Real Time Location System In Healthcare Global Market Report 2024

The real time location system in healthcare market size has grown exponentially in recent years. It will grow from $2.62 billion in 2023 to $3.19 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to growing focus on workflow optimization, increasing demand for asset tracking, the need for improved patient safety, and governments prioritizing modernizing healthcare systems.

The real time location system in healthcare market size is expected to see exponential growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth during the forecast period can be attributed to the increasing global population, the rising number of patients, heightened demand for improved patient care and safety, the adoption of RTLS in healthcare, increased global healthcare spending, and governments prioritizing the modernization of healthcare systems. Major trends include the ability of technology to enable healthcare professionals to track medical equipment, investments in RTLS technologies, technological advancements, the incorporation of Ultra-Wideband (UWB) technology, and the integration of artificial intelligence and machine learning with RTLS.

The increasing number of cancer patients is expected to drive the growth of the real-time location system (RTLS) in the healthcare market going forward. Cancer patients are those diagnosed with cancer, a group of diseases marked by uncontrolled growth and spread of abnormal cells. The rise in cancer patients is attributed to factors such as an aging population, lifestyle choices, genetic predisposition, and improved access to healthcare. RTLS enhances the efficiency, coordination, and patient-centered care for cancer patients, leading to better outcomes and experiences within the healthcare system. For instance, in May 2024, the National Institutes of Health (NIH) reported an estimated 18.1 million cancer survivors, or about 5.4% of the population in 2022. This number is projected to increase by 24.4% to 22.5 million by 2032 and reach 26 million by 2040. Therefore, the growing number of cancer patients is driving the expansion of RTLS in the healthcare market.

Major companies in the real-time location system market are focusing on developing advanced technologies, such as active radio frequency (RF) tags, to achieve a competitive advantage. Active RF tags are battery-powered devices that continuously emit signals, enabling real-time tracking and monitoring of assets over greater distances compared to passive RF tags. For example, in June 2021, Inpixon Inc., a US-based technology company, introduced the Inpixon asset tag, a small, active RF tag designed for long-range asset tracking with real-time location systems (RTLS). This tag comes pre-configured and is compatible with Inpixon's 2.4 GHz chirp technology, which includes the nanoLOC, swarm bee, nanoANQ PCB anchor circuit board, and nanoLES locating engine. It is intended to track hospital equipment, tools, vehicles, robots, hazardous or sensitive materials, and other high-value assets that require quick location and tracking.

In July 2022, Securitas AB, a Swedish security services company, acquired Stanley Security and Healthcare for an undisclosed sum. This acquisition accelerates Securitas' shift towards technology-driven solutions and boosts its expertise and technological capabilities in key markets. Stanley Security and Healthcare, a US-based company, specializes in providing real-time location systems (RTLS) solutions for healthcare security services.

Major companies operating in the real time location system in healthcare market are Cisco Systems Inc., Oracle Corporation, GE HealthCare Technologies Inc., Securitas AB, Zebra Technologies Corporation, Aruba Networks, Impinj Inc., Midmark Corporation, TeleTracking Technologies Inc., CenTrak Healthcare Inc., Alien Technology, Enlighted Inc., Kontact.io, Savi Technology Inc., purple.ai, Identec Solutions AG, Ekahau Inc., Ubisense Group PLC, Inpixon Inc., Sonoitor Technologies Inc., Vizzia Technologies, AiRISTA Flow Inc., Tagnos Inc., Awarepoint Corporation.

North America was the largest region in the real time location system in healthcare market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the real time location system in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the real time location system in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A real-time location system (RTLS) in healthcare is a technology designed to automatically identify and track the location of people or objects within a healthcare facility in real-time. Utilizing various wireless communication technologies, this system monitors the movements and positions of equipment, staff, and patients. Implementing RTLS in healthcare significantly enhances operational efficiency, patient care, and safety, ensuring optimal resource utilization, improved patient outcomes, and maintaining high standards of service delivery.

The main offerings of real-time location systems include hardware, software, and services. Hardware encompasses the physical components and devices used in a real-time location system, such as tags, sensors, readers, and tracking devices. The technologies involved include radio frequency identification (RFID), Wi-Fi, ultra-wideband (UWB), Bluetooth low energy (BLE), infrared, ultrasound, and others. Applications range from inventory or asset tracking and monitoring, personnel locating and monitoring, access control and security, environmental monitoring, to supply chain management and automation. These systems are deployed in various facility types, including hospitals, healthcare facilities, and senior living facilities.

The real time location system market research report is one of a series of new reports that provides real time location system market statistics, including the real time location system industry global market size, regional shares, competitors with real time location system market share, detailed real time location system market segments, market trends, and opportunities, and any further data you may need to thrive in the real time location system industry. These real time location system market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The real-time location system in the healthcare market consists of revenues earned by entities by providing services such as emergency response management, infection control and hand hygiene compliance, and staff tracking and safety. The market value includes the value of related goods sold by the service provider or included within the service offering. The real-time location system in the healthcare market also includes sales of cabling, network equipment, readers, and receivers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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