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.
A few of the major primary and secondary sources referred to while preparing this report on the US RTLS for healthcare market are Centers for Disease Control and Prevention (CDC), National Institute of Standards and Technology (NIST), Food and Drug Administration (FDA), and C World Health Organization (WHO).