What Is The Scope Of The Global Real Time Location System In Healthcare Market?
A real-time location system (RTLS) in healthcare is a technology used to automatically identify and track the location of people or objects within a healthcare facility in real-time. This system uses various types of wireless communication technologies to monitor the movements and locations of equipment, staff, and patients. A real-time location system (RTLS) in healthcare significantly enhances operational efficiency, patient care, and safety to ensure optimal use of resources, improve patient outcomes, and maintain a high standard of service delivery.
Real Time Location System In Healthcare Global Market Report 2024 provides data on the global real time location system in healthcare market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The real time location system in healthcare market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Real Time Location System In Healthcare Sector?
The market for real-time location systems (RTLS) in healthcare has seen exponential growth, rising from $2.62 billion in 2023 to $3.19 billion in 2024 at a CAGR of 21.6%. Historical growth has been supported by the increasing need for asset tracking, enhanced workflow optimization, improved patient safety measures, and modernization of healthcare systems. The market is anticipated to grow to $7.08 billion by 2028 at a CAGR of 22.1%. Future growth will be fueled by the adoption of RTLS technology, rising healthcare expenditure, and an increased focus on patient safety. Key trends include the use of ultra-wideband technology, integration with AI and machine learning, and advanced asset-tracking solutions.
Which Factors Are Boosting Growth In The Real Time Location System In Healthcare Market?
The growing number of cancer patients is expected to contribute to the expansion of the real-time location system (RTLS) market in healthcare. As the cancer patient population rises due to factors like aging and lifestyle, RTLS solutions are helping improve the efficiency and coordination of cancer care, leading to better patient outcomes. The National Institutes of Health estimated that the number of cancer survivors in the U.S. would increase by 24.4% to 22.5 million by 2032. Therefore, the increasing number of cancer patients is fueling the growth of the RTLS market in healthcare.
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What Key Areas Define The Segmentation Of The Global Real Time Location System In Healthcare Market?
The real time location system in healthcare market covered in this report is segmented –
1) By Offering: Hardware, Software, Service
2) By Technology: Radio Frequency Identification (RFID), Wi-Fi, Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), Infrared, Ultrasound, Other Technologies
3) By Facility Type: Hospitals And Healthcare Facilities, Senior Living Facilities
4) By Application: Inventory Or Asses Tracking And Monitoring, Personnel Locating And Monitoring, Access Control And Security, Environmental Monitoring, Supply Chain Management And Automation, Other Applications
How Are Emerging Trends Reshaping The Dynamics Of The Real Time Location System In Healthcare Market?
Prominent companies in the real-time location systems market for healthcare are advancing active radio frequency (RF) tags to enhance asset tracking and monitoring capabilities. These battery-powered tags offer longer tracking ranges compared to passive alternatives. In June 2021, Inpixon launched the Inpixon asset tag, pre-configured with 2.4 GHz chirp technology. The tag enables precise real-time tracking of high-value items such as medical equipment and sensitive materials, addressing critical needs in healthcare environments.
Which Region Has The Fastest Expansion In The Real Time Location System In Healthcare Market?
North America was the largest region in the real time location system in healthcare market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the real time location system in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
