016. This indicates that patient tracking, wander management, and access control are the essential parameters to be trailed in the hospital environment.

Opportunities

Need for resource utilization and workflow optimization

Several industries have faced resource utilization as a major challenge while increasing their output in terms of workflow optimization, production, asset tracking and monitoring, and cost reduction. RTLS addresses these challenges by effectively tracking and monitoring the assets and personnel in numerous industries. Efficient operations and optimum utilization of existing resources help enterprises to save costs and increase profits. In the healthcare industry, asset tracking (both equipment and personnel) helps to improve patient safety and increase the bed utilization ratio. RTLS helps utilize the minimum available resources to provide a better yield by increasing the workflow.

Development of hybrid RTLS solutions

In the recent past, a range of hybrid solutions has emerged to overcome some major challenges associated with a single technology-based RTLS system. Localized RFID/RTLS can provide a solution in areas where GPS has visibility problems, without the infrastructure cost of full-scale RTLS. The result is a robust, easy-to-install, and flexible solution that offers unsurpassed reliability immediately after the deployment.

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