A real-time location system (RTLS) in healthcare is a technology used to automatically identify and track the location of people or objects within a healthcare facility in real-time. This system uses various types of wireless communication technologies to monitor the movements and locations of equipment, staff, and patients. A real-time location system (RTLS) in healthcare significantly enhances operational efficiency, patient care, and safety to ensure optimal use of resources, improve patient outcomes, and maintain a high standard of service delivery.
Sizing and Forecast
The real time location system in healthcare market size has grown exponentially in recent years. It will grow from $2.62 billion in 2023 to $3.19 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to increasing demand for asset tracking, growing focus on workflow optimization, the need for improved patient safety, increase in the safety and security of their patients, and governments prioritizing modernizing healthcare systems
The real time location system in healthcare market size is expected to see exponential growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to the growing global population, rise in the number of patients, the rising demand for enhanced patient care and safety, adoption of the RTLS in healthcare, increasing healthcare spending on a global scale, and governments prioritize modernizing healthcare systems. Major trends in the forecast period include technology enables healthcare professionals to track medical equipment, investments in technologies such as RTLS, technological advancement, incorporation of Ultra-Wideband (UWB) technology, and integration of artificial intelligence and machine learning with RLTS.
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Segmentation & Regional Insights
The real time location system in healthcare market covered in this report is segmented –
1) By Offering: Hardware, Software, Service
2) By Technology: Radio Frequency Identification (RFID), Wi-Fi, Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), Infrared, Ultrasound, Other Technologies
3) By Facility Type: Hospitals And Healthcare Facilities, Senior Living Facilities
4) By Application: Inventory Or Asses Tracking And Monitoring, Personnel Locating And Monitoring, Access Control And Security, Environmental Monitoring, Supply Chain Management And Automation, Other Applications
North America was the largest region in the real time location system in healthcare market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the real time location system in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing number of cancer patients is expected to propel the growth of the real-time location system in the healthcare market going forward. Cancer patients are individuals who have been diagnosed with cancer, a group of diseases characterized by the uncontrolled growth and spread of abnormal cells in the body. The growing number of cancer patients is due to an aging population, lifestyle factors, genetic predisposition, and access to healthcare. Real-time location systems (RTLS) contribute to a more efficient, coordinated, and patient-centered approach to caring for cancer patients, ultimately improving their outcomes and experiences within the healthcare system. For instance, in May 2024, according to data from the National Institutes of Health (NIH), a US-based government organization, there will be an estimated 18.1 million cancer survivors, representing approximately 5.4% of the population in 2022. This number is projected to increase by 24.4% to 22.5 million by 2032 and grow to 26.0 million by 2040. Therefore, the growing number of patients is driving the growth of the real-time location system in the healthcare market.
Key Industry Players
Major companies operating in the real time location system in healthcare market are Cisco Systems Inc., Oracle Corporation, GE HealthCare Technologies Inc., Securitas AB, Zebra Technologies Corporation, Aruba Networks, Impinj Inc., Midmark Corporation, TeleTracking Technologies Inc., CenTrak Healthcare Inc., Alien Technology, Enlighted Inc., Kontact.io, Savi Technology Inc., purple.ai, Identec Solutions AG, Ekahau Inc., Ubisense Group PLC, Inpixon Inc., Sonoitor Technologies Inc., Vizzia Technologies, AiRISTA Flow Inc., Tagnos Inc., Awarepoint Corporation
The real time location system in healthcare market report table of contents includes:
1. Executive Summary
2. Real Time Location System In Healthcare Market Characteristics
3. Real Time Location System In Healthcare Market Trends And Strategies
4. Real Time Location System In Healthcare Market – Macro Economic Scenario
5. Global Real Time Location System In Healthcare Market Size and Growth
……………..
32. Global Real Time Location System In Healthcare Market Competitive Benchmarking
33. Global Real Time Location System In Healthcare Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Real Time Location System In Healthcare Market
35. Real Time Location System In Healthcare Market Future Outlook and Potential Analysis
36. Appendix
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