How Has the Real Time Location System In Healthcare Market Size Evolved in Recent Years?
The real time location system in healthcare market has seen considerable growth due to a variety of factors.
• The real-time location system in healthcare market has seen exponential growth in recent years. It will grow from $3.19 billion in 2024 to $3.9 billion in 2025, at a compound annual growth rate (CAGR) of 22.3%.
This expansion is due to the rising demand for asset tracking, an increased focus on workflow optimization, enhanced patient safety needs, the growing emphasis on patient security, and government initiatives to modernize healthcare systems.
What are the Market Size and Expected Growth Rates for the Real Time Location System In Healthcare Market?
The real time location system in healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• The real-time location system (RTLS) market in healthcare is expected to grow exponentially, reaching $8.62 billion by 2029 at a CAGR of 22.0%.
Factors contributing to this growth include the growing global population, rising patient numbers, increased demand for better patient care and safety, adoption of RTLS technology, and rising healthcare spending. Trends include improved tracking of medical equipment, technology investments, integration of AI and machine learning, and advancements like Ultra-Wideband (UWB) technology.
Which Key Drivers Are Propelling The Real Time Location System In Healthcare Market's Growth?
The surge in cancer patients is anticipated to boost the expansion of the real-time location systems in the healthcare industry. Cancer patients are those diagnosed with the condition characterized by abnormal cell growth and spread. This swelling patient demographic is attributed to aging, lifestyle choices, genetic susceptibility and healthcare access. Real-time location systems (RTLS) bring in efficiency, coordination and a patient-oriented care model, enhancing the overall healthcare experience for cancer patients. As per National Institutes of Health (NIH) data, a US government agency, there are projected to be approximately 18.1 million cancer survivors in May 2024, accounting for roughly 5.4% of the population in 2022. This figure is forecasted to rise 24.4% to 22.5 million by 2032 and further accelerate to 26.0 million by 2040. Consequently, this escalating patient count is propelling the expansion of the real-time location system in the healthcare sector.
What Are The Key Segments Within 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
Subsegments:
1) By Hardware: Tags And Sensors, Readers And Antennas, Gateways
2) By Software: RTLS Software Platforms, Data Analytics Software, Monitoring And Reporting Software
3) By Service: Installation And Integration Services, Maintenance And Support Services, Consulting And Training Services
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How Are New Trends Impacting The Size Of The Real Time Location System In Healthcare Market?
Prominent healthcare corporations in the real-time location system for the healthcare industry are honing their focus on the development of AI-driven digital technologies. These technologies enhance patient tracking, operational efficiency and overall care quality, thereby boosting patient outcomes and resource management. AI-based digital technology systems are those which harness AI to automate processes, analyse data and provide insights. An example of this is Astra Zeneca, a biopharmaceutical firm based in the UK, which in November 2023 launched a new health-tech business called Evinova. This venture aims to boost innovation in the life sciences field, concentrating especially on patient health outcomes and clinical trials. Evinova will concentrate on deploying widely-used digital technology solutions by AstraZeneca to enhance clinical trial design and execution. Reducing development time and cost of new medicines, bringing patient care closer to home, and lightening the load on health systems will be its priority. Evinova also plans to leverage opportunities in digital therapeutics and digital remote patient monitoring, with several digital advances in the pipeline for these fields.
Who Are the Key Players In The Real Time Location System In Healthcare Market?
Major companies operating in the real time location system in healthcare market are:
• Cisco Systems Inc.
• Oracle Corporation
• GE HealthCare Technologies Inc.
• Securitas AB
• Zebra Technologies Corporation
• Aruba Networks
• Impinj Inc.
• Midmark Corporation
• TeleTracking Technologies Inc.
• CenTrak Healthcare Inc.
• Alien Technology
• Enlighted Inc.
• Kontact.io
• Savi Technology Inc.
• purple.ai
• Identec Solutions AG
• Ekahau Inc.
• Ubisense Group PLC
• Inpixon Inc.
• Sonoitor Technologies Inc.
• Vizzia Technologies
• AiRISTA Flow Inc.
• Tagnos Inc.
• Awarepoint Corporation
What Are The Regional Insights Into 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.
