Enjoy complimentary customisation on priority with our Enterprise License!
The RTLS in healthcare market size is estimated to grow at a CAGR of 23.28% between 2022 and 2027. The market size is forecast to increase by USD 3,273.72 million. The growth of the market depends on several factors, including need for improved patient safety, increasing demand for asset tracking, and growing focus on workflow optimization.
This RTLS in healthcare market report extensively covers market segmentation by technology (RFID, WiFi, UWB, BLE, and others), component (hardware, software, and services), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the Real Time Location Systems (RTLS) for Healthcare market growth is the need for improved patient safety. There is a rise in demand for RTLS in the global healthcare sector due to its capability to enable real-time patient tracking and thus improve patient safety. One of the significant advantages of RTLS is that it lowers the possibility of errors by delivering precise and current information on the whereabouts of patients inside a healthcare facility.
Thus this information helps medical professionals to react effectively to crises, thus enhancing patient outcomes. RTLS is one of the most important components in the global healthcare industry as it can improve emergency response and patient safety. Hence, such wide applications of RTLS are expected to drive the global RTLS in the healthcare market growth during the forecast period.
A key factor shaping the RTLS for Healthcare market growth is the integration with electronic health records (EHR). One of the main advantages of integration with electronic health records (EHR) is to utilize the capabilities of RTLS to share data with EHR platforms easily, besides improving patient care coordination and workflow effectiveness.
Also, it helps medical professionals to gain real-time visibility into the patient's condition and be able to make more precise and timely treatment decisions by integrating RTLS data, such as patient location and mobility, with EHR systems. Some other advantages include patient safety, effective resource allocation, shortens waiting times, and improves workflow management efficiency. Hence, such advantages are expected to drive the global RTLS in the healthcare market growth during the forecast period.
Interference from other wireless technologies is one of the key challenges hindering the Real-Time Location Systems for Healthcare market growth. One of the key factors which hamper the growth of the market is the use of numerous wireless systems in healthcare facilities such as Wi-Fi, Bluetooth, and RFID as these cellular technologies can cause interference, which can have a negative effect on the precision and dependability of RTLS solutions.
One of the main reasons for this interference is that these wireless systems use shared frequency bands, resulting in signal congestion and eventual conflicts. Hence, this interference can lead to inaccurate position tracking, transmission delays, and reduced system performance. Hence such issues are expected to hinder the global RTLS in the healthcare market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global RTLS in Healthcare Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
America Movil SAB de CV: The company offers RTLS in healthcare called Real Time Location System Plus RTLS Patient Monitoring under its subsidiary called Claro.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The RFID segment is estimated to witness significant growth during the forecast period. One of the major reasons for the domination of the RFID segment in the healthcare sector is due to its several benefits such as non-line-of-sight tracking, long-range capabilities, and affordability.
Get a glance at the market contribution of various segments View the PDF Sample
The RFID segment was the largest segment and was valued at USD 233.89 million in 2017. Also, other benefits of RFID include precise and immediate tracking of assets, patients, and employees in healthcare institutions. RFIDs are mainly utilized in the healthcare sector for asset management, patient tracking, and employee monitoring. For example, to track medical equipment, the University of California San Francisco Medical Center developed an RFID-based RTLS solution, which enables effective inventory management and reduces equipment search time. Hence factors such as the use of RFID technology in the healthcare sector demonstrate both its dominance in the global RTLS market and its ability to improve patient care and streamline operations in healthcare facilities are expected to drive the growth of this segment which in turn will drive the growth of the global RTLS in the healthcare market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main reasons for the significant growth of the RTLS market in the healthcare sector in North America is its strong healthcare infrastructure and high use of advanced technology in the healthcare sector. Factors such as growing emphasis on patient safety, workflow optimization, and asset tracking are also significantly contributing to the market growth. Some of the prominent vendors offering RTLS solutions include Stanley, Zebra, and CenTrak, in order to cater to the changing needs of healthcare facilities. Hence, such factors are expected to drive the growth of the global RTLS in the healthcare market in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global RTLS market in the healthcare sector witnessed significant growth the demand for RTLS solutions increased as healthcare facilities were compelled to handle the huge number of COVID-19 patients, which helped these facilities to enhance workflow management, asset tracking, and patient monitoring. However, in 2021, RTLS has become an important tool for managing the overall COVID-19 vaccine cold chain and tracking vaccine distribution. Such factors are expected to drive the market during the forecast period.
The RTLS in healthcare market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
RTLS In Healthcare Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.28% |
Market growth 2023-2027 |
USD 3,273.72 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
22.79 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 28% |
Key countries |
US, Canada, China, Japan, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advantech Co. Ltd., AiRISTA Flow Inc., America Movil SAB de CV, ASSA ABLOY AB, Baxter International Inc., Borda Technology, GE Healthcare Technologies Inc., Halma Plc, Hewlett Packard Enterprise Co., INTELLIGENT LOCATIONS, Litum Technologies Inc., MYSPHERA, Purelink, SGS SA, Siemens AG, Sonitor Technologies AS, Stanley Black and Decker Inc., TeleTracking Technologies Inc., Ubisense Ltd., and Zebra Technologies Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.