The global real time location systems (RTLS) for healthcare market size reached US$ 2.6 billion in 2023. The market is projected to reach US$ 10.3 billion by 2032, exhibiting a growth rate (CAGR) of 16.65% during 2023-2032. 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) 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:
The report 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 2023-2032. The report has categorized the market based on offering, applications and end use.Offering Insights:
- Software
- Hardware
- Service
Applications Insights:
- Asset Tracking
- Patient Safety
- Personnel Tracking
- Environmental Monitoring
- Others
End Use Insights:
- Hospitals
- Clinics
- Emergency Medical Services
- Eldercare Facilities
- Diagnostic Labs
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
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.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?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Real Time Location Systems (RTLS) for Healthcare Market
6 Market Breakup by Offering
7 Market Breakup by Application
8 Market Breakup by End Use
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 141 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 2.6 Billion |
| Forecasted Market Value ( USD | $ 10.3 Billion |
| Compound Annual Growth Rate | 16.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
