The global real-time location systems (RTLS) for healthcare market are expected to grow at a CAGR of 17-19% in the next five years. The rising concern for patient safety and quality care, growing demand for advanced tracking systems in the healthcare process, increasing need for operational efficiency and cost reduction in healthcare facilities, growing integration with digital health systems, and rising adoption of technology-based RTLS solutions due to accuracy are some of the key factors driving the RTLS for healthcare market.
Real-Time Location Systems (RTLS) in healthcare enable instant tracking and management of medical equipment, staff, and patients across various care settings. An RTLS setup includes fixed receivers or readers (location sensors) that capture wireless signals from small ID badges or tags attached to specific objects or individuals. This allows for accurate determination of the location of tagged items or people within a facility or designated indoor or outdoor area.
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Adoption of technology-enabled RTLS solutions propels market growth
RTLS technology is transforming healthcare operations by significantly improving patient safety and boosting operational efficiency with exceptional accuracy. This advanced technology is not only redefining emergency response capabilities but also optimizing everyday workflows within medical facilities. RTLS in healthcare relies on various technologies. These include RFID (Radio Frequency Identification), Wi-Fi, and ultrasound for tracking. Each technology has its unique strengths such as:
• RFID for Inventory and Asset Management: RFID offers both passive and active tags. They are increasingly gaining popularity in RTLS for tracking medical equipment, inventory, and other assets accurately, making it easier to manage equipment maintenance, reduce loss, and increase utilization.
• Ultra-Wideband (UWB) for Precision: UWB technology is being adopted for its high accuracy in indoor positioning, which is especially beneficial for tracking sensitive or high-value equipment, and precise location needs in critical areas like operating rooms.
• Wi-Fi for cost reduction: Wi-Fi-based RTLS uses existing healthcare facility networks. This makes it a cost-effective choice for large areas.
Growing demand for RTLS solutions in hospital settings drives market growth
RTLS plays a crucial role in improving patient care, optimizing workflows, and ensuring the safety and efficiency of clinicians and staff in healthcare settings. The data insights generated by an RTLS system can drive impactful, long-term decisions across the organization, leading to substantial positive outcomes such as:
• Supports Patient and Staff Safety in Hospitals: RTLS enhances patient and staff safety by providing real-time location information. It helps prevent patient elopement, reduces response times during emergencies, hospital-acquired infections, or physical attacks, and ensures that patients are receiving the right care in the right place.
• Improves Patient Experience: RTLS reduces wait times by optimizing patient flow within hospitals, monitoring patient wait times, and reallocating resources as necessary. This enhancement improves the patient experience and alleviates congestion in high-traffic areas like the ER. Additionally, RTLS enables caregivers to provide more personalized care by anticipating patients' needs through real-time location data, ultimately boosting patient satisfaction.
• Streamlines Workflow: RTLS streamlines workflows in healthcare by providing real-time visibility into the location and status of patients, staff, and equipment. Tracking patient flow for throughput management can also help to recognize and address bottlenecks such as long wait times, overcrowding in outpatient clinics, emergency rooms, and post-anesthesia care units, delayed or rescheduled surgeries, and not having enough beds for patients.
• Reduces Cost with Analytics: RTLS can also help integrate your data systems and streamline information across the entire health system. This is especially helpful when considering hospital business processes.
Competitive Landscape Analysis
The global RTLS for healthcare market is marked by the presence of innovative and emerging market players such as Securitas Healthcare LLC., Zebra Technologies Corp., Hewlett Packard Enterprise Development LP, Impinj Inc., TeleTracking Technologies Inc., CenTrak, Inc., GE HealthCare, Stanley Healthcare, AiRISTA Flow Inc., Sonitor Technologies, and Midmark Corporation, among others. Some of the key strategies adopted by the market players include product launches, mergers and acquisitions, strategic partnerships, and collaborations.
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Market Segmentation
This report by Medi-Tech Insights provides the size of the global RTLS for healthcare market at the regional- and country level from 2022 to 2029. The report further segments the market based on offering, technology, application, and facility type.
• Market Size & Forecast (2022-2029), By Offering, USD Million
o Hardware
Tags/Badges
Readers/Trackers/Access Points
Other Hardware
o Software
o Services
Deployment & Integration
Support and Maintenance
Consulting
• Market Size & Forecast (2022-2029), By Technology, USD Million
o RFID
o Wi-Fi
o UWB
o BLE
o Infrared
o Ultrasound
o Other Technologies
• Market Size & Forecast (2022-2029), By Application, USD Million
o Inventory/Asset Tracking & Management
o Personnel Locating & Monitoring
o Access Control & Security
o Environmental Monitoring
o Supply Chain Management & Automation
o Other Applications
• Market Size & Forecast (2022-2029), By Facility Type, USD Million
o Hospital & Healthcare Facilities
o Senior Living Facilities
• Market Size & Forecast (2022-2029), By Region, USD Million
o North America
US
Canada
o Europe
UK
Germany
France
Italy
Spain
Rest of Europe
o Asia Pacific
China
India
Japan
Rest of Asia Pacific
o Latin America
o Middle East & Africa
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.
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