RTLS for Healthcare Market Size, Share, & Growth by 2030

[Research Report] The RTLS for healthcare market was valued at US$ 2.37 billion in 2022 and is projected to reach US$ 9.36 billion by 2030. It is expected to register a CAGR of 18.7% in 2022–2030.

Market Insights and Analyst View:

Real-time location services (RTLS) in healthcare are used to provide real-time tracking as well as management of staff, medical equipment, and patients in all types of healthcare facilities. Healthcare facilities such as hospitals, senior living facilities, ambulatory centers, and diagnostic laboratories are using RTLS to track medical equipment, patients, healthcare professionals, and reports. For instance, senior living facilities use tags and badges connected through RTLS to track the geriatric population majorly suffering from Alzheimer’s disease or who suffer from memory loss. Increasing awareness about the advantages of RTLS for staff management and high return on investment with reduced capital expenditure propels the RTLS for healthcare market size.

Growth Drivers and Challenges:

The shortage of healthcare professionals and the increase in the use of RTLS are among the factors driving the RTLS for healthcare market growth. There has been a considerable shortage in the number of healthcare professionals worldwide. In 2020, the first report of the State of the World’s Nursing (SOWN), published by the World Health Organization (WHO), stated that the nursing workforce was at 27.9 million globally, and it projected a shortfall of 5.9 million nurses by 2030 globally. According to the data from the Association of American Medical Colleges (AAMC), the US is expected to face a shortage of about 120,000 physicians by 2030, impacting overall patient care across the nation. In an article published by Siemens, nurses spend about 72 minutes per shift searching for equipment, and the average equipment utilization rate is below 40%, while the share of lost or stolen assets is estimated to be around 10% in facilities without real-time location services (RTLS). With the shortage of staff, searching for equipment becomes an unnecessary task for the nurses. Therefore, to manage the time of the available staff, healthcare facilities are focusing on installing RTLS systems through which they can easily locate the equipment or the staff required. Thus, due to the shortage of healthcare professionals, healthcare facilities have begun using RTLS technology to manage workflow in their facilities.

The use of RTLS technology for proper connectivity during home healthcare is expected to bring new RTLS for healthcare market trends in the coming years.

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RTLS for Healthcare Market: Strategic Insights

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Report Segmentation and Scope:

The RTLS for healthcare market analysis has been carried out by considering the following segments: offering, technology, application, facility type, and geography. By offering, the market is segmented into hardware, software, and services. The hardware segment is further segmented into readers/trackers/access points, tags/badges, and other hardware. The services segment is further divided into consulting, deployment and integration, and support and maintenance. Based on application, the market is divided into inventory/asset tracking & management, personnel locating & monitoring, supply chain management & automation, and others.

In terms of technology, the market is segmented into Wi-Fi, RFID, and others. By facility type, the market is segmented into hospital and healthcare facilities, and senior living facilities. Geographically, the RTLS for healthcare market is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

The RTLS for healthcare market, by offering, is segmented into hardware, and software & services. Hardware is further segmented into readers/trackers/access points, tags/badges, and other hardware. In 2022, the software & services segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030.  The software & services segment growth is driven by software product launches by companies to improve the efficiency of RTLS systems. For instance, in June 2021, Midmark RTLS launched a cloud-based, Bluetooth Low Energy (BLE) asset tracking solution, which modernizes asset tracking capabilities.

Based on application, the market is divided into inventory/asset tracking & management, personnel locating & monitoring, supply chain management & automation, and others. In 2022, the inventory/asset tracking & management segment held the largest RTLS for healthcare market share. The personnel locating & monitoring segment is expected to record the highest CAGR during 2022–2030.

Based on technology, the RTLS for healthcare market is segmented into Wi-Fi, Radio-Frequency Identification (RFID), and others. In 2022, the RFID segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030.

The market, by facility type, is segmented into hospital and healthcare facilities, and senior living facilities. In 2022, the hospitals and clinics segment held a larger RTLS for healthcare market share and is expected to record a higher CAGR during 2022–2030.

Regional Analysis:

The scope of the RTLS for healthcare market report focuses on North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific is predicted to show the highest CAGR in the market during 2022–2030. North America held the largest share of the global market in 2022 owing to the increasing number of technologically advanced hospitals, the growing use of RTLS in senior living facilities and home care, and the presence of key market players involved in new and existing product developments. North America is the biggest contributor to the RTLS for healthcare market growth. In North America, the US held the largest share of the market in 2022.

Industry Developments and Future Opportunities:

The RTLS for healthcare market forecast is estimated based on various secondary and primary research findings such as key company publications, association data, and databases. A few plans by key players operating in the RTLS for healthcare market are listed below:

• In April 2022, Cognosos launched a new medical equipment software suite named Proactive Periodic Automated Replenishment (ProPAR). ProPAR is a digital version of RTLS dashboards and solutions that support central supply and biomedical engineering teams by providing instant visibility to asset counts and PAR level thresholds in healthcare facilities. The ProPAR leverages Cognosos’ indoor RTLS location engine solution, LocationAI, that provides room-level visibility to equipment location, eliminating the need to search equipment for cleaning or re-circulation, maintenance, and helping to ensure PAR levels are consistently met.
• In July 2020, Advantech launched its RTLS solution-ready package (SRP) designed for real-time locating and monitoring of medical equipment, staff, and patients. Advantech’s RTLS SRP is a hardware-software solution that includes location sensors, edge servers, tags, medical-grade tablets, dashboards, and RTLS management software. Integration of Advantech’s multi-mode sensing dynamic fusion (MSDF) technology with RTLS SRP reduces interference from obstacles and enhances positioning performance in complex indoor environments.

RTLS for Healthcare Market Regional Insights

The regional trends and factors influencing the RTLS for Healthcare Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses RTLS for Healthcare Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

RTLS for Healthcare Market Report Scope

RTLS for Healthcare Market Players Density: Understanding Its Impact on Business Dynamics

The RTLS for Healthcare Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the RTLS for Healthcare Market are:

1. CenTrak Inc
2. Advantech
3. Securitas Healthcare LLC
4. Zebra Technologies
5. Aruba Networks

Disclaimer: The companies listed above are not ranked in any particular order.

Competitive Landscape and Key Companies:

CenTrak Inc, Advantech, Securitas Healthcare LLC, Zebra Technologies, Aruba Networks, GE Healthcare, Ubisense, TeleTracking Technologies, Siemens Healthcare Pvt Ltd, and HID Global Corporation are among the prominent players profiled in the RTLS for healthcare market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. These companies focus on geographic expansions and new product launches to meet the growing demand from consumers worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large customer base, subsequently facilitating market expansion.