Global RTLS Market Report 2023: Growing Need for Efficient Resource Utilization and Workflow Optimization is Driving Adoption
Global RTLS Market for Healthcare
Dublin, May 10, 2023 (GLOBE NEWSWIRE) -- The "Global 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, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The size of the global RTLS market for healthcare is estimated to grow from USD 2 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 facilities can 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 Sewio Networks (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.
Rising Market Competitiveness Driving the Availability of Cost-Effective RTLS
High ROI with Reduced Capital Expenditure
High Accuracy of UWB-based RTLS Solutions
Rising Security and Safety Concerns of Patients/Staff
Data Security and Privacy Issues
High Installation and Maintenance Costs
Growing Need for Efficient Resource Utilization and Workflow Optimization is Driving the Adoption of RTLS
Rising Popularity of Hybrid RTLS Solutions
Growing Adoption of IoT Solutions in Healthcare
Increasing Demand of RTLS Solutions in Developing Countries
Trade-Offs in Designing RTLS Solutions
Lack of System Compatibility and Common Standards
No. of Pages
2023 - 2028
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 RTLS Market for Healthcare, by Offering
6.2.1 Growing Demand of Hybris RTLS Solutions
6.2.3 Receivers/Readers/Trackers/Exciters/Access Points
6.2.4 Other Hardware
6.3.1 Increasing Demand of Customized Software Platforms to Meet Customer Needs
6.4.1 Consultation is the Most Critical Part of RTLS Services
6.4.2 Deployment and Integration
6.4.3 Support and Maintenance
7 RTLS Market for Healthcare, by Technology
7.2.1 Advantages of RFID Over Other Technologies is Driving the Adoption
7.2.2 Active RFID
7.2.3 Passive RFID
7.3.1 Easy Installation and Compatibility of Wi-Fi RTLS Solutions
7.4.1 High Precision and Accuracy Offered by UWB Technology
7.5.1 Added Advantages of Low Power Consumption and Long-Life Over Bluetooth Technology
7.6.1 Benefits Such as No Interference and Bandwidth Limitation to Drive the Adoption
7.7.1 Infrared Technology Helps in Room-Level and Sub-Room-Level Applications
7.8 Other Technologies
8 RTLS Market for Healthcare, by Application
8.2 Inventory/Asset Tracking & Management
8.2.1 Tracking of Inventory and Assets is Key Application of RTLS in Healthcare Sector
8.3 Personnel Locating & Monitoring
8.3.1 Need to Ensure Safety of Patients and Staff is Driving RTLS Adoption
8.4 Access Control & Security
8.4.1 Usage of RTLS Solutions to Restrict Unauthorized Access
8.5 Environmental Monitoring
8.5.1 Environmental Monitoring is Critical in Ensuring Enhanced Patient and Stock Safety
8.6 Supply Chain Management & Automation
8.6.1 RTLS Helps in Improving Operational Visibility and Supply Chain Management
8.7 Other Applications
9 RTLS Market for Healthcare, by Facility Type
9.2 Hospitals & Healthcare Facilities
9.2.1 RTLS Provides Real-Time Visibility into Movement of Equipment and People
9.2.4 Emergency Medical Services
9.2.5 Diagnostic Labs
9.3 Senior Living Facilities
9.3.1 RTLS Helps to Improve Resident Experience and Operational Efficiency
10 RTLS Market for Healthcare, by Region
11 Competitive Landscape
12 Company Profiles
Advantech Co. Ltd.
Airista Flow, Inc.
Alien Technology, LLC
GE Healthcare Technologies Inc.
Identec Solutions AG
Redpoint Positioning Corporation
Secure Care Products LLC
Securitas Healthcare, LLC
Teletracking Technologies, Inc.
Visible Assets, Inc.
Zebra Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/r/dr7191
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900