Real time location system (RTLS) is a modern technology referred to as location based services (LBS) that is used to track objects, assets, vital equipment and individuals in real time in indoor and outdoor. This technology is used to track valuable assets, staff and patients on sequence of images and videos. RTLS usage in the elder care market will witness significant growth over next few years driven by the mushrooming elder care market.
Elder care facilities include both assisted living facilities as well as senior living facilities. This is the fastest growing market for RTLS as the significant growth of the elder care market, particularly in APAC region, will spur the utilization of RTLS. 24/7 health monitoring and care have grown tremendously in the past 5 years and the growing need for 24/7 safety and security monitoring has led to large-scale implementation of security systems and RTLS across many facilities. The latest RTLS enables staff and other care providers to communicate with patients and track them, while integrating different monitoring devices such as fall detection devices and wander management systems. The elder care market has witnessed significant growth as ageing population has led to increased awareness and investment into this industry.
The elderly population, which is currently 8.2% of the total world population, is expected to show a steep growth of 12% by 2030 since majority of baby boomers will cross the age of 65 years. Asian countries, such as China and India, are also estimated to record rapid aging and the elderly population in these regions is expected to reach 350 million and 24 million, respectively. This will also lead to increase in dependency of this older generation on the elder care facilities. The rise in population will increase the demand for new healthcare facilities, improved infrastructure and better living arrangements for older adults such as assisted living, independent living and skilled nursing facilities. In the U.S., increasing life expectancy and retirement of around 77 million baby boomers in the next two decades will increase the demand for assisted living and independent community living facilities. The rapidly aging global population will lead to a mushrooming elder care market.
A number of Venture Capitalists have invested significant amount of money into this market in order to capture the growing revenue. A number of startups have been founded to penetrate this market. For instance, companies like Tender Tree and True Link have been started to capture this senior care market. This investment in elder care facilities is apparent in the RTLS market as well. Many RTLS companies have expanded their product line to include solutions specifically designed for senior care. For example, Secure Care is looking to launch RTLS solutions for senior care facilities. The growing investment into senior care combined with ageing population has led to a booming senior care market. RTLS companies have launched solutions and updated their product portfolio in order to penetrate this growing market.
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