The global RTLS for healthcare market is expected to reach US$ 6,384.45 Mn in 2027 from US$ 1,455.73 Mn in 2018. The RTLS for healthcare market is estimated to grow with a CAGR of 18.6% from 2019-2027.
The market is driven by factors such as, benefits associated with RTLS system and increased market competitiveness with the emergence of start-ups. However, data security and privacy concerns associated with RTLS may limit the growth of the market to a certain extent.
The RTLS or real-time location system technology facilitates detection and tracking of the location of objects and people in real-time. The technology is widely popular across many verticals such as defense, retail, supply chain management and healthcare. The inculcation of these technologies in healthcare is increasingly gaining traction for improved services in hospitals and high returns on investment.
Though there are many advantages of RTLS for healthcare though the data security is major concern. There are times when concerns for privacy bench discussions about tracking somebody's location over a network. Both data privacy and data security are strongly interconnected with each other. For instance, sometimes, even union members worry that an RTLS solution will be used to monitor specific employees as they work or take breaks unfairly. Hence, data security concern is anticipated to hinder growth of the RTLS for healthcare market.
Global RTLS for healthcare market is segmented by Technology, Facility Type, and Application. The technology segment includes RFID, Wi-Fi, Bluetooth, GPS, UWB and Others. By facility type it was segmented in hospitals and healthcare facilities and senior living centres. By application it is categorized inventory and asset tracking, patient and staff tracking, access control and security, environment monitoring, supply chain management and operation automation and others.
Some of the major primary and secondary sources included in the report are, Department of Industrial Policy and Promotion, Canadian Institutes of Health Research European Union, General Data Protection Regulation, World Health Organization, US Food and Drug Administration, among others.