RTLS Market for Healthcare Size, Share & Trends

Updated on : October 23, 2024, 2024

RTLS Market for Healthcare Size

[239 Pages Report] The global RTLS market for healthcare size is expected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, growing at a CAGR of 19.6% from 2024 to 2029. RTLS solutions are increasingly being used in supply chain operations to save time and reduce errors, improving the inventory turnover ratio that saves costs and increases return on investment. RTLS solutions track assets and personnel but also manage enterprise assets, which enables higher productivity by analyzing data captured and provides forecasting for any potential error. There are many big data analytics and RTLS companies that deal with enterprises by providing more Rol and helping them manage their assets and staff in a much better way.

The use of AI in RTLS solutions could revolutionize the healthcare industry by optimizing  patient care, staff safety, and operational efficiency. AI-powered predictive analytics allow RTLS data to forecast patient flow, manage resources effectively, and anticipate equipment maintenance needs, thus improving overall hospital management. Combining RTLS with medical wearable technology facilitates continuous monitoring of patient vitals, enabling proactive interventions for patients with chronic conditions and enhancing personalized care. Moreover, AI-driven analysis of patient movement data optimizes surgical outcomes by refining protocols and ensuring efficient patient flow from preoperative preparation to postoperative care.

RTLS Market for Healthcare Forecast to 2029

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RTLS Market for Healthcare Market Trends & Dynamics

DRIVERS: Rising adoption of UWB technology-based RTLS solutions due to accuracy

In recent years, UWB technology-based RTLS solutions have witnessed a rise in penetration in the RTLS market for healthcare. The ability of the UWB technology to provide highly accurate positioning data of a person/object is the main driver for the UWB technology-based RTLS industery for healthcare. UWB offers higher accuracy and range with lower power consumption in comparison with most other RTLS technologies. This has led to its high penetration in applications requiring high accuracy. In recent years, several end users of RTLS technology have shifted from other technology-based RTLS solutions, such as RFID and Wi-Fi, to UWB technology-based RTLS solutions for improving efficiency, shortening lead times, and decreasing costs.

RESTRAINTS: Threat of cyberattacks, data security and privacy issues

Data security and privacy are among the major issues faced by personnel/staff in various industries, particularly in the healthcare domain. The threat of cyberattacks in healthcare has never been more prevalent and is a major issue for every organization looking to establish an RTLS entry point into their network and systems. Real-time location tracking systems are revolutionizing various industries where the efficient utilization of resources is critical. RTLS provides the whereabouts of individuals at any time and also offers the visibility required to keep people safe. However, union members in diverse industries complain that an RTLS solution can be used to monitor specific employees unfairly, that is, their break time and working hours. In other cases, people are worried about losing their freedom.

OPPORTUNITIES: Growing need for efficient operations and optimum utilization of existing resources

Several healthcare organizations have faced resource utilization as a significant challenge while increasing their output regarding workflow optimization, production, tracking and monitoring of assets, and reducing costs. RTLS addresses these challenges by effectively tracking and monitoring the assets and personnel. Efficient operations and optimum utilization of existing resources help enterprises to save costs and increase profits. The installation of an RTLS allows an enterprise to utilize resources efficiently and reduce inventory and stock management costs by tracking and managing assets in real-time.

CHALLENGES: Trade-off issue in RTLS solutions designing

Various RTLS solution providers offer different technologies for different applications. These solutions offer various technological advantages, such as high range, low power, and high accuracy. However, RTLS solution providers face the challenge of providing one solution with all benefits. RTLS comprises hardware and software, which are used to continuously track and deliver the real-time location of assets and resources. Tags, readers, or sensors are used to instantly track and monitor assets, people, or any resource of value with very high accuracy and mobility anywhere in the area covered by the network. However, RTLS tags face challenges because of a complicated trade-off between accuracy, power consumption, and range. Narrowband tags do not provide the accuracy required by some applications, while wideband tags provide accuracy but offer a limited capacity; additionally, some wideband tags are large and consume more power.

Rtls Market For Healthcare Ecosystem

Prominent companies in this market include well-established, financially stable RTLS providers such as Securitas Healthcare LLC (US), Zebra Technologies Corp. (US), HPE Aruba Networking (US), Impinj, Inc. (US), and TeleTracking Technologies, Inc. (US). These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Along with the well-established companies, there are a large number of small and medium companies operating in this market, such as Pozyx (Belgium) and Navigine (US).

RTLS Market for Healthcare Share

Senior living facilities segment is expected to grow at highest CAGR during the forecast period.

Resident safety and comfort are the top priorities of senior living facilities. Many such facilities adopt RTLS to improve residents' experience and increase operational efficiency. RTLS, combined with wearable sensors or tags/badges, can assist with situations potentially harmful to patients/residents, such as patients wandering and entering unauthorized or sensitive areas. RTLS solutions help locate individuals who have wandered or entered unauthorized areas by immediately and accurately pinpointing their exact location. This provides institutions the confidence they need to discretely keep patients safe without compromising their freedom of movement. It is especially beneficial for those residents showing signs of dementia. RTLS solutions that are built on ultrasound indoor positioning technology that delivers precise and immediate location and event-based information for any tagged object or badged individual are mostly used in senior living facilities.

The market for inventory/asset tracking & management segment is projected to hold largest market share during the forecast period.

With increasing patient volume and expectations of experience and satisfaction, healthcare facilities are under greater pressure. They have to reduce the excess fat in the form of unnecessary steps in their workflow. Asset tracking and management activities thus have prime importance in various organizations. They make sure that the correct equipment or tools are available at the right time. It is particularly critical in the case of emergencies, especially in hospitals. Asset tracking and management is the major application in the healthcare sector as healthcare organizations are usually large and may have thousands of critically important assets, such as patient beds and specialized medical devices.

RTLS Market for Healthcare Regional Analysis

The market in North America is projected to hold the substantial market share in 2029.

RTLS Market for Healthcare by Region

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North America is currently leading the RTLS market for healthcare in terms of market size, and a similar trend is expected to continue during the forecast period, owing to the healthcare revolution in the region. The reason for the dominance of North America is its well-established economy, which allows for investments in new technologies. The rapid adoption of RTLS solutions for several applications is also contributing to the largest market share of North America in the RTLS market for healthcare. The declining ASPs of UWB tags and long-term high return on investment are expected to be the prominent reasons for the growing adoption of BLE- and UWB technology-based solutions in healthcare facilities in the next few years.

Top RTLS for healthcare Industry Companies - Key Market Manufacture :

• Securitas Healthcare LLC (US),
• Zebra Technologies Corp. (US),
• HPE Aruba Networking (US),
• Impinj, Inc. (US), and
• TeleTracking Technologies, Inc. (US) are among a few top players in the RTLS companies for Healthcare.

RTLS for healthcare Industry Report Scope : 

RTLS Market for Healthcare Highlights

This research report categorizes the RTLS market for healthcare by offering, technology, facility type, application, and region.

Recent Developments in RTLS Market for Healthcare

• In November 2023, Impinj, Inc. announced the launch of R720 RAIN RFID reader. It has more processing power and memory than Impinj’s prior-generation reader. It helps to meet the most demanding requirements of large-scale enterprise deployments.
• In November 2022, CenTrak, Inc. announced its new platform with exceptional management capabilities and an emergency call system. Moreover, the call system has passed the safety standards and requirements; hence, it was awarded UL certification.
• In July 2022, BE SWITCHCRAFT, one of the leading manufacturers of electrical switchboards, adopted Zebra's RFID solutions to gain real-time visibility of their manufacturing process to meet customer expectations.

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