RTLS in Healthcare Market Size 2024-2028

The RTLS in healthcare market size is estimated to grow by USD 6.20 billion at a CAGR of 30.95% between 2023 and 2028. In today's healthcare industry, there is a pressing need to enhance patient safety and optimize workflows. One solution to address these challenges is through the implementation of Real-Time Location Systems (RTLS). RTLS uses asset tracking technology to monitor and locate medical equipment, supplies, and personnel in real-time. This not only improves patient safety by ensuring that essential items are readily available but also streamlines workflows by reducing the time spent on searching for missing equipment. Furthermore, RTLS provides valuable data for analysis, enabling healthcare organizations to make data-driven decisions and improve operational efficiency. The increasing demand for improved patient safety, asset tracking, and workflow optimization makes RTLS an essential investment for modern healthcare facilities.

What will be the Size of the RTLS In Healthcare Market During the Forecast Period?

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Market Dynamics

RTLS, or Real-Time Location System, in the healthcare market is primarily driven by the need for accurate and efficient tracking of medical data, equipment, and personnel. RFID technology is the backbone of RTLS, with RFID tags being attached to doctors, nurses, and healthcare staff for tracking their movements within hospitals. This technology addresses misidentification issues, ensuring that the correct medical records are accessed during blood sampling and medication administration. RTLS also plays a crucial role in hand hygiene tracking and the prevention of Hospital Acquired Infections (HAIs). With RTLS and RFID tracking, hospitals can monitor compliance with hand hygiene protocols and identify areas where improvements are needed. Public spending on healthcare, particularly in developed countries, is a significant factor driving the growth of the RTLS market.

Apart from healthcare, RTLS is also gaining popularity in manufacturing, logistics, e-commerce, supply chain management, workplace safety, mining, oil and gas, and construction industries. Two popular RTLS technologies are Bluetooth Low Energy (BLE) and Ultra-Wideband (UWB). BLE is cost-effective and has a shorter range, making it ideal for indoor tracking, while UWB has a longer range and is more accurate, making it suitable for outdoor tracking and asset management. In conclusion, RTLS and RFID tracking are transforming the healthcare industry by improving patient safety, reducing errors, and enhancing operational efficiency. With continued investment in technology and public spending on healthcare, the RTLS market is expected to grow significantly in the coming years. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

One of the key factors driving the Real Time Location Systems (RTLS) for Healthcare market growth is the need for improved patient safety. There is a rise in demand for RTLS in the global healthcare sector due to its capability to enable real-time patient tracking and thus improve patient safety. One of the significant advantages of RTLS is that it lowers the possibility of errors by delivering precise and current information on the whereabouts of patients inside a healthcare facility.

Thus this information helps medical professionals to react effectively to crises, thus enhancing patient outcomes.  RTLS is one of the most important components in the global healthcare industry as it can improve emergency response and patient safety.  Hence, such wide applications of RTLS are expected to drive the global RTLS in the healthcare market growth during the forecast period.

Significant Market Trends

A key factor shaping the RTLS for Healthcare market growth is the integration with electronic health records (EHR). One of the main advantages of integration with electronic health records (EHR) is to utilize the capabilities of RTLS to share data with EHR platforms easily, besides improving patient care coordination and workflow effectiveness. 

Also, it helps medical professionals to gain real-time visibility into the patient's condition and be able to make more precise and timely treatment decisions by integrating RTLS data, such as patient location and mobility, with EHR systems. Some other advantages include patient safety, effective resource allocation, shortens waiting times, and improves workflow management efficiency. Hence, such advantages are expected to drive the global RTLS in the healthcare market growth during the forecast period.

Major Market Challenge

Interference from other wireless technologies is one of the key challenges hindering the market growth. One of the key factors which hamper the growth of the market is the use of numerous wireless systems in healthcare facilities such as Wi-Fi, Bluetooth, and RFID as these cellular technologies can cause interference, which can have a negative effect on the precision and dependability of RTLS solutions.

One of the main reasons for this interference is that these wireless systems use shared frequency bands, resulting in signal congestion and eventual conflicts. Hence, this interference can lead to inaccurate position tracking, transmission delays, and reduced system performance. Hence such issues are expected to hinder the global RTLS in the healthcare market growth during the forecast period.

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global RTLS in Healthcare Market Customer Landscape

Who are the Major RTLS in Healthcare Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

America Movil SAB de CV: The company offers RTLS in healthcare called Real Time Location System Plus RTLS Patient Monitoring under its subsidiary called Claro.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Advantech Co. Ltd.
• AiRISTA Flow Inc.
• ASSA ABLOY AB
• Baxter International Inc.
• Borda Technology
• GE Healthcare Technologies Inc.
• Halma Plc
• Hewlett Packard Enterprise Co.
• INTELLIGENT LOCATIONS
• Litum Technologies Inc.
• MYSPHERA
• Purelink
• SGS SA
• Siemens AG
• Sonitor Technologies AS
• Stanley Black and Decker Inc.
• TeleTracking Technologies Inc.
• Ubisense Ltd.
• Zebra Technologies Corp.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Market Segmentation

The RFID segment is estimated to witness significant growth during the forecast period. One of the major reasons for the domination of the RFID segment in the healthcare sector is due to its several benefits such as non-line-of-sight tracking, long-range capabilities, and affordability.

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The RFID segment was the largest segment and was valued at USD 284.20 million in 2018. Also, other benefits of RFID include precise and immediate tracking of assets, patients, and employees in healthcare institutions. RFIDs are mainly utilized in the healthcare sector for asset management, patient tracking, and employee monitoring. For example, to track medical equipment, the University of California San Francisco Medical Center developed an RFID-based RTLS solution, which enables effective inventory management and reduces equipment search time. Hence factors such as the use of RFID technology in the healthcare sector demonstrate both its dominance in the global RTLS market and its ability to improve patient care and streamline operations in healthcare facilities are expected to drive the growth of this segment which in turn will drive the growth of the global RTLS in the healthcare market during the forecast period.

Key Region

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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main reasons for the significant growth of the RTLS market in the healthcare sector in North America is its strong healthcare infrastructure and high use of advanced technology in the healthcare sector. Factors such as growing emphasis on patient safety, workflow optimization, and asset tracking are also significantly contributing to the market growth. Some of the prominent vendors offering RTLS solutions include Stanley, Zebra, and CenTrak, in order to cater to the changing needs of healthcare facilities. Hence, such factors are expected to drive the growth of the global RTLS in the healthcare market in the region during the forecast period.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Technology Outlook
  • RFID
  • WiFi
  • UWB
  • BLE
  • Others

• Component Outlook
  • Hardware
  • Software
  • Services
• Geography Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • ROW
    • Australia
    • Argentina
    • Rest of ROW

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Market Analyst Overview

RTLS, or Real-Time Location System, in the healthcare market is revolutionizing patient care and hospital operations through RFID tracking technology. RFID tags attached to medical assets, patients, and healthcare staff enable real-time monitoring and tracking, enhancing safety and efficiency in healthcare facilities. Medical data, such as patient records, blood sampling, medication administration, and hand hygiene tracking, can be accurately monitored and managed using RTLS. This results in improved patient care, reduced hospital-acquired infections, and better management of emergency cases. Doctors, nurses, and other healthcare staff can be located in real-time, ensuring quick response in emergency situations and efficient patient-care environments. Misidentification issues, a common problem in healthcare, can be minimized with RTLS, leading to increased safety and accuracy. Public spending on healthcare is increasing, particularly in areas like cardiovascular disorders, musculoskeletal disorders, and geriatric population care. RTLS, with its ability to manage resources and reduce administrative burden, is an attractive investment for healthcare facilities. RTLS also integrates with AI, IoT, BLE, and UWB technologies, enhancing its capabilities in various industries including manufacturing, logistics, e-commerce, and supply chain management, making it a versatile solution for workplace safety and operational efficiency.

Real-Time Location Systems (RTLS) are revolutionizing healthcare facilities by enhancing patient management and staff management. By integrating RFID technology, wearable devices, and IoT solutions, RTLS offers real-time tracking of patients, doctors, and nurses, improving the safety of patients and reducing misidentification issues. This technology streamlines medication administration, blood sampling, and hand hygiene tracking, mitigating hospital-acquired infections. RTLS also optimizes resource management and warehouse management through advanced RFID tags and RFID tracking. As AI and cloud-based solutions evolve, they bolster security measures and support strategic opportunities for long-term growth. Public spending and investors are increasingly focusing on RTLS due to its impact on healthcare workers and patients alike.

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What are the Key Data Covered in this Market Forecasting Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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