PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1537739
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1537739
The global RTLS market for healthcare size is expected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a CAGR of 19.6% from 2024 to 2029. RTLS solutions also enable the healthcare organization to track when a device is out of service and precisely how much time it spends in maintenance, thus making this an important cost-saving measure. Thus, by leveraging RTLS to better understand real-time utilization customers can limit their purchases and avoid owning more equipment than required. Thus, a high return on investment can be achieved by preventing unnecessary capital expenditure, ensuring on-time availability of equipment, and minimizing or avoiding maintenance downtime, loss, theft, and day-to-day misplacement.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Hardware, Technology, Application, Facility Type, Region |
Regions covered | North America, Europe, APAC, RoW |
"Hospitals & healthcare facilities segment is projected to hold largest market share during the forecast period."
RTLS platforms perform many different applications in hospitals and healthcare facilities worldwide, from inventory/asset tracking and management to personnel/staff locate and monitor, access control and security, and environmental monitoring, supply chain management, and operational automation/visibility. RTLS solutions in these facilities provide real-time information on asset and people location to ensure that the right person with the proper equipment is there at the right time to tend to patients. Besides this, information about the status and location of staff members, patients, and assets, it also helps to increase safety and security in a hospital or healthcare facility. For that reason, RTLS solutions are being implemented into hospitals and healthcare facilities worldwide.
"BLE technology segment is expected to grow at an impressive CAGR during the forecast period."
RTLS functionality employs BLE. BLE tags themselves are more known as beacons, although BLE tags can also be setup to broadcast constantly into the surrounding space. Any device with Bluetooth capabilities-such as a Bluetooth receiver, other BLE tags, and beacons, or even smart devices-can pick up these signals. An RTLS using BLE can be set up with either beacons or Bluetooth receivers mounted in fixed locations and assigned specific coordinates. In the healthcare industry, BLE-enabled RTLS, which relies on a Wi-Fi network, is widely used to wirelessly locate and track assets rather than radio waves. With BLE-enabled RTLS, homing signals pass through walls and other obstructions without interfering with other wireless communications or medical equipment.
"Personnel locating & monitoring segment is projected to grow at an impressive CAGR during the forecast period."
Personnel/staff locating and monitoring to ensure smooth operations and safety of staff and patients. Many hospitals increase resource utilization while lowering costs by removing manual, labor-intensive workforce management processes. RTLS ensures the availability of the appropriate number of resources in every department or specialty area to deliver the highest quality and most efficient patient care. RTLS platforms are being implemented in hospitals to track workflow on the operational floor. Organizations, especially, are primarily concerned about maintaining the record of people/patients/staff inside a pre-defined area.
"The market in Europe is expected to hold significant market share during the forecast period."
Europe remains one of the main geographies for R&D in location-based solutions. Most individual customers or enterprises in Europe use location-based and mapping services extensively, which majorly contributes to the revenue growth. The growing need to enhance business efficiency in the healthcare sector is expected to be the vital driver for the RTLS market growth in Europe. Some of the major companies involved in this region are GE HealthCare (US), CenTrak, Inc. (US), Alien Technology, LLC (US), and UBISENSE (UK). Besides, rising government support in the form of enhanced funding toward health care facilities in order to improve them by employing advanced technology-based products with further enhanced capabilities has favored the growth of the RTLS market in healthcare, especially in the UK and Germany.
Major players profiled in this report are as follows: Securitas Healthcare LLC (US), Zebra Technologies Corp. (US), HPE Aruba Networking (US), Impinj, Inc. (US), GE HealthCare (US), TeleTracking Technologies, Inc. (US), Savi Technology (US), AiRISTA (US), Advantech Co., Ltd. (Taiwan), Alien Technology, LLC (US), CenTrak, Inc. (US), and Others.
Research Coverage
The RTLS market for healthcare has been classified by offering, technology, facility type, application, and region. The market by offering has been classified into hardware, software, and services. The technology segment is divided into RFID, Wi-Fi, UWB, BLE, infrared, ultrasound, and other technologies. The facility type segment is divided into hospitals & healthcare facilities and senior living facilities. The market has been divided into inventory/asset tracking & management, personnel locating & monitoring, access control & security, environmental monitoring, supply chain management & automation, and other applications by application segment. The study also forecasts the market size in four key regions-North America, Europe, Asia Pacific, and RoW.
Product Development/Innovation: Detailed insights on new products, technologies, research & development activities, funding activities, industry partnerships, and new product launches in the RTLS market for healthcare.
Market Development: Comprehensive information about lucrative markets - the report analyses the RTLS market for healthcare across regions such as North America, Europe, Asia Pacific, and RoW.
Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the RTLS market for healthcare
Competitive Assessment: In-depth assessment of market position, growth strategies, and product offerings of leading players like Securitas Healthcare LLC (US), Zebra Technologies Corp. (US), HPE Aruba Networking (US), Impinj, Inc. (US), and TeleTracking Technologies, Inc. (US) and among others in the RTLS market for healthcare
Strategies: The report also helps stakeholders understand the pulse of the RTLS market for healthcare and provides information on key market drivers, restraints, challenges, and opportunities.