DUBLIN–(BUSINESS WIRE)–The “US RTLS for Healthcare Market Forecast to 2027 – COVID-19 Impact and Country Analysis By Technology; Facility Type; Application” report has been added to ResearchAndMarkets.com’s offering.
The US RTLS for healthcare market is expected to reach US$ 2,346.82 million by 2027 from US$ 574.76 million in 2019; it is expected to grow at a CAGR of 19.2% from 2020 to 2027.
Factors such as advantages of RTLS in healthcare and increasing adoption of RTLS in healthcare are the major enablers of the growth US RTLS for Healthcare market. However, the data security and privacy concerns associated with RTLS is the major factor hindering its market growth.
Hospitals and clinics offer various services through a single building, including diagnosing rooms, patient rooms, operating rooms, imaging centers, and much more. Therefore, keeping track of records for every patient for many years is a complicated task. However, the use of RTLS in the healthcare industry has reduced the burden of work challenges. The advantages have allowed increasing adoption of RTLS across the country. Various healthcare facility centers have adopted RTLS services and are expected to increase in the coming near future.
According to Zebra Technologies Inc.’s report ‘2022 Hospital Vision Study’, the use of RTLS for patient tracking will grow to 96% in 2022 from 58% in 2017. Similarly, it is expected to grow 98% in 2022 from 47% for specimen’s data, for the medical device it will grow to 98% from 44%, for equipment, it will grow to 96% from 41%, and for staff record, it will increase from 97% to 40%. In addition, the pharmaceutical and biotechnology companies, research organizations, contract research, and manufacturing organizations contribute to the increasing adoption of RTLS.
These end-users also requires a record for their management and workforce. These companies have been audited for their final products by the regulatory bodies such as the Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), state regulations, National Institute of Standards and Technology (NIST) or the US Pharmacopoeia (USP).
The COVID-19 pandemic outbreak has highly disrupted the socio-economy of various countries across the world. Similarly, it has positively affected the various businesses in the US. The majority of the people have lost their jobs during the pandemic. According to the Commonwealth Fund, the unemployment rate in mid-April 2020 was ~14.7%. In response to control the spread of the COVID-19 pandemic, many of the states imposed lockdown resulting in the closing of many workplaces. It has dramatically slowed US economic activity in 2020.
However, the RTLS for the healthcare market has experienced significant growth opportunities during the pandemic. The initiative of social distancing has primarily contributed to the increasing use of RTLS during the pandemic. Real-time technology has enabled to identify temperatures, air pressure, and other environmental conditions to improve hand-hygiene obedience rates.
In addition, the facilities provided by the RTLS help in scheduling, managing, and monitoring the workflows be expected to increase installations of RTLs in healthcare facilities.
In terms of technology, the US RTLS for healthcare market is segmented into RFID, Wi-Fi, UWB, bluetooth, GPS, and others. In 2019, the RFID segment held the largest share of the market, and is expected to remain dominant during the forecast period. Moreover, UWB is expected to grow faster over the forecasted years.
Based on Facility Type, the US RTLS for Healthcare market is segmented into hospitals and healthcare facilities, and senior living. The hospitals and healthcare facilities segment held the largest share of the market in 2019 and is expected to grow at the highest CAGR during the forecast period.
Based on application, market is segmented as inventory and asset tracking, patient and staff tracking, access control and security, environment monitoring, supply chain management and operation automation, others. In 2019, inventory and asset tracking held the largest market share in the forecasted year.
Key Topics Covered:
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. US RTLS for Healthcare Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Expert Opinion
5. US RTLS for Healthcare Market – Key Market Dynamics
5.1 Key Drivers
5.1.1 Advantages of RTLS in Healthcare
5.1.2 Increasing Adoption of RTLS in Healthcare
5.2 Key Market Restraints
5.2.1 Data Security and Privacy Concerns Associated With RTLS
5.3 Key Market Opportunities
5.3.1 Increasing Usage Of Smartphones, Tablets & Pads To Boost Adoption Of Solutions
5.4 Future Trends
5.4.1 Increasing Usage of IoT Technology in Healthcare Industries
5.5 Impact Analysis
6. RTLS for Healthcare – US Market Analysis
6.1 US RTLS for Healthcare Market Overview
6.2 Market Positioning of Key Players
7. US RTLS For Healthcare Market Analysis- Technology
7.2 US RTLS for Healthcare Market, by Technology 2019 & 2027 (%)
7.3 RFID Market
7.4 Wi-Fi Market
7.5 Bluetooth Market
7.6 GPS Market
7.7 UWB Market
8. US RTLS For Healthcare Market Analysis – Facility Type
8.2 USRTLS for Healthcare Market, By Technology 2019 & 2027 (%)
8.3 Hospitals & Healthcare Facilities Market
8.4 Senior Living Centers Market
9. US RTLS For Healthcare Market Analysis – Application
9.2 US RTLS for Healthcare Market, By Application 2019 & 2027 (%)
9.3 Inventory and Asset Tracking
9.4 Patient and Staff Tracking
9.5 Access Control and Security Market
9.6 Environment Monitoring Market
9.7 Supply Chain Management and Operation Automation Market
10. Impact of COVID-19 Pandemic on US RTLS for Healthcare Market
10.1 US: Impact Assessment of COVID-19 Pandemic
11. RTLS for Healthcare Market – Industry Landscape
11.2 Growth Strategies in the RTLS for Healthcare Market, 2016-2019
11.3 Organic Growth Strategies
11.4 Inorganic Growth Strategies
12. RTLS for Healthcare Market -Key Company Profiles
12.1 Key Facts
12.2 Business Description
12.3 Financial Overview
12.4 Services/Product Portfolio
12.5 SWOT Analysis
12.6 Key Developments
- Impinj, Inc
- Intelligent InSites
- Aruba (Hewlett Packard Enterprise Development LP)
- Midmark Corporation
- Sonitor Technologies
- STANLEY Healthcare
- Teletracking Technologies, Inc.
- Zebra Technologies Corp
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