The Role of RTLS in Healthcare: Trends, Insights, and Best Practices for Healthcare Companies
/EIN News/ -- Chicago, June 20, 2024 (GLOBE NEWSWIRE) -- The global RTLS market for healthcare share is predicted to grow from USD 2.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 23.5% during 2023 to 2028.
Healthcare is one of the largest adopters of RTLS solutions. Different wireless technologies, such as Radio-Frequency Identification (RFID), Wireless Fidelity (Wi-Fi), Ultrasound, Infrared (IR), Ultra-Wideband (UWB), and Bluetooth Low Energy (BLE), are being used in modern-day RTLS solutions, depending on the use case or application area. RTLS market players continuously strive to develop more robust and innovative solutions to stay ahead in the competition. As a result, ultra-wideband (UWB) and Bluetooth Low Energy (BLE) technologies have made a mark recently and are expected to witness exponential growth soon. Rapidly growing startups are providing various innovative solutions based on relatively new RTLS technologies such as UWB, BLE, ZigBee, and RuBee.
To know about the assumptions considered for the study
Major RTLS Companies for Healthcare Include:
- Securitas Healthcare,
- LLC (US),
- Zebra Technologies Corporation (US),
- Aruba Networks (US),
- Impinj, Inc. (US),
- Savi Technology (US),
- TeleTracking Technologies, Inc. (US),
- CenTrak, Inc. (US).
RTLS Market for Healthcare Segmentation Analysis:
Services segment is expected to grow with the highest CAGR during the forecast period.
In RTLS market for healthcare, the services segment mainly comprises consulting, support and maintenance, and deployment and integration services necessary for the successful operation of an RTLS solution. These services help to deliver and implement solutions at customer sites and look after the maintenance after the solution has been implemented. Services are a critical part of the overall RTLS implementation, which can affect the budget of an enterprise in a significant manner if ignored. The services segment is expected to witness the highest growth in the RTLS market for healthcare size, among other offerings. The cost of services includes installation and regular maintenance costs, which would result in higher expenditure.
The market for UWB technology is projected to grow at highest CAGR during the forecast period.
In the RTLS market for healthcare, UWB is one of the most dynamic and fastest-growing technologies, and the UWB technology-based RTLS industry for healthcare has huge potential for growth during the forecast period. This technology functions similarly to active RFID, wherein the tag is continuously sending out RF energy into the environment for receivers to pick up. UWB-based RTLS solutions operate in a large bandwidth spectrum. In larger environments with many tags, receivers are placed at larger intervals with sub-receivers in between to improve accuracy. The signals from the tags are extremely short and obtain the unique ID of the tag. UWB is highly accurate on a room-level and zone-level basis and can calculate the location within a few centimeters due to its short, narrow transmissions.
The market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028.
Asia Pacific is one of the key future potential markets for RTLS solutions. The market in this region is expected to exhibit the highest CAGR during the forecast period. Asia Pacific is witnessing advancements in the healthcare sector as several healthcare facilities adopt newer technology-based products to improve their performance and automate certain processes. Japan is the early adopter of RTLS in this region and has witnessed the highest growth in the RTLS market for healthcare. Countries such as South Korea, China, and Australia are now expected to witness high growth in the RTLS market for healthcare. The growing healthcare sector of China is expected to be the driving factor for the development of the RTLS market for healthcare in China.
Top RTLS Companies for Healthcare in the Market are:
Securitas Healthcare, LLC is one of the leading companies in real-time location monitoring market. It offers a full line of safety and security solutions for residents living in senior and long-term care facilities. It offers battery-powered active Radio Frequency Identification (RFID) systems, wireless tags, and badges for safety and security needs. The Location Engine software component of the company’s AeroScout Visibility System enables location and visibility applications in a standard wireless LAN environment. This component processes information received from various vendors’ wireless access points to produce the most reliable and accurate location of assets and individuals tagged with the company’s Wi-Fi tags. AeroScout Exciters, based on Wi-Fi and ultrasound technology, provide data received from tags and badges to application software for further processing.
Zebra Technologies Corporation founded in 1969 and headquartered in Illinois, US and operates through two business segments: Asset Intelligence & Tracking and Enterprise Visibility & Mobility. The company now caters to its customers in the RTLS market through the Enterprise Visibility & Mobility segment (starting from 2022), initially RTLS solutions were offered under the Asset Intelligence & Tracking solutions. Zebra Technologies primarily serves the healthcare, retail, manufacturing, hospitality, transportation, and logistics industries. The company's offerings include hardware and software, as well as solutions for the RTLS market. Wi-Fi, RFID, WhereNet, NFC, BLE, and UWB are among the key technology-based RTLS solutions offered by the company.
Aruba Networks is a subsidiary of Hewlett Packard Enterprise Company (US) which serves various industries, such as financial services, government and military, healthcare, higher education, hospitality, and retail. The company falls under the Intelligent Edge business segment of the Hewlett Packard Enterprise Company. Further, the HPE Aruba product portfolio includes hardware products, such as switches, WiFi access points, and gateways. The HPE Aruba software and services portfolio comprises cloud-based management, network access control, location services software, and network management. The Cloud-based management of RTLS hardware includes beacons and tags, which can be integrated with any existing Wi-Fi network already laid out in an enterprise or a locality.
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