The Europe RTLS for Healthcare market is expected to reach US$ 1,374.57 Mn by 2027 from US$ 326.03 Mn in 2018. The market is estimated to grow at a CAGR of 18.1% from 2019 to 2027.
The RTLS for Healthcare market is growing primarily due to the growing medical equipment market, and increasing market competitiveness with emergence of start-ups in Europe are expected to boost the market over the years. Restraining factor such as privacy & data security issues associated with RTLS is likely to have negative impact on the growth of the market in the coming years.
Real time location systems (RTLS) is one of the major technology used to increase the production, improve operational efficiency and safety in healthcare and other industry. RTLS help in tracking and locating th assets accurately and in real time which allows the employees to streamline the processes more efficiently. RTLS technologies such as Bluetooth, LTE, UWB, and Zigbee have proven themselves by providing better value additions in the existing businesses in healthcare and other industries.
For instance, in January 2019, Bluetooth Special Interest Group or SIG has launched the new Bluetooth 5.1. The new Bluetooth 5.1 has better capabilities to track the asset by detecting the signals in real time. The company has tremendous pool of existing Bluetooth devices of 8.2 billion worldwide. It is the best and the most adopted short-range wireless communication system.
RTLS systems can adopted easily without need of any heavy investments due to the low cost of the Bluetooth LE tags technology. Furthermore, the Wi-Fi RTLS technology is more accurate also the Wi-Fi RTLS uses time-of-flight measurements by using its relatively wide bandwidth. In today?s date, the most of the multispecialty hospitals have already adopted GPS RTLS technology that enables them to track and locate the medical devices and patients that leave the hospital premises.
In 2018, the RFID segment held a largest market share of the RTLS for Healthcare market, by technology. This segment is expected to dominate the market in 2027 owing to the low cost of RFID real time locating system, long read range, and higher acceptance from healthcare community. Additionally, the rising investment in healthcare infrastructure is a major factor for the growth of the RFID segment. The segment is also anticipated to witness the fastest growth rate during the forecast period, 2019 to 2027
Some of the significant primary and secondary sources for RTLS for Healthcare included in the report are World Health Organization (WHO), RFID Healthcare, American Health Information Management Association, and others.