Insightful RTLS Market Intelligence Report: Analyzing Key Futuristic Trends, Research Methodologies, and Competitive Landscape until 2029 | Securitas Healthcare, LLC (US), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi T

RTLS Market for Healthcare by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee), Application (Inventory/Asset Tracking, Personnel Monitoring), Facility Type, Region - Global Forecast to 2028

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Major players profiled in this report are as follows: Securitas Healthcare, LLC (US), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi Technology (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), Advantech Co., Ltd. (Taiwan), GE HealthCare Technologies Inc. (US), and others.

"RTLS market for healthcare to grow at significant rate from 2023 to 2028"

The market size of global RTLS market for healthcare is estimated to grow from USD 2.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 23.5%. Every year, hospitals experience various equipment failures such as refrigerator or freezer failure, resulting in the loss of medications, vaccines, tissue, blood, or food. An RTLS system automatically logs temperature and humidity and alerts personnel so that healthcare facilitiescan monitor and address such issues before any loss or patient harm ensues. RTLS technology also supports the documentation of corrective action for out-of-range conditions and provides a variety of reports to support regulatory audits. Hence, RTLS can significantly help healthcare organizations to achieve a high RoI.

"Hospitals & healthcare facilities segment to hold largest share of the market during the forecast period"

Hospitals and healthcare facilities across the world use RTLS platforms for various applications, including inventory/asset tracking and management, personnel/staff locating and monitoring, access control and security, environmental monitoring, and supply chain management and operational automation/visibility. RTLS solutions provide real-time information about the location of assets and people in these facilities, thereby ensuring that the right person and required equipment is available at the right time for taking care of patients. Besides having information about the status and location of staff members, patients, and assets, it also helps in enhancing the safety and security in a hospital or healthcare facility. Hence, hospitals and healthcare facilities across regions are adopting RTLS solutions.

"Infrared technology is expected to grow at a significant CAGR during the forecast period"

RTLS solutions based on infrared (IR) technology combined with other RTLS technologies such as Wi-Fi, RFID, or UWB are being used in both room-level and sub-room-level accuracy applications. IR tags send out signals modulated with their unique ID into the room or zone using a small battery. IR receivers are mounted in fixed locations, and they pick up the tag's signal and unique ID and forward the data via Wi-Fi or LAN connection to a host computer or networked/cloud database. IR tags use the IR spectrum to track assets/personnel. Some leading technology providers across the world are showing an interest in integrating IR and ultrasound technologies with RF and Wi-Fi technologies to enhance the accuracy levels of their RTLS products.

"The market in Europe is expected to grow at an impressive CAGR during the forecast period"

Europe is one of the major regions for R&D in the field of location-based solutions. Most of the individual customers or enterprises in Europe extensively use location-based and mapping services, which lead to major revenue growth. The growing need for enhancing business efficiency in the healthcare sector is expected to be the vital driver for the RTLS market growth in Europe. Some key location-based solution vendors in this region include Ubisense Ltd. (UK), Identec Solutions AG (Austria), Decawave (Ireland), and SewioNetworks(Czech Republic).Additionally, rising government support by providing increased funding for improving healthcare facilities by utilizing advanced technology-based products with improved capabilities, such as RTLS solutions, has benefitted the growth of the RTLS market for healthcare in countries like the UK and Germany.

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Based on facility type, the market has been segmented into hospitals & healthcare facilities, and senior living facilities.The study also forecasts the size of the market in four main regions-North America, Europe, Asia Pacific, and RoW.

Research Coverage

In this report, the RTLS market for healthcare has been segmented based on offering,technology,application, facility type,and region. The RTLS market for healthcare based on offering has been segmented into hardware, software, and services. Based on technology, the market has been segmented into RFID, Wi-Fi, UWB, BLE, Ultrasound, Infrared, and other technologies.Based on application, the market has been segmented into inventory/asset tracking & management, personnel locating & monitoring, access control & security, environmental monitoring, supply chain management & automation, and other applications.

This release was published on openPR.