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Global Real Time Location Systems (RTLS) for Healthcare Market to Grow at a CAGR of 19.4% During 2022-2027, Aided by the Rising Demand for the RTLS System in Hospitals

According to a new report by EMR titled, ‘Global Real Time Location Systems (RTLS) for Healthcare Market Report and Forecast 2022-2027’, the market attained a value of above USD 2024.71 million in 2021. It is further expected to grow at a CAGR of 19.4% between 2022 and 2027 to reach more than USD 5866.63 million by 2027.

The real time location systems (RTLS) for healthcare industry is being driven by the growing adoption of the RTLS system in hospitals, owing to the growing need for improved communication and increased efficiency of the internal management of hospitals. RTLS helps to know the exact location of the doctors, patients, and other healthcare staff at a particular time. This helps save a significant amount of time, especially in cases of emergency. Furthermore, the system is also expected to be beneficial in tracking patients with Alzheimer’s and dementia, thus, contributing to the market growth.

In November 2020, Advantech Co., Ltd. announced the launch of Real-Time Location System (RTLS) Solution-Ready Package (SRP) for healthcare applications. The SRP is designed for real-time locating and monitoring of medical equipment, staff, and patients. Meanwhile, in March 2021, AiRISTA Flow introduced sofia®, a cloud-based resource location tracking platform, to enhance the preparedness and reduce instances of errors in the healthcare delivery organisation. It helps to efficiently monitor the movement of patients, staff, and equipment through an intuitive portal. Furthermore, the growing innovations by the leading market players including Zebra Technologies Corporation (NASDAQ: ZBRA) and Baxter International Inc. (NYSE: BAX) are anticipated to propel the market growth in the forecast period.

In terms of region, North America is likely to account for a significant share in the market, owing to the rising adoption of software and analytics in the healthcare sector in order to enhance the quality of healthcare services. Further, the growing incidences of chronic diseases such as cardiovascular diseases among the geriatrics are also expected to add to the market growth. The market in the region is expected to be further aided by the growing demand for improved transportation and logistics management in the healthcare sector to ensure timely delivery of essential medical equipment.

Market Breakup by Offering, Technology, Application, End Use, and Region:

  • The market is segmented, based on offering, into software, hardware, and service.
  • Based on technology, the market can be segregated into WiFi, Bluetooth low energy, Zigbee, RFID, ultrawide band, GPS, ultrasound, passive RFID, and infrared, among others. 
  • The market, on the basis of application, is divided into asset tracking, patient safety, personnel tracking, and environmental monitoring, among others. 
  • By end use, the market can be divided into hospitals, clinics, emergency medical services, eldercare facilities, and diagnostic labs. 
  • Region-wise, the global market for real time location systems (RTLS) for healthcare can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for real time location systems (RTLS) for healthcare is being driven by the growing adoption of RTLS systems in hospitals to enhance operational efficiency.
  • The rising government investments in the development of the healthcare infrastructure are anticipated to augment the market in the forecast period.
  • The growing need to bolster the emergency managements systems and healthcare logistics is likely to aid the market.
  • The market is expected to be further augmented by the technological advancements in the healthcare infrastructure across the globe.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for real time location systems (RTLS) for healthcare for the periods of (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the      offerings, technologies, applications, end uses, and regions of real time location systems (RTLS) for healthcare.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global real time location systems (RTLS) for healthcare market are Olympus Corporation, Baxter International, Stanley Black & Decker, Inc., Fresenius Medical Care AG, and CenTrak, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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