DUBLIN, May 10, 2023 (GLOBE NEWSWIRE) — ‘Health Added Global RTLS Market for Care ), Applications (Inventory/Asset Tracking, Human Resource Monitoring), Facility Types, and Regions – Forecast to 2028 report of ResearchAndMarkets.com Recruitment.
The global RTLS market size for healthcare is estimated to grow from US$2 billion in 2023 to US$5.8 billion in 2028, at a CAGR of 23.5%.
Every year, hospitals experience various equipment failures, such as refrigerator and freezer failures, resulting in the loss of medicines, vaccines, tissues, blood, or food.
RTLS systems automatically record temperature and humidity and alert personnel so medical facilities can monitor and address such issues before they cause loss or harm to patients. RTLS technology also supports documentation of corrective actions for out-of-bounds conditions and provides various reports to support regulatory audits. Therefore, RTLS greatly helps healthcare organizations achieve high RoI.
Hospitals and medical facilities segment to hold the largest share of the market during the forecast period
Hospitals and healthcare facilities around the world are using it for a variety of applications including inventory/asset tracking and management, personnel/staff location and monitoring, access control and security, environmental monitoring, supply chain management and operational automation/visibility. I am using the RTLS platform. RTLS solutions provide real-time information about the location of assets and people within these facilities. This ensures that the right personnel and necessary equipment are available to care for patients at the right time. In addition to obtaining information on the status and location of staff, patients, and assets, it also helps improve the safety and security of hospitals and medical facilities. Therefore, hospitals and medical facilities in various 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 used in both room-level and sub-room-level precision applications. IR tags use a small battery to send a modulated signal with a unique ID to a room or zone. An IR receiver is mounted in a fixed location, picks up the tag’s signal and unique ID, and transfers the data to a host computer or network/cloud database via a Wi-Fi or LAN connection. Track assets/personnel using Spectrum. Several major technology providers around the world have expressed interest in integrating IR and ultrasound technology with RF and Wi-Fi technology to improve the accuracy level of their RTLS products.
The European market is expected to grow at an impressive CAGR during the forecast period
Europe is one of the leading regions for research and development in the field of location-based solutions. Most European private customers or businesses use location-based mapping services extensively, leading to a significant increase in revenue. The growing need for increased business efficiency in the healthcare sector is expected to be a key driver for the growth of the RTLS market in Europe.
Some of the leading location-based solution vendors in the region include Ubisense Ltd. (UK), Identec Solutions AG (Austria), Decawave (Ireland) and Sewio Networks (Czech Republic). Additionally, increasing government support by increasing funding to improve healthcare facilities with advanced technology-based products with improved capabilities, such as RTLS solutions, is driving demand for healthcare in countries such as the UK and Germany. It has benefited the growth of the RTLS market.
- Increasing Market Competitiveness Driving Cost-Effective RTLS Availability
- High ROI due to reduced capital investment
- High accuracy for UWB-based RTLS solutions
- Increased patient/staff security and safety concerns
- Data security and privacy issues
- high installation and maintenance costs
- Growing need for efficient resource utilization and workflow optimization is driving RTLS adoption
- Growing Popularity of Hybrid RTLS Solutions
- Growing Adoption of IoT Solutions in Healthcare
- Growing demand for RTLS solutions in developing countries
- Trade-offs in designing RTLS solutions
- System compatibility and lack of common standards
|number of pages
|Estimated market value in 2023 (USD)
|Projected Market Value (USD) to 2028
|compound annual growth rate
1.First of all
2 Survey method
3 Executive Summary
4 Premium Insights
5 Market Overview
6 RTLS Market for Healthcare by Offering
6.2.1 Growing Demand for Hybris RTLS Solutions
6.2.3 Receiver/Reader/Tracker/Exciter/Access Point
6.2.4 Other hardware
6.3.1 Growing Demand for Customized Software Platforms to Meet Customer Needs
6.4.1 Consultation is the most important part of the RTLS service
6.4.2 Deployment and integration
6.4.3 Support and maintenance
7 Healthcare RTLS Market by Technology
7.2.1 RFID advantages over other technologies are driving 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 accuracy and high accuracy by UWB technology
7.5.1 Adding Bluetooth Technology Benefits of Low Power Consumption and Long Life
7.6.1 Benefits such as No Interference and Bandwidth Limitations to Drive Adoption
7.7.1 Infrared technology useful for room-level and sub-room-level applications
7.8 Other technologies
8 Healthcare RTLS Market by Application
8.2 Inventory/Asset Tracking and Management
8.2.1 Inventory and asset tracking are key applications of RTLS in healthcare
8.3 Personnel Locating and Monitoring
8.3.1 The need to ensure patient and staff safety is driving the adoption of RTLS
8.4 Access Control and Security
8.4.1 Use of RTLS solutions to limit unauthorized access
8.5 Environmental monitoring
8.5.1 Environmental monitoring is critical to ensuring improved patient and stock safety
8.6 Supply chain management and automation
8.6.1 RTLS helps improve operational visibility and supply chain management
8.7 Other applications
9 Healthcare RTLS Market by Facility Type
9.2 Hospitals and medical facilities
9.2.1 RTLS provides real-time visibility of equipment and human movement
9.2.4 Emergency medical services
9.2.5 Diagnostic Lab
9.3 Elderly living facilities
9.3.1 RTLS helps improve resident experience and operational efficiency
10 RTLS Market for Healthcare by Region
11 Competitive environment
12 Company Profile
- Advantech Co., Ltd.
- Airista Flow Co., Ltd.
- Alien Technology, LLC
- Aruba Networks
- Blue IoT
- boulder technology
- Sentrack Co., Ltd.
- Thurner Corporation
- deca wave
- GE Healthcare Technologies, Inc.
- Identec Solutions AG
- Impinge Co., Ltd.
- Leantegra Co., Ltd.
- Midmark Co., Ltd.
- Redpoint Positioning Corporation
- rust technology
- Secure Care Products LLC
- Securitas Healthcare, LLC
- Sewio Networks
- Sonitor Technologies
- Teletracking Technologies Inc.
- track tio
- Ubisense Inc.
- Visible Asset Co., Ltd.
- Zebra Technologies Inc.
For more information on this report, please visit https://www.researchandmarkets.com/r/dr7191.
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. It provides up-to-date data on international and regional markets, key industries, top companies, new products and latest trends.
Global RTLS Market for Healthcare