Global Real Time Location Systems (RTLS) for Healthcare Market Outlook - Forecast Trends, Market Size, Share and Growth Analysis Report (2024-2032)

Real Time Location Systems (RTLS) for Healthcare Market Outlook

• The rising adoption of ultra-wideband technology-based RTLS solutions in hospitals, driven by their high accuracy, is expected to boost market growth.
• The increasing use of technologies such as WiFi, Bluetooth, Zigbee, and GPS is expected to bolster the market value for RTLS in the coming years.
• Product launches integrated with advanced technology are expected to drive increased adoption of RTLS in healthcare settings, propelling market growth.

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Real Time Location Systems (RTLS) for Healthcare Market Overview

Real-time location systems (RTLS) for healthcare are used for real-time tracking and management of staff, medical assets, and patients under diversified patient-care environments. Such systems reduce the administrative burden in healthcare facilities while enhancing the safety of patients and healthcare workers.

Real Time Location Systems (RTLS) for Healthcare Market Growth Drivers

Increasing Technological Advancements Supporting Market Growth

The global market for real time location systems (RTLS) for healthcare is being driven by the growing applications of such systems in hospitals, emergency medical services, eldercare facilities, ambulatory surgical centres, and diagnostic labs, among others. The growing popularity of the ultra-wideband technology-enabled RTLS solutions in hospitals owing to their high accuracy is likely to bolster the market growth. As RTLS streamlines workflow and increases the clinical quality for efficient patient care, it is increasingly adopted in the surging clinics and hospitals in emerging economies like India, China, and Brazil, among others, which is likely to propel the demand for RTLS systems.

New Product Launches to Meet Rising Real Time Location Systems (RTLS) for Healthcare Market Demand

The market is expected to be driven by the latest product launches significantly impacting the RTLS market positively. For instance, in April 2024, Aesculap, Inc., a market leader in sterile container systems, launched AESCULAP Aicon RTLS, which integrates real-time location service (RTLS) technology with the AESCULAP Aicon Sterile Container System aimed at enhancing the efficiency of Sterile Processing Departments (SPD). The technology improves efficiency, enhances resource management, decision-making, and reduces errors or delays in surgical procedures, driving adoption in the healthcare sector and contributing to market growth. 

Surge in Collaborations by Market Players to Boost Market Growth

The market is expected to be highly influenced by the active participation of market players in the continuous development and growth of the industry. The market players are strategically coming together to provide solutions for the safety of healthcare staff who are at risk of attacks and stressed burnouts leading to faintings and slip-falls on the premises. For instance, in June 2024, Sonitor, a leading global provider of accurate real-time location systems (RTLS), and Spectralink, a leading company in the enterprise mobile solutions industry, signed a partnership and approved the integration of Sonitor MDuress with Spectralink Versity 95 and Spectralink Versity 97 smartphones. This powerful solution increases the safety and security associated with hospital staff, addressing critical challenges faced in healthcare environments.

Real Time Location Systems (RTLS) for Healthcare Market Trends

The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:

Increasing Demand for Improved Operational Efficiency and Patient Safety

Healthcare facilities are increasingly adopting RTLS to track the real-time location of medical equipment, staff, and patients, enabling quicker response times and better resource utilisation. This increasing demand in turn is propelling market growth. 

Increasing Adoption of Advanced Technologies

The growing use of advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI) technologies in healthcare contributes to enhanced RTLS capabilities, providing more accurate data analytics for decision-making. 

Rise Of Telemedicine and Remote Patient Monitoring to Boost the Real Time Location Systems (RTLS) for Healthcare Market Value 
With the increasing demand for telemedicine and the need for remote patient monitoring due to its convenience, there is a significant need for location-based tracking for optimised care delivery and management of patient flow. 

Growing Digitisation in Healthcare Domain

The market is witnessing a prominent shift towards digitisation in the healthcare domain which is expected to continue during the forecast period and result in increased adoption of RTLS, particularly in large hospitals and clinics, propelling market growth.

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Real Time Location Systems (RTLS) for Healthcare Market Segmentation

Market Breakup by Component

• Software
• Hardware
• Tags/Badges
• Readers/Tracker
• Service

 
Market Breakup by Technology

• WiFi
• Bluetooth Low Energy
• Zigbee
• RFID
• Ultrawide Band
• GPS
• Ultrasound
• Passive RFID
• Infrared
• Others

Market Breakup by Application

• Asset Tracking
• Patient Safety
• Personnel Tracking 
• Environmental Monitoring 
• Others 

Market Breakup by End User

• Hospitals
• Speciality Clinics
• Emergency Medical Services
• Diagnostic Labs

Market Breakup by Region

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

Real Time Location Systems (RTLS) for Healthcare Market Share

Market Share by Technology Dominating the Market

Based on technology, the radio frequency identification (RFID) segment accounts for a significant market share and is anticipated to witness considerable growth in the forecast period. The dominance can be attributed to the accurate and efficient tracking capability offered by RFID technology that helps in locating equipment and individuals in real time. There is a significant demand for RFID technology in the market as it provides access to medical data for doctors, nurses, and other healthcare staff. Additionally, there are RFID tags that reduce the risk of misidentification issues in healthcare, especially in the cases of blood sampling and medication administration, which is increasing their utilisation to provide robust healthcare services. 

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Real Time Location Systems (RTLS) for Healthcare Market Analysis by Region

North America is dominating the regional market share driven by the presence of major RFID tracking solution providers in the region including the United States and Canada. The increasing public spending on healthcare by governments and the rising incidence of cardiovascular and musculoskeletal disorders among the geriatric population is significantly fuelling the market growth. Additionally, the market is propelled to witness significant growth due to the increasing adoption of technologies like artificial intelligence (AI) and the growing efforts by the hospital staff towards providing better patient management during emergency cases.

Leading Players in the Real Time Location Systems (RTLS) for Healthcare Market

The key features of the market report comprise patent analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies in the market are as follows:

Baxter International

Established in 1931 and headquartered in Deerfield, Illinois, Baxter International is a global healthcare company that provides critical care, nutrition, renal, hospital, and surgical products. Their portfolio includes innovative medical devices, pharmaceuticals, and biotechnology products that enhance patient care across various healthcare settings, with a strong focus on life-saving and sustaining therapies.

CenTrak, Inc.

Founded in 2007 and headquartered in Newtown, Pennsylvania, CenTrak, specialises in real-time location systems (RTLS) for healthcare facilities. Their portfolio includes location-tracking solutions for asset management, patient flow, hand hygiene monitoring, and staff safety, all designed to optimize operational efficiency and enhance patient care in hospitals and healthcare settings.

Securitas Healthcare, LLC

Based in St. Louis, Missouri, Securitas Healthcare, LLC (formerly STANLEY Healthcare) was founded in 1981 and focuses on providing security and safety solutions for healthcare facilities. The company portfolio includes solutions such as infant protection systems, wander management, asset management, and patient safety monitoring, aimed at improving security and care quality in hospitals and long-term care facilities.

Zebra Technologies Corp.

Established in 1969 and headquartered in Lincolnshire, Illinois, Zebra Technologies is a global leader in enterprise asset intelligence solutions. The company portfolio includes barcode scanners, mobile computers, RFID solutions, and tracking technologies that help organizations in the healthcare, retail, logistics, and manufacturing sectors and help in improving visibility, operational efficiency, and decision-making.

Hewlett Packard Enterprise Development LP

Founded in 2015 and headquartered in Houston, Texas, Hewlett Packard Enterprise (HPE) is a global leader in IT, technology, and enterprise products. HPE’s portfolio includes cloud computing, data storage, networking solutions, and high-performance computing systems, which support a wide range of industries, including healthcare, by providing infrastructure and solutions that enhance digital transformation and innovation.

Other key players in the market include Impinj, Inc., TeleTracking Technologies, Inc., GE HealthCare Technologies, Inc., Ubisense Group Plc, Oracle Corporation, AiRISTA Flow, Inc., Sonitor Technologies AS, and Midmark Corporation.

Key Questions Answered in the Real Time Location Systems (RTLS) for Healthcare Market

• What was the global real time location systems (RTLS) for healthcare market value in 2023? 
• What is the global real time location systems (RTLS) for healthcare market forecast outlook for 2024-2032?  
• What is market segmentation based on components? 
• How does segmentation by technology influence market dynamics?
• What is market segmentation based on the application?    
• Who are the end-users in the market? 
• What are the major factors aiding the global real time location systems (RTLS) for healthcare market demand?  
• How has the market performed so far and how is it anticipated to perform in the coming years? 
• What are the market's major drivers, opportunities, and restraints?  
• Which country is expected to experience expedited growth during the forecast period?  
• What are the major global real time location systems (RTLS) for healthcare market trends?
• Which component is expected to dominate the market? 
• Which technology will lead the market segment?
• Which application is expected to dominate the market?  
• Which end-user will lead the market?
• Who are the key players involved in the global real time location systems (RTLS) for healthcare market? 
• What is the patent landscape of the market? 
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?