IMARC Group, a leading market research company, has recently releases report titled “Real Time Location Systems (RTLS) for Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, The study provides a detailed analysis of the industry, including the global real time location systems (RTLS) for healthcare market trends, share, size, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the real time location systems (RTLS) for healthcare market?
The global real time location systems (RTLS) for healthcare market size reached US$ 2.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.3 Billion by 2032, exhibiting a growth rate (CAGR) of 16.15% during 2024-2032.
Factors Affecting the Growth of the Real Time Location Systems (RTLS) for Healthcare Industry:
- Increased Need for Asset Management:
The growing emphasis on asset management within healthcare settings is a pivotal factor driving the adoption of real-time location systems (RTLS). The efficient management of medical equipment, devices, and even pharmaceuticals is crucial for operational efficiency, cost reduction, and ensuring that the right tools are available at the right time for patient care. RTLS technology addresses these needs by providing precise, real-time information on the location and status of assets throughout a facility. This capability not only helps in preventing the loss or theft of expensive medical equipment but also significantly reduces the time staff spend searching for these items, thereby optimizing workflow and productivity. Furthermore, RTLS enables better utilization of assets by identifying underused equipment, which can lead to more informed purchasing decisions and reduced capital expenditure.
- Enhanced Patient Care:
Enhanced patient care is another significant factor driving the growth of RTLS in healthcare. It plays an important role in improving the quality and efficiency of patient care by facilitating real-time tracking of patient movements, wait times, and interactions with healthcare providers. Additionally, RTLS helps in identifying bottlenecks and improving patient throughput by providing a clear overview of patient flow within the facility, thus reducing wait times and enhancing the overall patient experience. Moreover, RTLS can be used to monitor the health and safety of patients, particularly those who are vulnerable or have special needs, by ensuring that they receive timely care and are not left unattended for prolonged periods. Beyond this, RTLS also supports infection control efforts by tracking interactions, which is crucial in preventing the spread of contagious diseases within healthcare facilities.
- Safety and Security:
The safety and security of patients, staff, and assets in healthcare facilities are paramount, leading to the widespread adoption of RTLS technology. It enables healthcare facilities to monitor the real-time location of individuals within their premises, enhancing the security of patients, especially those who are vulnerable, such as children, geriatrics, and psychiatric patients. Additionally, RTLS helps prevent infant abductions in maternity wards by alerting staff if a baby is taken outside a designated area. Besides this, it ensures that patients with dementia or other cognitive impairments who may wander are found quickly and safely. Moreover, the RTLS technology also improves staff safety by enabling a quick response to emergency situations, such as a staff member activating a distress signal in a situation where they feel threatened or are experiencing a medical emergency.
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Real Time Location Systems (RTLS) for Healthcare Market Growth and Development:
Healthcare organizations are increasingly adopting RTLS solutions to comply with regulations and standards concerning patient safety, asset management, and operational efficiency, which is contributing to the market growth. Additionally, recent advances in technology, including the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), which have made RTLS solutions more accurate, reliable, and cost-effective, are driving the market growth. Besides this, the rising healthcare expenditure, leading to investments in advanced technologies like RTLS to streamline operations and reduce costs, is strengthening the market growth.
Real Time Location Systems (RTLS) for Healthcare Market 2024-2032 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the real time location systems (RTLS) for healthcare market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- AeroScout Inc.
- AiRISTA
- Alien Technology
- Axcess International Inc.
- CenTrak Healthcare Company
- DecaWave Limited
- Ekahau Inc.
- Identech Group AG
- Impinj
- Savi Technology
- Sonitor Technologies
- Stanley Healthcare
- TeleTracking Technologies
- Ubisense Group
- Zebra Technologies, etc.
Key Market Segmentation:
The report has segmented the global real time location systems (RTLS) for healthcare market based on component, technology, application, vertical and region.
Breakup by Offering:
- Software
- Hardware
- Service
Hardware holds the majority of the market share because it forms the foundational infrastructure required for RTLS implementation, including tags, sensors, and readers, essential for tracking assets and individuals in real-time.
Breakup by Applications:
- Asset Tracking
- Patient Safety
- Personnel Tracking
- Environmental Monitoring
- Others
Asset tracking accounted for the largest market share due to the critical need within healthcare facilities to efficiently manage and locate equipment, devices, and pharmaceuticals, thereby reducing operational costs and improving patient care.
Breakup by End Use:
- Hospitals
- Clinics
- Emergency Medical Services
- Eldercare Facilities
- Diagnostic Labs
Hospitals represented the largest segment because they are complex environments with a high demand for real-time tracking solutions to enhance patient safety, optimize asset utilization, and improve overall operational efficiency.
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
Browse the full report with TOC and list of Figures: https://www.imarcgroup.com/real-time-location-systems-for-healthcare-market
Asia Pacific's dominance in the market is attributed to its rapidly expanding healthcare sector, driven by a growing population, increasing investments in healthcare infrastructure, and a rising focus on adopting advanced technologies to meet the escalating demand for quality healthcare services.
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