CHICAGO, July 29,
2024 /PRNewswire/ -- The global healthcare
RTLS market size is expected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a CAGR of 19.6%
during the forecast period according to a new report by
MarketsandMarkets™. Since ultra-wideband and Bluetooth low
energy made a mark recently and are expected to grow exponentially
during the forecast period. Hence, companies are involved in
developing the best innovative products to lead the marketplace.
Fast-paced startups offer a number of innovative solutions based on
new RTLS technologies such as UWB, BLE, ZigBee, and RuBee.
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Browse in-depth TOC on "RTLS for healthcare
Market"
170 – Tables
60 – Figures
230 – Pages
RTLS for healthcare Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 2.3
billion
|
Estimated Value by
2029
|
$ 5.7
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 19.6%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Hardware,
Technology, Application, Facility Type, Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Trade-off issue in RTLS
solutions designing
|
Key Market
Opportunities
|
Growing need for
efficient operations and optimum utilization of existing
resources
|
Key Market
Drivers
|
Rising adoption of UWB
technology-based RTLS solutions due to accuracy
|
The market for hardware segment is expected to gain a largest
market share during the forecast period.
RTLS solutions comprise hardware components, including the
tags or badges attached to an asset or a person for tracking
purposes. RTLS badges, tags, and sensory networks are developed to
perform in the background and help send locations of equipment,
people, and staff accurately and automatically. These tags,
periodically, send information back to readers or trackers. A
reader communicates with a tag and picks up and processes the
signals from the tag, which are then passed on to the middleware—an
application software platform that analyzes and correlates this
data to provide the real-time exact location.
Wi-Fi segment is expected to hold a substantial market share
during the forecast period.
Wi-Fi is one of the most widely used wireless technologies in
the RTLS market for healthcare because of its high compatibility,
ease of installation, and easy availability. One of the reasons
Wi-Fi location systems face wide acceptance is that, in most of the
cases, already installed Wi-Fi access points can be used without
incurring any additional hardware costs. by Using this approach,
either Wi-Fi tags or simply smart devices with internal Wi-Fi
radios send signals to all Wi-Fi access points within a range, or
vice-versa. Several positioning indicators can be used to calculate
the distance from access points depending on the number of access
points available. Many players are offering RTLS solutions based on
Wi-Fi technology. For instance, AiRISTA (US) offers various asset
tags such as 1- button asset tag, 2-button asset tag, and personnel
or patient tag, which works on Wi-Fi technology. For instance,
1-button asset tag offered by the company is ideally suited for
tracking assets in harsh or outdoor environments using your
existing Wi-Fi network.
The environmental monitoring segment is to grow at an
impressive CAGR during the forecast period.
Environmental monitoring within healthcare facilities is a
critical requirement that touches patient safety, inventory stock
care, and quality of care. There is a paramount need to monitor
environmental conditions in various parts that include intensive
care facilities, storage locations, blood storage, and many others
within the hospitals. Monitoring the environment manually is
time-consuming, and any inefficiency can result in difficulty in
meeting compliance requirements and ensuring optimal storage
conditions. RTLS solutions here can be of great help as they can be
used for monitoring the environmental conditions of rooms and
storage areas such as refrigerators and freezers.
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Asia Pacific is expected to
hold a significant market share of the RTLS industry for
healthcare during the forecast period.
The Asia Pacific region has
been identified as one of the future key potential markets for RTLS
in healthcare, while this regional market is projected to grow at
the highest CAGR during the forecast period. Developments in the
healthcare sector are being witnessed in Asia Pacific as a number of healthcare
facilities start adopting newer technology-based products for
better performance and automation of certain processes.
Japan is the region's early
adopter of RTLS, and has been registering the impressive growth in
the healthcare RTLS market. Now, countries such as South Korea, China, and Australia are estimated to turn out as
high-growth markets for RTLS in healthcare.
Key Players
The key players in the RTLS for healthcare
companies include Securitas Healthcare LLC (US), Zebra
Technologies Corp. (US), HPE Aruba Networking (US), Impinj, Inc.
(US), and TeleTracking Technologies, Inc. (US) and others.
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