Global RTLS in Healthcare Market Insights Forecasts to 2033

• The Global RTLS in Healthcare Market Size was estimated at USD 1.98 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 17.45% from 2023 to 2033
• The Worldwide RTLS in Healthcare Market Size is Expected to Reach USD 9.89 Billion by 2033
• Asia Pacific is expected to Grow at the fastest region during the forecast period.

The Global RTLS in Healthcare Market Size is anticipated to reach USD 9.89 Billion by 2033, Growing at a CAGR of 17.45% from 2023 to 2033. 

Market Overview                   

Real-time location system (RTLS) in healthcare system is a segment of technology that enables the tracking and management of patients, staff, and assets in real-time in contexts such as clinicians, hospitals, and other medical institutions. This means employing a combination of sensors and wireless communication technologies, including Bluetooth, Wi-Fi, RFID, and infrared tags, for the real-time location system allowing medical professionals to maintain surveillance on individuals and assets in a specific area in real time.  RTLS is vital for healthcare facilities as they strive to achieve optimal patient safety, staff efficiency, and asset organization. Such systems employ wireless communication technologies such as RFID technology, Wi-Fi, Bluetooth, GPS, and ultrasound technology to monitor and recognize assets in real time. They assist with monitoring patient movements, making sure staff follow sanitary protocols, accelerating procedures, and minimizing delays. Additionally, analytics can be performed on the obtained data to find bottlenecks and optimize resource allocation. In addition to their capacity to safeguard personnel, assets, and patients, RTLS solutions consequently remain in great demand in the worldwide healthcare industry. The RTLS market growth shows potential for improving healthcare delivery and patient safety. It uses real-time RFID technology to locate individuals or objects, track assets, monitor patient safety, and conduct contact tracing during outbreaks. The increasing prevalence of technological advancements leads to reduced cost and enhanced efficiency is set to boost the market.

Report Coverage

This research report categorizes the global RTLS in healthcare market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global RTLS in healthcare market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global RTLS in healthcare market.

Driving Factors

The market is expected to grow as a consequence of the booming healthcare sector and technical developments in healthcare infrastructure in emerging nations. In addition to beneficial aspects including better hospital services and increased returns on investment, RTLS technology is becoming increasingly prevalent in the healthcare industry. The availability of affordable RTLS solutions, the growing need for UWB-based RTLS solutions, and increasing uncertainties in the healthcare sector to enhance safety, security, and workflow constitute some of the major drivers propelling the RTLS healthcare market. The global healthcare market is expanding owing to the high accuracy and efficiency of ultra-wideband technology-enabled RTLS solutions, particularly in emerging economies like China, India, and Brazil. The healthcare industry is increasingly utilizing RTLS technology ascribed to its enhanced accuracy, scalability, and interoperability, and its integration with mobile applications and EHR systems.

Restraining Factors

The implementation of RTLS in healthcare facilities faces challenges including high upfront costs, ethical concerns about surveillance, and legal issues related to data ownership, responsibility, and consent. Those with fewer assets or smaller premises may consider these expenditures prohibitively costly.

Market Segmentation

The global RTLS in healthcare market share is classified into component, technology, application, and end-use.

• The hardware segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR throughout the projection period.

Based on the components, the global RTLS in healthcare market is categorized as software, services, and hardware. Among these, the hardware segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR throughout the projection period. Hardware components, including tags, readers, and antennas, are crucial for real-time tracking and location determination in the RTLS in healthcare market. Their reliability influences system effectiveness. Advancements in technology, such as durable tags and high-sensitivity readers, have enhanced RTLS efficiency. The demand for robust systems in healthcare settings is driven by improvements in signal accuracy and range.

• The RFID segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the estimated period.

Based on the technology, the global RTLS in healthcare market is categorized as BLE, RFID, Wi-Fi, and UWB. Among these, the RFID segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the estimated period. RFID is a radiofrequency identification technology. RFID solutions promote asset management, methods of operation, and patient safety in healthcare organizations by providing real-time location data despite line-of-sight. They retain their dominant position in the RTLS market by enhancing asset management, optimizing workflows, and reducing operational inefficiencies.

• The inventory/asset tracking & management segment dominated the market in 2023 and is expected to grow at a significant CAGR during the projection period.

Based on the application, the global RTLS in healthcare market is categorized as personal locating & monitoring and inventory/asset tracking & management. Among these, the inventory/asset tracking & management segment dominated the market in 2023 and is expected to grow at a significant CAGR during the projection period. RTLS systems are crucial for the efficient tracking of medical equipment, pharmaceuticals, and other valuable assets in healthcare settings. They provide real-time visibility, enabling better inventory management and resource allocation. The growing focus on operational workflows and cost reduction drives the demand for RTLS solutions, contributing to their dominant market share.

• The senior living facilities held a significant share in 2023 and is expected to grow at a significant CAGR during the projection period.

Baes on the end-use, the global RTLS in healthcare market is categorized as hospitals, senior living facilities, and healthcare facilities. Among these, the senior living facilities held a significant share in 2023 and is expected to grow at a significant CAGR during the projection period. The demand for real-time tracking and management systems in senior care facilities is being driven by the increasing prevalence of elderly people and the emphasis on enhancing their quality of life. These systems enhance resident care and operational efficiency by enhancing safety, optimizing procedures, and conveying precise data. It is prominent that the RTLS in healthcare market has a significant supply of senior living facilities.

Regional Segment Analysis of the Global RTLS in Healthcare Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold a significant share of the global RTLS in healthcare market over the predicted timeframe.

North America is anticipated to hold a significant share of the global RTLS in healthcare market over the predicted timeframe. North America healthcare providers are increasingly adopting real-time tracking and location (RTLS) technology to optimize asset management, streamline workflows, and enhance patient care. The region's advanced healthcare infrastructure, regulatory environment, and high rate of technological innovation drive the market, with healthcare organizations seeking advanced solutions to address complex challenges and improve care delivery.

Asia Pacific is the fastest-growing region of the global RTLS in healthcare market during the forecast period. The growth in the diversity of hospitals in the Asia-Pacific region and the increasing demand for efficient supply chain management in the healthcare or hospital industry contribute to the expansion of the RTLS healthcare market. The emergence of a remarkable pharmaceutical industry and increasing healthcare infrastructure promote market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global RTLS in healthcare market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• GE Healthcare
• Oracle Corporation
• Stanley Healthcare
• Alien Technology
• Zebra Technologies, Corporation
• Teletracking Technologies Inc.
• Savi Technology
• Aruba Networks
• Hewlett Packard Enterprise Development LP
• Cen Track Inc.
• Midmarket Corporation
• Ubisense
• Advantech Co. Ltd.
• AiRISTA Flow
• Sonitor Technologies
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In August 2024, HID, a global leader in trusted identity solutions, announced the acquisition of Vizzia Technologies, a premier provider of real-time location systems (RTLS) platforms for healthcare applications. This strategic move enhances HID's capabilities in the healthcare RTLS sector, specifically in the areas of asset management, monitoring, and other critical healthcare facility requirements. 

• In July 2024, Sonitor, a leading global provider of accurate real-time location systems (RTLS), and Spectralink, the industry leader in enterprise mobile solutions announced their strategic partnership and validated integration of Sonitor MDuress with Spectralink Versity and Spectralink Versity smartphones. This powerful solution enhanced the safety and security of hospital staff, addressing critical challenges faced in healthcare environments.

• In February 2024, Centrak, the leader in real-time location technology solutions, introduced Connect, a state-of-the-art cloud-based software platform developed to advance the utility of Real-Time Location Systems (RTLS) in healthcare. RTLS software has become a crucial asset within healthcare systems, playing a pivotal role in improving patient health outcomes, optimizing financial performance, reducing non-clinical burdens, and supporting staff safety. CenTrak's new cloud-based platform marks a paradigm shift in the industry, offering a secure, high-performance cloud environment, and seamless scalability to meet the needs of modern healthcare organizations.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global RTLS in healthcare market based on the below-mentioned segments:

Global RTLS in Healthcare Market, By Component

• Software
• Services
• Hardware

Global RTLS in Healthcare Market, By Technology

• BLE
• RFID
• Wi-Fi
• UWB

Global RTLS in Healthcare Market, By Application

• Personal Locating & Monitoring
• Inventory/Asset Tracking & Management

Global RTLS in Healthcare Market, By End-Use

• Hospitals
• Senior Living Facilities
• Healthcare Facilities

Global RTLS in Healthcare Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa