RTLS Healthcare Market Size, Share and Trends 2024 to 2034

RTLS healthcare Market Size and Forecast 2024 to 2034

The global RTLS healthcare market size is projected to be worth around USD 16.02 billion by 2034 from USD 2.88 billion in 2024, at a CAGR of 18.70% from 2024 to 2034. The benefits of RTLS healthcare include increased healthcare quality, reduced expenses by preventive maintenance, improved patient experience, etc. contributing to the growth of the market.

RTLS Healthcare Market Key Takeaways

• North America dominated the RTLS healthcare market with the highest market share of 45% in 2023.
• Asia Pacific is estimated to expand at a double digit CAGR of 20.53% during the forecast period from 2024 to 2034.
• By component, the hardware segment generated the largest market share of 48% in 2023.
• By component, the service segment is projected to grow at a notable CAGR of 19.70% during the forecast period.
• By technology, the RFID segment dominated accounted for the highest market share of 30% in 2023.
• By technology, the UWB segment is anticipated to be significantly growing during the forecast period.
• By application, the inventory/asset tracking & management segment dominated the RTLS healthcare market in 2023.
• By application, the personnel locating & monitoring segment is estimated to be significantly growing during the forecast period.
• By facility type, the hospitals & healthcare facilities segment dominated the market in 2023.
• By facility type, the senior living facilities segment is anticipated to be significantly growing during the forecast period.

U.S. RTLS Healthcare Market Size and Growth 2024 to 2034

The U.S. RTLS healthcare market size was exhibited at USD 820 million in 2023 and is projected to be worth around USD 5,550 million by 2034, poised to grow at a CAGR of 18.88% from 2024 to 2034.

North America dominated the RTLS healthcare market in 2023. The adoption of RTLS technology in the healthcare industry resulted in significant movement, which helped the growth of the market. Increased demand for the use of RTLS solutions, highlighting the region's commitment to improvement and its struggle to improve patient outcomes and healthcare efficiency across the region. Advancements in RTLS healthcare technology contribute to the growth of the market.

• In March 2023, a CareFlow Cloud Staff Duress Solution, a cloud-based software platform allowed by the BLE (Bluetooth Low Energy) sensory network, was launched by a leading RTLS (real-time locating system) technology provider focused on data insights and workflow efficiency solutions that enhance the delivery of care, Midmark RTLS.

Asia Pacific is estimated to be the fastest-growing during the forecast period of 2024-2033. Growing demand for effective supply chain management in healthcare or hospitals and the increasing many hospitals in the Asia Pacific region contribute to the growth of the RTLS healthcare market. Expanding healthcare infrastructure and the presence of a remarkable pharmaceutical sector contribute to the growth of the market.

• In December 2023, India’s first tech-assisted senior living home facility was launched by Pune-based Naiknavare Developers.

Market Overview

The RTLS healthcare market refers to real-time location systems (RTLS) services in healthcare designed to provide real-time tracking and management of staff, patients, and assets within a healthcare facility. RTLS hospitals are systems that identify and track the locations of individuals or assets inside the premises. Increased healthcare quality because of accurate asset tracking, reduced costs by preventive maintenance and analytics, well-organized workflow for better operational efficiencies, and enhanced patient experience by effective equipment and workflow use.

RTLS Healthcare Market Growth Factors

• The benefits of RTLS healthcare include increased healthcare quality because of precision asset tracking.
• It also includes eliminating costs through preventive maintenance and analytics and a well-organized workflow for better operational efficiency.
• RTLS healthcare can help to improve the patient experience through effective equipment use and workflows.
• It also helps to improve staff and patient safety by reducing risks like physical attacks, infections, and equipment errors, which helps the growth of the RTLS healthcare market.

How is AI Changing RTLS Healthcare?

The use of AI in RTLS healthcare helps the growth of the RTLS healthcare market. By improving healthcare operations, AI-based RTLS increases outcomes for both overburdened patients and staff. The benefits of AI-based RTLS healthcare include spending less effort on manual or hand-operated tracking and unnecessary tasks with AI automation. Hospitals obtain smarter staff use that focuses on direct patient care activities.

• In March 2023, a global leader in machine learning (ML) and artificial intelligence (AI) solutions, ElectrifAi, collaborated with a renowned provider of an RTLS (real-time location systems) for healthcare organizations, Vizzia Technologies to deliver ML-based inventory improvement for advanced asset management predictive analytics.

Market Scope

Market Dynamics

Driver

Increasing safety and security concerns of patients

The increasing safety and security concerns of patients contribute to the growth of the RTLS healthcare market. RTLS healthcare system helps to reduce staffing shortage, eliminates costs with analytics and well-organized workflow, enhances the patient experience, and supports staff and patient safety in hospitals. Patient risks include physical attacks, hospital-acquired infections, and equipment errors. The RTLS may promote safety by eliminating room for these risks.

• In March 2024, Newtown Company launched a real-time location tracking system to transform healthcare operations.

Restraint

Downsides of RTLS healthcare

The downsides of RTLS healthcare include criticality in maintenance and implementation, high installation and maintenance costs that depend on installation area and customer requirements, lack of awareness and expertise related to RTLS solutions, etc. can hamper the growth of the RTLS healthcare market. The high costs of the RTLS system are due to the high cost of software, hardware, power, wiring, and infrastructure.

Opportunity

Future scope of RTLS healthcare

The future scope of RTLS healthcare includes healthcare facilities looking for solutions to shape the effectiveness of the services while cutting expenses, which will help the growth of the RTLS healthcare market. Healthcare providers are also looking for tools that can help optimize their existing resources. 96% of healthcare providers are planning to expand the use of the RTLS system to monitor patients effectively throughout the treatment.

Component Insights

The hardware segment dominated the RTLS healthcare market in 2023. Hardware components like communication infrastructure, sensors, and RFID tags are necessary for RTLS functionality. They allow real-time tracking and data collection of patients, personnel, and assets. These factors help to the growth of the market. Certain technical standards and applications are different; all the RTLS platforms’ basic components are software and hardware components, including the management portal, receivers, transmitters, etc.

The service segment is expected to be the fastest-growing during the forecast period. The service of RTLS healthcare has the necessary components, including integration, deployment, maintenance, support, and consulting. The services play an important role in RTLS healthcare in improving customer experience, ensuring seamless technology adoption, and improving operational efficiency.

Technology Insights

The RFID segment dominated the RTLS healthcare market in 2023 and is anticipated to be the fastest-growing during the forecast period. The benefits of RFID technology include increased revenues, health & safety improvements, improved transparency and visibility, improved data accuracy, automation, better inventory management, real-time data, improved asset tracking, accelerated supply chain processes, and improved operational efficiency that helps the market’s growth.

• In February 2023, GuardRFID was acquired by a worldwide leader in trusted identity solutions, HID. It helps to expand healthcare offerings and create safer experiences for staff and patients.

The UWB segment is anticipated to grow significantly during the forecast period. The benefits of UWB (Ultra-wideband) technology include it playing an important role in wireless communication in RTLS healthcare. It is a real-time location system for pairing 2 or more devices or locating devices. It is used in RTLS healthcare communication technologies for automatic target recognition. In security systems, digital contactless keys are used to help with augmented reality, IoT implementation, wireless data transfer, etc., contributing to the growth of the RTLS healthcare market.

• In May 2024, the general availability of RTLS Version 6.1 was launched by a global leader in RTLS (Real-time location system), Litum. This is a significant milestone in Litum’s UWB technology, which has an expansive range of new features.

Application Insights

The inventory/asset tracking & management segment dominated the RTLS healthcare market in 2023. The benefits of inventory/asset tracking & management include assurance that perishable goods remain under optimal conditions, safe movement of dangerous machinery, loss & theft prevention, improved productivity, improved visibility, expedited accounting processes, maintaining accurate records, keeping track of key documentation, speeding up inventory counts and audits, extending the life of assets, eliminating maintenance costs, etc. contribute to the growth of the market.

• In June 2024, based on Bluetooth AoA (Angle of Arrival) solution for indoor asset tracking or indoor positioning solution was launched by u-box.

The personnel locating & monitoring segment is estimated to grow significantly during the forecast period. The personnel locating & monitoring solution is a technology that offers the safety of employees during work time, an easy way to monitor location. When there is an emergency, employees may alert emergency services or their employer, who will respond instantly, preventing escalation and eliminating the level of harm to the lone worker.

• In November 2023, a mobile Staff Duress Solution was launched by the Mayo Clinic for emergencies based on RTLS, BLuFi, and BLE technology at its hospital in Rochester, Minnesota.

Facility Type Insights

The hospitals & healthcare facilities segment dominated the RTLS healthcare market in 2023. The benefits of hospitals & healthcare facilities include an enhanced visitor experience are all aims which may be obtained by healthier buildings, a more effective and productive workforce, the ability to retain and attract staff, less risk of hospital-acquired infections, and better recovery of patients, which helps to the growth of the market.

• In July 2024, a subscription-based Staff Duress RTLS solution was launched by a global leader in RTLS (real-time location system), Litum. The solution helps to improve safety in healthcare.

The senior living facilities segment is anticipated to grow significantly during the forecast period. The benefits of senior living include a range of amenities, a more active lifestyle without the effort, restaurant style and healthy dining, increased security, safety features, maintenance-free living, scheduled outings, intellectual stimulation, activities and social events, 24-hour care, and personalized care plans.

• In April 2024, in New Delhi, India, a new technology solution to improve the services platform was launched by a developer of comprehensive technology platforms for elderly care and home healthcare, HealthTech Startup, Mindtrot Technologies. The new solution goal is to enhance service providers for senior living facilities.

RTLS Healthcare Market Companies

• Midmark Corporation
• Sonitor Technologies
• AiRISTA Flow, Inc.
• Oracle Corporation
• UBISENSE
• GE HealthCare
• CenTrack, Inc.
• TeleTracking Technologies, Inc.
• Impinj, Inc.
• Hewlett Packard Enterprise Development LP
• Zebra Technologies, Corporation
• Securitas Healthcare, LLC.
• Stanley Healthcare
• Savi Technology
• GE Healthcare
• Aruba Networks
• Alien Technology
• Advantech Co., Ltd.

Recent Developments

• In March 2024, a new cloud-based software platform for healthcare real-time location systems (RTLS) technology to provide safety and efficiency at hospitals was launched by CenTrack, a healthcare technology solutions company.
• In August 2024, a global leader in trusted identity solutions, HID, announced the acquisition of a premier provider of RTLS (Real Time Location Systems) for healthcare applications, Vizzia Technologies, to improve healthcare RTLS offerings.

Segments Covered in the Report

By Component

• Hardware
• Software
• Services

By Technology

• RFID
• Wi-Fi
• UWB
• BLE
• Others

By Application

• Inventory/Asset Tracking & Management
• Personnel Locating & Monitoring
• Access Control & Security
• Environmental Monitoring
• Supply Chain Management & Automation
• Others

By Facility Type

• Hospitals & Healthcare Facilities
• Senior Living Facilities

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa