RTLS In Healthcare Market Size To Reach $7.96 Billion By 2030

RTLS In Healthcare Market Growth & Trends

The global RTLS in healthcare market size is anticipated to reach USD 7.96 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 18.69% from 2023 to 2030. The growth of the market depends on several factors, including increasing demand for asset tracking, growing focus on workflow optimization, and the need for improved patient safety.

Most of the industries including healthcare are adopting the RTLS system to lower the risk of workplace accidents. For instance, according to the World Health Organization (WHO), there is a 1 in 300 chance of a patient being harmed in healthcare due to medical errors. These medical errors are associated with specimen misidentification, incorrect blood transfusion, and adverse drug events, which are primarily caused by patient and medication misidentification. Real Time Location System (RTLS)  technology can be vital in reducing these errors.

Furthermore, RTLS technology can improve patient care by offering real-time location and status information. For instance, hospitals can utilize RTLS technology to track and monitor patients with chronic diseases such as heart disease, and diabetes and warn healthcare personnel when patients need assistance. This can aid in the prevention of medical emergencies and the reduction of consequences.

COVID-19 has heightened interest in RTLS applications related to infection control. RTLSs can help enhance hand hygiene compliance by monitoring temperatures, air pressure, and other environmental conditions within healthcare facilities. Despite the fact that RTLS technology has traditionally been utilized for automated contact tracking, application cases have increased significantly during the COVID-19 pandemic. Staff can use RTLSs to swiftly identify who has been exposed to a known source of disease and execute isolation precautions to prevent further disease exposure. This is especially important when a patient's diagnosis is discovered several days into a hospitalization or after a visit to an outpatient facility. For instance, Sonitor Technologies offers two complementary contact tracing technologies to prevent and control the spread of COVID-19 in hospitals. This technology is used to track and monitor patient location and movement.

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RTLS In Healthcare Market Report Highlights

• In terms of component, the hardware segment held the largest market share in terms of market revenue. However, the fastest growth is anticipated to be registered by the services segment due to the rise in the adoption of seamless technological services

• Based on the application, the asset tracking segment held the largest market share in 2022. This segment allows better real-time monitoring of patients and various medical equipment

• Based on technology, the RFID segment dominated the market in terms of revenue in 2022 and it is also expected to grow at the fastest CAGR during the forecast period due to continuous technological advancements

• Based on the facility type,the hospitals & healthcare facilities segment held the largest share of the market in 2022 owing to the strong adoption of RTLS technology for better patient monitoring and assets tracking services

• Based on region, North America held the largest share in terms of market revenue in 2022. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period. The fastest growth can be attributed to factors such as improving healthcare infrastructure and the presence of a large number of pharmaceutical industries

RTLS In Healthcare Market Segmentation

Grand View Research has segmented the global RTLS in healthcare market based on component, technology, application, facility type, and region:

RTLS In Healthcare Component Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware

• Software

• Services

RTLS In Healthcare Technology Outlook (Revenue, USD Million, 2018 - 2030)

• RFID

• Wi-Fi

• UWB

• BLE

• Others

RTLS In Healthcare Application Outlook (Revenue, USD Million, 2018 - 2030)

• Inventory/Asset Tracking & Management

• Personnel Locating & Monitoring

• Access Control & Security

• Environmental Monitoring

• Supply Chain Management & Automation

• Others

RTLS In Healthcare Facility Type Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals & Healthcare Facilities

• Senior Living Facilities

RTLS In Healthcare Regional Outlook(Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the RTLS In Healthcare Market

• Securitas Healthcare, LLC

• Zebra Technologies Corp.

• Hewlett Packard Enterprise Development LP

• Impinj, Inc.

• TeleTracking Technologies, Inc.

• CenTrak, Inc.

• GE HealthCare

• UBISENSE

• Oracle Corporation

• AiRISTA Flow, Inc.

• Sonitor Technologies

• Midmark Corporation