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RTLS for Healthcare Market is expected to reach US$ 9.36 billion by 2030

The RTLS for healthcare market is projected to reach US$ 9.36 billion by 2030. Insights on offering, application, & technology.

By The Insight Partners

RFID Held Largest Share of RTLS for Healthcare Market in 2022

According to our new research study on "RTLS for Healthcare Market Forecast to 2030 – Global Analysis – by Offering, Technology, Application, and Facility Type," the market is expected to grow from US$ 2.37 billion in 2022 to US$ 9.36 billion by 2030; it is anticipated to record a CAGR of 18.7% from 2022 to 2030. The report emphasizes the trends prevalent in the global market, along with drivers and deterrents affecting its growth.

Increasing awareness about the advantages of RTLS for staff management and high return on investment with reduced capital expenditure propels market growth. However, data security and privacy issues hinder the growth of the market. The use of RTLS technology for proper connectivity during home healthcare is expected to bring new RTLS for healthcare market trends in the coming years.

RTLS for Healthcare Market, by Region, 2022 (%)

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00006259 Source: The Insight Partners Analysis

The use of 5G technology to enhance RTLS Acts as an Opportunity for RTLS for Healthcare Market Growth

Wireless technology enables connectivity among devices in the hospital, at home, and wherever a point of need arises. Using 4G or older networks for transferring larger files between departments can be time-consuming, forcing physicians to spend their valuable time waiting for the file transfer process to complete or to generate the exact location details through device connectivity. Upgrading to 5G can eliminate these blocks and provide healthcare providers with a more effective network that can continue to adapt to recent technology.

5G is the wireless technology that benefits all devices operating in a network by providing higher bandwidths, faster speeds, and greater capacity to connect devices. 5G technology offers 100–2,000 times faster speed than typical hospital wireless networks, as it allows for quick data transfer even for large data sets (i.e., low latency), which will help the medical device connectivity to work faster. Using connected medical devices paired with smart data applications and artificial intelligence (AI), doctors can remotely track the patient’s vitals and efficiently proceed with the diagnosis, prescription, and treatment plans.

5G technology can transform the healthcare sector with its high speed, low latency, and improved data accuracy. Thus, combining 5G technology and AI can greatly improve the healthcare sector. Due to the various advantages of this technology, 5G is the best candidate to enrich cloud-based services and expand the offering of connected solutions. 5G-enabled RTLS devices can transmit data packets throughout the day, driving improved patient outcomes through continuous remote monitoring. Consequently, with increasing RTLS device usage, the need for a better network and technology also arises, and 5G is one such technology that will provide opportunities for increasing the RTLS for healthcare market size during the forecast period.

The RTLS for healthcare market, by offering, is segmented into hardware, software, and services. Hardware is further segmented into readers/trackers/access points, tags/badges, and other hardware. The services segment is further divided into consulting, deployment and integration, and support and maintenance. In 2022, the software segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030. Software product launches by companies for improving the efficiency of RTLS systems are driving the RTLS for healthcare market growth for the segment. For instance, in June 2021, Midmark RTLS launched a cloud-based, Bluetooth Low Energy (BLE) asset tracking solution, which modernizes asset tracking capabilities.

Based on application, the market is divided into inventory/asset tracking & management, personnel location & monitoring, supply chain management & automation, and others. In 2022, the inventory/asset tracking & management segment held the largest RTLS for healthcare market share. The personnel location & monitoring segment is expected to record the highest CAGR during 2022–2030. An article published by Siemens states that nurses spend about 72 minutes per shift searching for equipment and the average equipment utilization rate is below 40%, while the share of lost or stolen assets is estimated to be around 10% in facilities without real-time location services (RTLS). To save nurses time and to easily find movable medical equipment, hospitals are installing RTLS for inventory/asset tracking and management.

Based on technology, the RTLS for healthcare market is segmented into Wi-Fi, radio-frequency identification (RFID), and others. In 2022, the RFID segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030. The lack of power supply in passive RFID tags makes them cheap to produce and eliminates any concerns about battery life or charging. Active RFID tags give their signal to transmit the information stored in the tag. RFID technology has the advantages of low cost, durability, and high data capacity. Thus, the advantages of RFID technology over other technologies fuel the growth of the segment.

The market, by facility type, is segmented into hospital and healthcare facilities, and senior living facilities. In 2022, the hospitals and clinics segment held a larger RTLS for healthcare market share and is expected to record a higher CAGR during 2022–2030. An increase in the use of RTLS services for tagging assets, staff, and patients to easily locate them in hospitals and clinics is expected to fuel the growth of the hospitals and clinics segment.

CenTrak Inc, Advantech, Securitas Healthcare LLC, Zebra Technologies, Aruba Networks, GE Healthcare, Ubisense, TeleTracking Technologies, Siemens Healthcare Pvt Ltd, and HID Global Corporation are among the prominent players profiled in the RTLS for healthcare market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. These companies focus on geographic expansions and new product launches to meet the growing demand from consumers worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large customer base, subsequently facilitating market expansion.

The RTLS for healthcare market is segmented as follows:

The RTLS for healthcare market analysis has been carried out by considering the following segments: offering, technology, application, facility type, and geography. By offering, the market is segmented into hardware, software, and services. The hardware segment is further segmented into readers/trackers/access points, tags/badges, and other hardware. The services segment is further divided into consulting, deployment and integration, and support and maintenance. Based on application, the market is divided into inventory/asset tracking & management, personnel locating & monitoring, supply chain management & automation, and others. Based on technology, the market is subsegmented into Wi-Fi, RFID, and others. In terms of facility type, the market is segmented into hospital and healthcare facilities, and senior living facilities. The scope of the RTLS for healthcare market report entails North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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