Global RTLS In Healthcare Market Size (2024 – 2030)

According to the latest research report, the Global RTLS in Healthcare Market reached a valuation of USD 2.40 Billion and is estimated to achieve USD 8.11 Billion by the conclusion of 2030. Across the forecast period spanning 2024-2030, the market is poised to expand at a Compound Annual Growth Rate (CAGR) of 19%. Key factors propelling the industry's growth include the increasing utilization of RTLS across diverse healthcare settings and the rising popularity of RTLS solutions based on UWB technology.

Industry Overview:

RTLS, also known as Real-Time Location System, serves the purpose of real-time tracking and management within varied patient care environments, encompassing medical staff, patients, and medical assets. This technology enables the real-time detection and tracking of objects and individuals. Widely embraced across various sectors such as defense, sales management, marketing, and healthcare, RTLS technology significantly enhances workflow efficiency and improves clinical standards within healthcare facilities. A combination of hardware and software components is employed to facilitate data tracking. Moreover, RTLS systems ensure precise monitoring of staff locations and environmental conditions, thereby bolstering patient and healthcare worker safety while concurrently reducing administrative burdens within healthcare establishments.

The burgeoning expansion of the healthcare sector and advancements in healthcare infrastructure, particularly in emerging economies, are anticipated to propel market growth. RTLS technology in healthcare is gaining momentum due to its associated benefits, such as enhanced hospital services and increased returns on investment. The healthcare industry's growing emphasis on improving safety, security, and workflow, coupled with the availability of cost-effective RTLS solutions and the rising popularity of UWB-based RTLS solutions, serves as pivotal drivers for the growth of the RTLS healthcare market.

COVID-19 Impact on RTLS in Healthcare Market

The advent of the COVID-19 pandemic resulted in a temporary downturn in the growth trajectory of the RTLS in the healthcare market, as healthcare organizations allocated a significant portion of their resources toward procuring medical equipment and other essentials to combat the pandemic. Moreover, the RTLS market within the healthcare sector witnessed a downturn during the pandemic period, given its classification outside the realm of essential tools to combat COVID-19. The pandemic crisis further disrupted the supply chain of the RTLS market for healthcare, thereby hindering the manufacturing, distribution, and installation of such solutions. Nonetheless, RTLS systems found application in various capacities within hospitals during the pandemic, such as tracking handwashing by staff to mitigate the transmission of potentially harmful infections to patients.

The ongoing COVID-19 pandemic has underscored the importance of digital health and telehealth solutions. The outbreak accentuated the need for remote care, diagnosis, and consultations. Social distancing measures mandated the adoption of digital consultations for patients exhibiting moderate symptoms. Medical IoT devices have been instrumental in optimizing outpatient care and reducing the need for repeated visits. Increased accessibility, technological advancements, and cost containment are poised to be integral facets of healthcare reforms in the foreseeable future. Consequently, the COVID-19 outbreak has raised awareness about RTLS systems, fostering the development of new products and potentially influencing positive market growth in the future.

MARKET DRIVERS:

The burgeoning adoption of RTLS across diverse healthcare facilities stands as a primary driver fueling market growth.

The global market for RTLS in healthcare is witnessing robust growth due to the expanding applications of such systems in various healthcare settings, including hospitals, diagnostic labs, eldercare facilities, emergency medical services, and ambulatory surgical centers, among others. The demand for ultra-wideband technology-enabled RTLS solutions is on the rise within hospitals owing to their superior accuracy. These systems streamline workflows and elevate clinical standards, facilitating efficient patient care within hospital settings. Furthermore, the adoption of RTLS systems is on the upswing in clinics and hospitals across emerging economies such as China, India, and Brazil, among others, which is expected to drive market demand for RTLS in healthcare.

The rising popularity of UWB technology-based RTLS solutions is a key driver of market demand.

In recent years, there has been a surge in demand for ultra-wideband technology-based RTLS solutions within the healthcare RTLS market. The ability of UWB technology to furnish precise positioning data of individuals or objects is a major driver propelling its market growth. UWB technology offers superior accuracy and range while consuming lower power compared to most other RTLS technologies. Consequently, it has garnered significant adoption in applications necessitating high precision, such as patient tracking, real-time staff location monitoring, and tracking valuable equipment and assets. Numerous end-users of RTLS technology have transitioned from other RTLS technology-based solutions, such as Wi-Fi and RFID, to UWB-based technology for enhanced efficiency, reduced lead times, and cost savings.

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 – By Offering

• Hardware
• Software
• Services

The RTLS in the Healthcare market is divided into three segments: Hardware, Software, and Services. Hardware components, such as sensors, trackers, readers, and RFID tags, play a pivotal role in RTLS systems. Tags are assigned to patients or objects for tracking purposes, while readers are utilized at receiving points. Various technologies, including Bluetooth, Wi-Fi, and RFID, are employed to establish connections between patients/assets and the system.

RTLS in Healthcare Market – By Technology

• RFID
• Bluetooth
• Wi-Fi
• UWB
• GPS
• Zigbee
• Ultrasound
• Infrared
• Biological Artificial Ligaments
• Synthetic Artificial Ligaments

The RTLS in the Healthcare market is categorized into several technologies: RFID, Bluetooth, Wi-Fi, UWB, GPS, Zigbee, Ultrasound, Infrared, Biological Artificial Ligaments, and Synthetic Artificial Ligaments. The RFID segment is a significant market contributor and is expected to experience substantial growth due to its precise tracking capabilities, facilitating real-time location of individuals and equipment. RFID technology enhances healthcare services by providing medical data to doctors and staff, while also reducing the risks associated with misidentification in healthcare settings. Additionally, the Wi-Fi segment is forecasted to hold a considerable market share, driven by its expanding use in RTLS applications. Many vendors leverage existing Wi-Fi infrastructure for RTLS solutions, fostering data sharing. Advancements in RTLS technology have seen the evolution of RFID and Wi-Fi into UWB, designed specifically for RTLS solutions, enhancing efficiency and reducing time and cost wastage. UWB technology provides accurate identification with low power consumption compared to other RTLS technologies. Zigbee technology ensures precise communication between tags and readers at a lower rate. The increasing adoption of Wi-Fi, Bluetooth, GPS, RFID, and Zigbee technologies is expected to propel market growth.

RTLS in Healthcare Market – By Application

• Asset Tracking & Management
• Personnel Tracking
• Patient Safety
• Environmental Monitoring
• Others

The RTLS in the Healthcare market's applications include Asset Tracking & Management, Personnel Tracking, Patient Safety, Environmental Monitoring, and Others. The Asset Tracking & Management segment is poised to dominate the market during the forecast period, as RTLS technologies are primarily utilized in healthcare facilities for optimizing resource utilization and operational efficiency.

RTLS in Healthcare Market – By End User End-use segments in the RTLS in the Healthcare market encompass Hospitals & Healthcare Providers, Pharma & Biotech Companies, Healthcare Payers, Patients, and Others. The Hospitals & Healthcare Providers segment is expected to hold a leading position in the global market, driven by the high demand for RTLS systems in US and European hospitals to optimize resources, improve operations, and enhance profitability. Furthermore, there is a growing demand for RTLS solutions in developing regions such as China, Japan, and India, where these systems are used to enhance patient facilities and asset tracking.

RTLS in Healthcare Market - By Region Geographically, the North American RTLS in Healthcare Market leads globally and is projected to maintain the largest market share during the forecast period. Factors contributing to this growth include government and private investments in new technologies, increasing adoption of AI in healthcare, hospitals' efforts to improve patient management, and the presence of major RFID tracking solution providers in the region.

The European RTLS in Healthcare Market is expected to hold the second-largest share of the global market due to substantial investments in RTLS adoption. Countries like the UK and Germany exhibit significant demand for RTLS solutions.

The Asia Pacific RTLS in Healthcare Market is anticipated to witness the highest CAGR during the forecast period, driven by the increasing demand for improved healthcare services and high technological adoption in developing nations such as China, Japan, and South Korea.

Latin America, the Middle East, and Africa's RTLS in Healthcare Markets are projected to experience moderate growth, with untapped opportunities in these regions. However, the lack of awareness about new technologies may impede market growth.

Major Key Players in the Market Key players in the RTLS in Healthcare Market include:

1. GE Healthcare
2. CenTrak 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 anticipated growth of the RTLS in the Healthcare Market is attributed to product launches, research, and developments undertaken by these key market players. These companies focus on strategic partnerships, collaborations, and acquisitions to gain a competitive edge in the market.

Recent Developments in the Global RTLS in Healthcare Market: Notable events in the Global RTLS in Healthcare Market include:

• Product Launch: Aruba launched the First Enterprise-Grade Wi-Fi 6E Solution in May 2021, aimed at enhancing cloud transition speed, reducing latency, and improving connectivity performance.
• Collaboration: Silicon Labs partnered with Quuppa in January 2020 to deliver a highly accurate indoor asset tracking solution based on BLE direction finding with AoA technology, designed for navigation, indoor positioning, and asset/people tracking applications.
• Product Launch: Impinj Inc. introduced its R700 RAIN RFID reader in February 2020, designed for enterprise-grade RAIN deployments, offering industry-leading performance, fast network connectivity, and powerful edge processing for IoT solutions.
• Product Launch: AiRISTA Flow announced the launch of its Social Distancing and Contact Tracing Solution for the workplace in April 2020. The solution automates contact tracing and enforces CDC's COVID-19 guidelines for social distancing using a wireless device worn by employees.
• Partnership: Stanley Healthcare joined Cisco DNA Spaces as the first certified partner focused on healthcare in May 2020. This collaboration enables hospitals to deploy a range of RTLS applications, providing enterprise-wide visibility into the location and status of assets and people in healthcare environments.
• Expansion: CenTrak expanded into end-to-end locating, sensing, and security services for the healthcare industry in September 2020. Offering an enterprise-ready platform with hardware products and software solutions, CenTrak aims to enhance its presence in the market through strategic acquisitions and developments since 2018.