Real Time Location Systems (RTLS) for Healthcare Market

Market Overview:

The global real time location systems (RTLS) for healthcare market size reached US$ 2.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.3 Billion by 2032, exhibiting a growth rate (CAGR) of 16.15% during 2024-2032. The rising need for asset tracking and management, the increasing demand for remote patient monitoring, and various technological advancements represent some of the key factors driving the market.

Real-time location systems (RTLS) are a set of technologies used to automatically identify and track the location of assets, people or objects in real time. They use wireless communication technologies such as radio frequency identification (RFID), Wireless Fidelity (Wi-Fi), Bluetooth low energy, global positioning system (GPS), and ultrasound to track and locate assets or individuals. It is used in the healthcare industry to improve patient safety, staff efficiency, and asset management. It is also utilized to track medical equipment, monitor patient movements, and ensure that staff members are adhering to proper hygiene protocols. In addition, it is used to optimize workflows, increase efficiency, reduce wait times, and enhance patient satisfaction. Besides this, the data collected by these systems can also be used for analytics, such as identifying bottlenecks, optimizing resource allocation, and improving overall operational efficiency. Owing to these benefits, RTLS systems are widely adopted in the healthcare industry across the globe.

Real Time Location Systems (RTLS) for Healthcare Market Trends:

The market is primarily driven by the increasing need for asset tracking and management. Healthcare organizations are adopting solutions to manage medical equipment, drugs, and supplies. RTLS can provide real-time information on the location and status of assets, improving inventory control and reducing equipment loss. In addition, the growing focus on patient safety represents another major growth-inducing factor. RTLS can improve patient safety by providing real-time information on patient location and movement, reducing the risk of adverse events, and improving response times in emergencies. Besides this, various technological advancements, such as the integration of The Internet of Things (IoT) in healthcare to provide real-time location data for patients and assets, are also contributing to the market growth. Moreover, various government agencies are implementing policies mandating healthcare institutes to maintain accurate records of patient and equipment movements. RTLS can help healthcare facilities comply with these requirements by providing real-time location data. This, coupled with the increasing demand for remote patient monitoring due to the sudden outbreak of the coronavirus disease (COVID-19) pandemic, is accelerating the product adoption rate. Furthermore, the developing healthcare infrastructure and rising healthcare expenditure are also creating a favorable market outlook across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global real time location systems (RTLS) for healthcare market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on offering, applications and end use.

Offering Insights:

• Software
• Hardware
• Service
   

The report has provided a detailed breakup and analysis of the real time location systems (RTLS) for healthcare market based on the offering. This includes software, hardware and service. According to the report, hardware accounted for the majority of the market share.

Applications Insights:

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

The report has provided a detailed breakup and analysis of the real time location systems (RTLS) for healthcare market based on the applications. This includes asset tracking, patient safety, personnel tracking, environmental monitoring, and others. According to the report, asset tracking represented the largest segment.

End Use Insights:

• Hospitals
• Clinics
• Emergency Medical Services
• Eldercare Facilities
• Diagnostic Labs
   

A detailed breakup and analysis of the real time location systems (RTLS) for healthcare market based on the end use has also been provided in the report. This includes hospitals, clinics, emergency medical services, eldercare facilities, and diagnostic labs. According to the report, hospitals accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others 
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for real time location systems (RTLS) for healthcare. Some of the factors driving the Asia Pacific real time location systems (RTLS) for healthcare market included the growing preference for better patient care, the rising need for asset management, the implementation of government initiatives, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global real time location systems (RTLS) for healthcare market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include AiRISTA Flow Inc., Centrak Inc. (Halma plc), GE Healthcare Technologies Inc. (General Electric Company), Hewlett Packard Enterprise Development LP, Midmark Corporation, Sonitor Technologies AS, Stanley Healthcare (Stanley Black & Decker Inc.), TeleTracking Technologies Inc., Zebra Technologies Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global real time location systems (RTLS) for healthcare market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global real time location systems (RTLS) for healthcare market?
• What is the impact of each driver, restraint, and opportunity on the global real time location systems (RTLS) for healthcare market?
• What are the key regional markets?
• Which countries represent the most attractive real time location systems (RTLS) for healthcare market?
• What is the breakup of the market based on the offering?
• Which is the most attractive offering in the real time location systems (RTLS) for healthcare market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the real time location systems (RTLS) for healthcare market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the real time location systems (RTLS) for healthcare market?
• What is the competitive structure of the global real time location systems (RTLS) for healthcare market?
• Who are the key players/companies in the global real time location systems (RTLS) for healthcare market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the real time location systems (RTLS) for healthcare market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global real time location systems (RTLS) for healthcare market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the real time location systems (RTLS) for healthcare industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.