The new report by Expert Market Research titled, ‘Global Real Time Location Systems (RTLS) for Healthcare Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global real time location systems (RTLS) for healthcare market, assessing the market based on its segments like offering, technology, applications, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 2024.71 Million
- Forecast CAGR (2023-2028): 19.4%
- Forecast Market Size (2027): USD 5866.63 Million
The expanding use of real-time location systems (RTLS) in hospitals, emergency medical services, eldercare homes, ambulatory surgery centres, and diagnostic labs, among other places, is driving the global market for RTLS in healthcare. The market is expected to develop due to the growing popularity of ultra-wideband technology enabled RTLS systems in hospitals, which are known for their excellent accuracy. Because RTLS improves clinical quality and streamlines workflow for effective patient care, it is rapidly being used in growing clinics and hospitals in emerging economies such as India, China, and Brazil, among others, which is expected to drive up demand for RTLS systems. The increasing utility of GPS, Zigbee, WiFi, Bluetooth, and other technologies is expected to boost market growth over the forecast period.
The radio frequency identification (RFID) category accounts for a major part of the market in terms of technology and is expected to increase significantly during the forecast period. This is due to RFID technology’s precise and effective tracking capability, which aids in the real-time location of equipment and people. This technology also gives doctors, nurses, and other healthcare workers access to medical data, which is driving up demand. RFID tags lessen the danger of misidentification in healthcare, especially when it comes to blood sample and medicine delivery, and their use is growing to provide more reliable healthcare services. Furthermore, RFID technology increases hand hygiene tracking and compliance, reducing the risk of hospital-acquired illnesses.
Industry Definition and Major Segments
Real-time location systems (RTLS) for healthcare are systems that are used to track and manage staff, medical assets, and patients in real-time in a variety of patient-care settings. These solutions ease administrative burdens in healthcare facilities while also improving patient and healthcare worker safety.
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On the basis of offering, the market is divided into:
- Software
- Hardware
- Service
Based on technology, the industry is segmented into:
- WiFi
- Bluetooth Low Energy
- Zigbee
- RFID
- Ultrawide Band
- GPS
- Ultrasound
- Passive RFID
- Infrared
Based on applications, the market is classified into:
- Asset Tracking
- Patient Safety
- Personnel Tracking
- Environmental Monitoring
- Others
Based on end uses of real time location systems (RTLS) for healthcare, the market is segmented into:
- Hospitals
- Clinics
- Emergency Medical Services
- Eldercare Facilities
- Diagnostic Labs
On the Basis of region, the market can be divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
The existence of significant RFID tracking solution suppliers in the United States and Canada is driving the real-time location systems (RTLS) for the healthcare business in North America. Government spending on healthcare is increasing, and the senior population is experiencing an increase in cardiovascular and musculoskeletal problems, which is fueling the market’s rise. The market for real-time location systems (RTLS) for healthcare is expected to grow at a healthy rate during the forecast period, because of rising adoption of technologies such as artificial intelligence (AI) and increased efforts by hospital staff to provide better patient management during emergency situations.
Key Market Players
The major players in the market are Olympus Corporation, Baxter International, Stanley Black & Decker Inc., Fresenius Medical Care AG, CenTrak Inc., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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