According to a new market research report, the real-time location systems (RTLS) market for healthcare will be adversely affected by COVID-19 in 2020 and 2021, but is expected to be worth $3.9 billion by 2025.
The report “Real-Time Location Systems Market (RTLS) for healthcare with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Technology (RFID, W-Fi, UWB, BLE, IR, Ultrasound, Others), Facility Type, Application, Geography—Global Forecast to 2025”, published by MarketsandMarkets, details how the market is expected to grow from USD 1.4 billion in 2020 to USD 3.9 billion by 2025; it is expected to grow at a CAGR of 23.0% from 2020 to 2025.
The RTLS market for healthcare has been witnessing significant growth over the past several years, mainly owing to the high adoption of RTLS solutions in hospitals and growing adoption in emerging use cases. However, the COVID-19 outbreak is likely to result in a decline in the growth rate of the RTLS market for healthcare, especially in 2020 and 2021, according to the report.
This is mainly because COVID-19 has led to healthcare organizations dedicating a major part of their funds toward the procurement of medical equipment and other resources required to combat COVID-19. As RTLS solutions do not fall under the essential resources category required for COVID-19 treatment, this factor is expected to hinder the penetration rate of RTLS technology in the short run. Additionally, COVID-19 has disrupted the supply chain of the RTLS market for healthcare, which is hindering the manufacturing, distribution, and installation of RTLS solutions.