RTLS for healthcare Market Size Growing USD 5.8 billion by 2028

The global RTLS market for healthcare is projected to grow from USD 2.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 23.5% during the forecast period according to a new report by MarketsandMarkets™. RTLS solutions are being increasingly deployed in supply chain operations to save time and minimize errors while improving the inventory turnover ratio, thereby saving costs and increasing return on investment (RoI). RTLS solutions do not just track assets and personnel, but they also enable healthcare facilities to manage their assets to boost productivity by analyzing the data captured and forecasting any potential errors.

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The market for software segment is expected to grow at a significant CAGR during the forecast period.

RTLS software possess various capabilities such as location tracking or asset tracking, analytics, and the ability to manipulate data or reporting, which allows the examination of specific pieces of location or data, alerting, and non-location sensor information. 2 types of software are provided—standalone software and full-stack RTLS solution. A large number of companies use standalone asset tracking software, whereas the demand for full-stack RTLS solution is also increasing gradually. Technological advancements in the field of information technology have led to customized software platforms based to meet specific requirements of clients. Moreover, the penetration of system applications and products (SAP) and enterprise resource planning (ERP) software for the data processing application in RTLS solutions helps in building a strong platform.

Personnel locating & monitoring is one of the key applications of RTLS solutions and it is anticipated to grow at a significant CAGR.

Personnel locating & monitoring is one of the most crucial needs for healthcare facilities to ensure smooth operations and safety of its staff and patients. Many hospitals are focusing on maximizing resource utilization and reducing costs by eliminating manual, time-consuming workforce management processes. An RTLS ensures that each department or specialty is appropriately staffed, providing patients with the highest quality and most timely care. RTLS platforms are increasingly being used in hospitals to monitor the workflow on the operational floor. Keeping track of people/patients/staff inside a predetermined area is the main concern of many organizations. In healthcare, keeping track of personnel can provide valuable information to the organization. This might help organizations to make split-second decisions, protecting staff and averting disasters. For this purpose, various gadgets such as tags/badges and gateways are being used.

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North America region is anticipated to dominate the RTLS market for healthcare during the forecast period.

The RTLS Industry for healthcare in North America has been segmented into the US, Canada, and Mexico. In North America, US is the largest contributor to the market growth and it is expected to hold the largest share during forecast period. The presence of prominent RTLS vendors in the US is one of the key factors driving the market growth during the forecast period. Securitas Healthcare, LLC (US), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), CenTrak, Inc. (US), and TeleTracking Technologies, Inc. (US) are some of the dominant players in the RTLS market for healthcare in the US. These market players are continuously focusing on increasing their market share and strengthen their market position by adoption strategies such as acquisitions, partnerships etc. Additionally, the declining ASPs of UWB tags and long-term high return on investment are expected to be the prominent reasons for the growing adoption of advanced UWB technology-based RTLS solutions in North America in the next few years.

The key players in RTLS Companies for healthcare include Securitas Healthcare, LLC (US), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi Technology (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), Advantech Co., Ltd. (Taiwan), and GE HealthCare Technologies Inc. (US).