The global RTLS market in the healthcare sector was valued at around USD 210 million in 2016 and is expected to surpass USD 1,6250 million by 2021, says Technavio.
Technavio has announced its latest market research report on the global RTLS market in the healthcare sector, under its machine-to-machine (M2M) and connected devices portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like AiRISTA, HP, STANLEY Healthcare, and Zebra.
According to Abhishek Sharma, a lead analyst for machine-to-machine (M2M) and connected devices research at Technavio, “The cost of RFID tags is declining exponentially owing to rise in its adoption and intensifying competition in the market space. In 2014, the price of RFID tags had declined to 30%-40% as compared with the cost in 2012.”
Passive RFID inlays (such as dry inlays, wet inlays, and paper face tags) are the low-priced RFID tags. When the demand is in bulk, the buyer gets more concessions depending on the volume. As a result, more SMEs and hospitals are implanting RTLS solutions for various application spurred by the rapid decline in the cost of RFID tags.
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Growing popularity of LBM
Hospitals across the globe are using LBM to bring about cost reduction and improve overall efficiency. LBM technology sends context-aware messages so that only relevant messages reach the destination, save time, and reduce alarm fatigue.
Introduction of new cost-effective technologies
The adoption of new technologies such as UWB and ZigBee is a major contributor to the growth of the RTLS market in the healthcare sector. Apart from improving the day-to-day operations, functions, and efficiency of staff, these technologies reduce operational costs.
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This industry analysis includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key vendors in the market space, including their market shares, business overview, key financials, etc. is provided in this new market research report. The research report also provides a detailed analysis of key drivers, challenges, and opportunities that impact the growth prospects of the market.
A more detailed analysis is available in the Technavio report titled, ‘Global RTLS Market in the Healthcare Sector 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global RTLS Market 2017-2021
- Global RTLS Market for Industrial Applications 2016-2020
- Global Location-based Services Market in the Healthcare Industry 2016-2020
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