Global RTLS In Healthcare Market Size (2024 – 2030)

As per our research report, the Global RTLS in Healthcare Market was valued at USD 2.40 Billion and is projected to reach a market size of USD 8.11 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 19%. The growing applications of RTLS in various healthcare facilities and growth in the popularity of UWB technology-based RTLS solutions are majorly driving the growth of the industry.

Industry Overview:

RTLS or Real-Time Location System is used to provide real-time tracking and management of medical staff, patients, and medical assets under diversified patient care environments. RTLS technology facilitates tracking and real-time location detection of objects and people. This technology is very popular in many verticals such as defense, sales management, marketing, and healthcare. RTLS in healthcare improves the workflow and increases the clinical quality. Various hardware and software components are used to track the data. RTLS systems also monitor the staff location and environmental conditions accurately. Such systems enhance the safety of patients and healthcare workers while reducing the administrative burden in healthcare facilities.

The growing expansion of the healthcare sector and technological advancements in healthcare infrastructure in the emerging economies is anticipated to bolster the growth of the market. RTLS technology in healthcare is gaining traction owing to benefits such as improved hospital services and higher returns on investment. Increasing concerns in the healthcare industry to improve safety, security, and workflow, availability of cost-effective RTLS solutions, and growth in popularity of UWB-based RTLS solutions are a few key driving factors for the RTLS healthcare market growth.  

COVID-19 impact on RTLS in Healthcare Market

The COVID-19 outbreak led to a decline in the growth of RTLS in the healthcare market as healthcare organizations dedicated most of their funds toward the procurement of medical equipment and other resources to combat COVID-19. RTLS in the healthcare market also saw a decline during the pandemic as the market does not fall under the basic essential category to combat COVID-19. The COVID-19 crisis has also disrupted the supply chain of the RTLS market for healthcare which has hindered the manufacturing, distribution, and installation of such solutions. RTLS systems can be used for various applications in hospitals during the covid-19 pandemic situation. For instance, RTLS systems can be used in hospitals to track washing hands by staff to reduce the transfer of infections that can be dangerous to patients.

Digital health and telehealth solutions have taken a front seat in the ongoing COVID-19 pandemic. COVID-19 outbreak re-emphasized the importance of remote care, diagnosis, and consultation. The social distancing measures mandated digital consultation for patients with moderate symptoms. Medical IoT devices are being utilized for optimizing outpatient treatment and minimizing repeated visits. Increased access, technological progress, and cost containment are projected to be an integral part of healthcare reforms in the coming years. The COVID-19 outbreak led to a rise in awareness of RTLS systems and the development of new products, which is likely to positively impact the market growth in the future.

MARKET DRIVERS:

The growing applications of RTLS in various healthcare facilities are majorly boosting the market growth

The global market for RTLS in healthcare is being driven by the increasing application of such systems in hospitals, diagnostic labs, eldercare facilities, emergency medical services, ambulatory surgical centers, and others. The demand for ultra-wideband technology-enabled RTLS solutions in hospitals is growing as they provide high accuracy. The RTLS systems streamline workflow and increase clinical quality for efficient patient care in hospitals. RTLS systems are increasingly adopted in clinics and hospitals in emerging economies like China, India, and Brazil, among others, which is likely to boost the market demand for RTLS in healthcare.

Growth in the popularity of UWB technology-based RTLS solutions is driving the market demand

In recent years, ultra-wideband technology-based RTLS solutions have witnessed a rise in demand in the RTLS market for healthcare. The ability of UWB technology to provide accurate positioning data of a person or object is mainly driving its market growth. UWB provides higher accuracy and range with lower power consumption compared with most other RTLS technologies. This has led to its high adoption in applications that require high accuracy, such as patient tracking, real-time location of staff members, and tracking valuable equipment and assets. Several end-users of RTLS technology have shifted from other RTLS technology-based solutions such as Wi-Fi and RFID to ultra-wideband-based technology for improved efficiency, shortened lead times, and decreased costs.

MARKET RESTRAINTS:

The high cost of installation and maintenance can hamper the RTLS in the healthcare market growth

The cost of an RTLS system at the time of installation can be very high depending on the customer requirements and installation area. The installation cost of the RTLS systems based on Wi-Fi is less than UWB-enabled systems. The maintenance cost of RFID-based and Wi-fI-based solutions is costlier compared to systems based on other technologies. The high price of an RTLS system is based on the price of hardware, software, wiring, power, and infrastructure. The installation of all these RTLS components adds to the total cost thereby, increasing the initial setup cost and maintenance cost which can hinder the market growth.

Lack of expertise and awareness about RTLS solutions are likely to restraint the market growth

Lack of awareness about the advantages of RTLS solutions is one of the major challenges. Users highly depend on passive RFID tags and barcodes for their business. The awareness of RTLS solutions is very low in underdeveloped and emerging economies. Moreover, most of the organizations that utilize RTLS systems, struggle to utilize these technologies up to their potential as they lack well-skilled technicians and expertise to deal with the digital spatial data. The lack of awareness and appropriate knowledge act as a barrier to the adoption of RTLS solutions.

RTLS IN HEALTHCARE MARKET REPORT COVERAGE:

This research report on the global RTLS in Healthcare Market has been segmented and sub-segmented based on offering, technology, application, end-use, and region.

RTLS in Healthcare Market – By Offering

• Hardware

• Software

• Services

Based on Offering, the RTLS in the Healthcare market is segmented into Hardware, Software, and Services. Hardware components like sensors, trackers, readers, and RFID tags are used in RTLS systems. A tag is given to the patient or object that needs to be tracked and a reader is employed at the receiving side. The connection between the patient/asset is established using various technologies like Bluetooth, Wi-Fi, RFID, and many more.

RTLS in Healthcare Market – By Technology

• RFID

• Bluetooth

• Wi-Fi

• UWB

• GPS

• Zigbee

• Ultrasound

• Infrared

• Biological Artificial Ligaments

• Synthetic Artificial Ligaments

Based on Technology, the RTLS in the Heathcare market is segmented into RFID, Bluetooth, Wi-Fi, UWB, GPS, Zigbee, Ultrasound, Infrared, Biological Artificial Ligaments, and Synthetic Artificial Ligaments. The RFID segment holds a significant market share and is anticipated to witness considerable growth during the forecast period. This is attributed to its accurate and efficient tracking capability which aids to locate people and equipment in real-time. RFID is used to provide robust healthcare services as it provides medical data for doctors, and medical staff and also reduces the risk of misidentification issues in healthcare. The Wi-Fi segment is anticipated to hold a significant market share over the forecast period owing to its increasing use for RTLS applications. Many RTLS vendors have been using existing Wi-Fi infrastructure to lay out RTLS solutions for data sharing. With the development in RTLS technology, RFID and Wi-Fi have evolved to UWB-designed for RTLS solutions which improve efficiency and limit the wastage of time as well as cost. Ultra-wideband’s technical ability provides accurate identification of a person/object with low power consumption compared to other RTLS technologies. Zigbee technology provides the communication between a tag and a reader precisely and at a lower rate. The growing use of Wi-Fi, Bluetooth, GPS, RFID, and Zigbee technology, among others, is likely to surge the market growth over the forecast period.

RTLS in Healthcare Market – By Application

• Asset Tracking & Management

• Personnel Tracking

• Patient Safety

• Environmental Monitoring

• Others

Based on Application, the RTLS in the Healthcare market is segmented into Asset Tracking & Management, Personnel Tracking, Patient Safety, Environmental Monitoring, and Others. The Asset Tracking & Management segment is anticipated to hold the largest market during the forecast period. RTLS technologies are mainly utilized in asset tracking & management in healthcare facilities to optimally utilize time and available resources during operations.

RTLS in Healthcare Market – By End User

• Hospitals & Healthcare Providers

• Pharma & Biotech Companies

• Healthcare Payers

• Patients

• Others

Based on End Use, the RTLS in the Healthcare market is segmented into Hospitals & Healthcare Providers, Pharma & Biotech Companies, Healthcare Payers, Patients, and Others. The Hospitals & Healthcare Providers segment is anticipated to hold a dominant position in the global RTLS in the healthcare market during the forecast period. This growth is attributed to the high demand for RTLS systems from hospitals in the US and Europe to optimize resource utilization, enhance operations, and increase profitability. The demand for RTLS solutions is also increasing in developing regions such as China, Japan, and India. The RTLS systems are employed in hospitals to improve the facilities for the patients and help in tracking the assets.

RTLS in Healthcare Market - By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, the North American RTLS in Healthcare Market is leading globally and is projected to hold the largest market share during the forecast period. The key factors contributing to this growth are government and private investments in new technologies, increasing penetration of AI technology healthcare, growing efforts by hospitals toward providing better patient management, and the presence of major RFID tracking solution providers in this region.

The European RTLS in Healthcare Market is anticipated to account for the second-largest share of the global market during the forecast period owing to the heavy investments in the adoption and implementation of RTLS solutions. UK and Germany generate significant demand for RTLS solutions in this region.

The RTLS in Healthcare Market in the Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. This growth is attributed to increasing demand for improvement in healthcare services and high technological adoption across developing nations in the region. China, Japan, and South Korea are anticipated to accelerate the growth of the RTLS in the healthcare market in APAC.

The RTLS in Healthcare Markets in Latin America, the Middle East, and Africa are projected to witness moderate growth during the forecast period. There are untapped opportunities present in these regions but a lack of awareness about new technologies can be a restraining factor in the market growth.

Major Key Players in the Market

Companies like

1.  GE Healthcare

2. Cen Trak Inc.

3. Zebra Technologies Corp.

4. Impinj Inc.

5. Aruba.

6. Intelligent Insites

7. Midmark Corporation

8. Airista Flow Inc., GmbH.

9. Tele-Tracking Technologies Inc.

10. Stanley Healthcare

11. Litum Technologies 

The estimated growth of the RTLS in the Healthcare Market is a result of product launches, research, and developments undertaken by key market players. These vendors focus on strategic partnerships, collaborations, and acquisitions to earn a competitive edge in the market.

Notable happenings in the Global RTLS in Healthcare Market in the recent past:

Product Launch- In May 2021, Aruba launched the First Enterprise-Grade Wi-Fi 6E Solution to increase the transition speed to the cloud, reduce latency, and enhance performance that will increase connectivity.

Collaboration- In January 2020, Silicon Labs collaborated with Quuppa to deliver a highly accurate indoor asset tracking solution based on the BLE direction finding feature with AoA technology. It is designed for navigation, indoor positioning, and asset and people tracking applications.

Product Launch- In February 2020, Impinj Inc. introduced its R700 RAIN RFID reader, designed for enterprise-grade RAIN deployments which delivers industry-leading performance with the fastest network connectivity and powerful edge processing for IoT solutions.

Product Launch- In April 2020, AiRISTA Flow announced the launch of the AiRISTA Flow Social Distancing and Contact Tracing Solution, designed for the workplace. The solution automates contact tracing and uses a wireless device worn by employees to enforce the CDC’s COVID-19 guidelines for social distancing.

Partnership- In May 2020, Stanley Healthcare announced that it joined Cisco DNA Spaces as the first certified partner focused on healthcare, enabling hospitals to quickly and affordably deploy a wide range of Real-Time Location System (RTLS) applications. This will offer enterprise-wide visibility into the location and status of assets and people in healthcare environments.

Expansion- In September 2020, CenTrak announced its expansion into end-to-end locating, sensing, and security services for the healthcare industry. CenTrak now offers an enterprise-ready platform consisting of its suite of hardware products and a growing list of software solutions, integrated through a series of strategic acquisitions since 2018.