Real Time Location System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Real Time Location System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Real-Time Locating Systems (RTLS) Market was expected to register a CAGR of 25.1% during the forecasted period. According to Cisco, 500 billion devices are expected to be connected to the Internet by 2030. With the increasing trend of IoT and wearable devices, organizations can quickly get more things done, boosting productivity and delivering insight for better user experiences and engagement.

Key Highlights

• A real-time location system helps determine the current position of an object based on real-time information gathered through a wireless system. It helps in indoor tracking of the thing as well. Because of the availability of indoor tracking, the healthcare sector is adopting this system and is expected to contribute to the growth of the RTLS market for the healthcare vertical.
• Moreover, to lower the risk of workplace accidents, industries are opting for RTLS. An RTLS helps to know the exact position of forklifts, vehicles, and operators at any given time. Based on the collected data, an RTLS analyzes the traffic and enables it to identify and eliminate workplace accidents and eradicate workflow bottlenecks, saving time and money.
• RTLS can also be an effective way for hospitals to monitor their operations as insurance against potential lawsuits. Most hospitals have patient promises (for instance, how often staff checks up on patients and how often they receive medical attention). These are particularly common in patients with critical conditions or various mental illnesses. RTLS can be used as insurance against such lawsuits.
• Moreover, the Bluetooth standard has been widely adopted worldwide. Bluetooth Low-Energy (BLE) solutions are cheaper and easier to integrate with existing systems and devices than other technologies. Moreover, RTLS that employ Bluetooth tags offers a detection accuracy of up to 1.5 meters (approximately 5 feet), making them suitable for diverse healthcare applications. High initial setup and maintenance costs are hindering this market's growth during the forecasted period.
• Owing to the outbreak of COVID-19, hospitals have been leveraging RFID technology to better manage patients and employees during the pandemic. RFID tools that use wireless communication to identify and track assets and equipment have witnessed a strong adoption in the healthcare sector. As public health emergencies continue, RFID drives care teams' efficiency and accountability.

Key Market TrendsHealthcare Industry Offers Potential Growth

• With the increasing population and patients worldwide, patient safety has become a paramount and critical public health concern. According to the National Center for Biotechnology Information (NCBI) report 2021, 7,000 to 9,000 Americans die yearly from a medication errors. The United States spends more than USD 40 billion annually on patients affected by medication errors. According to the NCBI's August 2021 report, diagnostic errors result in death or injury to 40,000 to 80,000 patients annually.
• Numbers from the World Health Organization state that there is a 1 out of 300 chance of a patient being harmed when in healthcare due to medical errors. Most medical errors are attributed to adverse drug events, specimen misidentification, and incorrect blood transfusion, mainly caused by misidentification of patients and medication. Furthermore, the Food and Drug Administration (FDA) has estimated that half of the medical errors caused by misidentification are preventable by introducing integrated IT infrastructure.
• At present, hospitals are facing unprecedented challenges with the ongoing pandemic. The other serious challenges the healthcare sector faces are aging populations and staff shortages that place enormous pressure on institutions, doctors, workers, patients, and communities.
• Many are looking for ways to cost-cutting and improve efficiency but still provide the quality of care their patients need. As per the WHO, the shortage of global healthcare workers may rise to over 14 million in 2030, with clinicians expected to face ever-increasing workloads.
• In addition to the financial challenges, there are safety challenges. In a hectic hospital environment, it cannot be guaranteed that every patient may be monitored at any time. This can lead to patients getting into dangerous situations unnoticed.
• Since the inception of RTLS, many industries have employed systems and benefitted from the reduced wastage of resources. RFID and Wi-Fi systems are currently the most-used devices in RTLS. With the sector actively adopting and moving toward industry 4.0, connected devices, and IoT in manufacturing, the demand is expected to grow in the health industry of the Market.

Asia-Pacific to Witness the Fastest Growth

• The Asia-Pacific market is expected to grow at the fastest rate during the forecasted period because of the increasing number of the working population and the booming healthcare industry in emerging economies of the world, i.e., India and China.
• The growing adoption of industry 4.0 and IoT in manufacturing in the Asia-Pacific region has fueled the implementation of RTLS systems. The healthcare, transportation and logistics, industrial production, government, and defense industries are at the edge of radio technology-based RTLS implementation.
• Moreover, according to the Indian Brand Equity Foundation, India's manufacturing sector has the potential to reach USD 1 trillion by 2025. India is expected to rank among the world's top three growth economies and manufacturing destinations by the year 2020. This creates a huge opportunity for RTLS in warehouse management, shipping, and logistics.
• Further, Japan is hosting the Summer Olympics 2021, which will require tracking of goods and authorized persons in real-time to ensure the smooth running of the events. This is anticipated to propel the real-time location system market growth during the forecast period.
• According to cisco systems, in 2022, wearables used in the Asia Pacific are forecast to account for approximately 28.7 percent of the wearable 5G connections globally. Therefore, the increasing demand for wearables drives the growth of the real-time location system (RTLS) market.

Competitive Landscape

The real-time location system market is highly fragmented. The major players include Zebra Technologies Corporation, Ubisense Group PLC, AeroScout Inc(Stanley Healthcare)., TeleTracking Technologies, Inc., and Savi Technology, amongst others. The companies see tremendous opportunities in developing regions; thus, they are strategizing their operation accordingly with mergers and acquisitions or product innovations. Some of the Key Developments in the Market are:

• February 2022 - Zebra Technology Corporation is one of the global providers of location solutions ranging from simple passive RAIN RFID tags on packages to the most complicated real-time active monitoring of athletes. Zebra Technologies announced a New Portfolio of Simple-to-Deploy integrated RFID Portals. The integrated RFID portals will improve operational efficiency, workflow accuracy, and performance across various industrial and commercial contexts.

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