The global RTLS market for healthcare size is expected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a CAGR of 19.6% from 2024 to 2029.
RTLS solutions are increasingly being used in supply chain operations to save time and reduce errors, improving the inventory turnover ratio that saves costs and increases return on investment. RTLS solutions track assets and personnel but also manage enterprise assets, which enables higher productivity by analyzing data captured and provides forecasting for any potential error. There are many big data analytics and RTLS companies that deal with enterprises by providing more Rol and helping them manage their assets and staff in a much better way.
The use of AI in RTLS solutions could revolutionize the healthcare industry by optimizing patient care, staff safety, and operational efficiency. AI-powered predictive analytics allow RTLS data to forecast patient flow, manage resources effectively, and anticipate equipment maintenance needs, thus improving overall hospital management. Combining RTLS with medical wearable technology facilitates continuous monitoring of patient vitals, enabling proactive interventions for patients with chronic conditions and enhancing personalized care. Moreover, AI-driven analysis of patient movement data optimizes surgical outcomes by refining protocols and ensuring efficient patient flow from preoperative preparation to postoperative care.
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Senior living facilities segment is expected to grow at highest CAGR during the forecast period.
Resident safety and comfort are the top priorities of senior living facilities. Many such facilities adopt RTLS to improve residents’ experience and increase operational efficiency. RTLS, combined with wearable sensors or tags/badges, can assist with situations potentially harmful to patients/residents, such as patients wandering and entering unauthorized or sensitive areas. RTLS solutions help locate individuals who have wandered or entered unauthorized areas by immediately and accurately pinpointing their exact location. This provides institutions the confidence they need to discretely keep patients safe without compromising their freedom of movement. It is especially beneficial for those residents showing signs of dementia. RTLS solutions that are built on ultrasound indoor positioning technology that delivers precise and immediate location and event-based information for any tagged object or badged individual are mostly used in senior living facilities.
The market for inventory/asset tracking & management segment is projected to hold largest market share during the forecast period.
With increasing patient volume and expectations of experience and satisfaction, healthcare facilities are under greater pressure. They have to reduce the excess fat in the form of unnecessary steps in their workflow. Asset tracking and management activities thus have prime importance in various organizations. They make sure that the correct equipment or tools are available at the right time. It is particularly critical in the case of emergencies, especially in hospitals. Asset tracking and management is the major application in the healthcare sector as healthcare organizations are usually large and may have thousands of critically important assets, such as patient beds and specialized medical devices.
The market in North America is projected to hold the substantial market share in 2029.
North America is currently leading the RTLS market for healthcare in terms of market size, and a similar trend is expected to continue during the forecast period, owing to the healthcare revolution in the region. The reason for the dominance of North America is its well-established economy, which allows for investments in new technologies. The rapid adoption of RTLS solutions for several applications is also contributing to the largest market share of North America in the RTLS market for healthcare. The declining ASPs of UWB tags and long-term high return on investment are expected to be the prominent reasons for the growing adoption of BLE- and UWB technology-based solutions in healthcare facilities in the next few years.
Key Market Players
Securitas Healthcare LLC (US), Zebra Technologies Corp. (US), HPE Aruba Networking (US), Impinj, Inc. (US), and TeleTracking Technologies, Inc. (US) are among a few top players in the RTLS companies for Healthcare.