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[Research Report] The RTLS for healthcare market was valued at US$ 2.37 billion in 2022 and is projected to reach US$ 9.36 billion by 2030. It is expected to register a CAGR of 18.7% in 2022–2030.
Market Insights and Analyst View:
Real-time location services (RTLS) in healthcare are used to provide real-time tracking as well as management of staff, medical equipment, and patients in all types of healthcare facilities. Healthcare facilities such as hospitals, senior living facilities, ambulatory centers, and diagnostic laboratories are using RTLS to track medical equipment, patients, healthcare professionals, and reports. For instance, senior living facilities use tags and badges connected through RTLS to track the geriatric population majorly suffering from Alzheimer’s disease or who suffer from memory loss. Increasing awareness about the advantages of RTLS for staff management and high return on investment with reduced capital expenditure propels the RTLS for healthcare market size.
Growth Drivers and Challenges:
The shortage of healthcare professionals and the increase in the use of RTLS are among the factors driving the RTLS for healthcare market growth. There has been a considerable shortage in the number of healthcare professionals worldwide. In 2020, the first report of the State of the World’s Nursing (SOWN), published by the World Health Organization (WHO), stated that the nursing workforce was at 27.9 million globally, and it projected a shortfall of 5.9 million nurses by 2030 globally. According to the data from the Association of American Medical Colleges (AAMC), the US is expected to face a shortage of about 120,000 physicians by 2030, impacting overall patient care across the nation. In an article published by Siemens, nurses spend about 72 minutes per shift searching for equipment, and the average equipment utilization rate is below 40%, while the share of lost or stolen assets is estimated to be around 10% in facilities without real-time location services (RTLS). With the shortage of staff, searching for equipment becomes an unnecessary task for the nurses. Therefore, to manage the time of the available staff, healthcare facilities are focusing on installing RTLS systems through which they can easily locate the equipment or the staff required. Thus, due to the shortage of healthcare professionals, healthcare facilities have begun using RTLS technology to manage workflow in their facilities.
The use of RTLS technology for proper connectivity during home healthcare is expected to bring new RTLS for healthcare market trends in the coming years.
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RTLS for Healthcare Market: Strategic Insights
Market Size Value in US$ 2.37 billion in 2022 Market Size Value by US$ 9.36 billion by 2030 Growth rate CAGR of 18.7% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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RTLS for Healthcare Market: Strategic Insights
| Market Size Value in | US$ 2.37 billion in 2022 |
| Market Size Value by | US$ 9.36 billion by 2030 |
| Growth rate | CAGR of 18.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Report Segmentation and Scope:
The RTLS for healthcare market analysis has been carried out by considering the following segments: offering, technology, application, facility type, and geography. By offering, the market is segmented into hardware, software, and services. The hardware segment is further segmented into readers/trackers/access points, tags/badges, and other hardware. The services segment is further divided into consulting, deployment and integration, and support and maintenance. Based on application, the market is divided into inventory/asset tracking & management, personnel locating & monitoring, supply chain management & automation, and others.
In terms of technology, the market is segmented into Wi-Fi, RFID, and others. By facility type, the market is segmented into hospital and healthcare facilities, and senior living facilities. Geographically, the RTLS for healthcare market is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Segmental Analysis:
The RTLS for healthcare market, by offering, is segmented into hardware, and software & services. Hardware is further segmented into readers/trackers/access points, tags/badges, and other hardware. In 2022, the software & services segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030. The software & services segment growth is driven by software product launches by companies to improve the efficiency of RTLS systems. For instance, in June 2021, Midmark RTLS launched a cloud-based, Bluetooth Low Energy (BLE) asset tracking solution, which modernizes asset tracking capabilities.
Based on application, the market is divided into inventory/asset tracking & management, personnel locating & monitoring, supply chain management & automation, and others. In 2022, the inventory/asset tracking & management segment held the largest RTLS for healthcare market share. The personnel locating & monitoring segment is expected to record the highest CAGR during 2022–2030.
Based on technology, the RTLS for healthcare market is segmented into Wi-Fi, Radio-Frequency Identification (RFID), and others. In 2022, the RFID segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030.
The market, by facility type, is segmented into hospital and healthcare facilities, and senior living facilities. In 2022, the hospitals and clinics segment held a larger RTLS for healthcare market share and is expected to record a higher CAGR during 2022–2030.
Regional Analysis:
The scope of the RTLS for healthcare market report focuses on North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific is predicted to show the highest CAGR in the market during 2022–2030. North America held the largest share of the global market in 2022 owing to the increasing number of technologically advanced hospitals, the growing use of RTLS in senior living facilities and home care, and the presence of key market players involved in new and existing product developments. North America is the biggest contributor to the RTLS for healthcare market growth. In North America, the US held the largest share of the market in 2022.
Industry Developments and Future Opportunities:
The RTLS for healthcare market forecast is estimated based on various secondary and primary research findings such as key company publications, association data, and databases. A few plans by key players operating in the RTLS for healthcare market are listed below:
- In April 2022, Cognosos launched a new medical equipment software suite named Proactive Periodic Automated Replenishment (ProPAR). ProPAR is a digital version of RTLS dashboards and solutions that support central supply and biomedical engineering teams by providing instant visibility to asset counts and PAR level thresholds in healthcare facilities. The ProPAR leverages Cognosos’ indoor RTLS location engine solution, LocationAI, that provides room-level visibility to equipment location, eliminating the need to search equipment for cleaning or re-circulation, maintenance, and helping to ensure PAR levels are consistently met.
- In July 2020, Advantech launched its RTLS solution-ready package (SRP) designed for real-time locating and monitoring of medical equipment, staff, and patients. Advantech’s RTLS SRP is a hardware-software solution that includes location sensors, edge servers, tags, medical-grade tablets, dashboards, and RTLS management software. Integration of Advantech’s multi-mode sensing dynamic fusion (MSDF) technology with RTLS SRP reduces interference from obstacles and enhances positioning performance in complex indoor environments.
RTLS for Healthcare Market Report Scope
Competitive Landscape and Key Companies:
CenTrak Inc, Advantech, Securitas Healthcare LLC, Zebra Technologies, Aruba Networks, GE Healthcare, Ubisense, TeleTracking Technologies, Siemens Healthcare Pvt Ltd, and HID Global Corporation are among the prominent players profiled in the RTLS for healthcare market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. These companies focus on geographic expansions and new product launches to meet the growing demand from consumers worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large customer base, subsequently facilitating market expansion.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering, Application, Technology, Facility Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The RTLS for healthcare market, by offering, is segmented into hardware, and software & services. Hardware is further segmented into readers/trackers/access points, tags/badges, and other hardware. In 2022, the software & services segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030. The software & services segment growth is driven by software product launches by companies to improve the efficiency of RTLS systems. For instance, in June 2021, Midmark RTLS launched a cloud-based, Bluetooth Low Energy (BLE) asset tracking solution, which modernizes asset tracking capabilities.
Based on application, the market is divided into inventory/asset tracking & management, personnel locating & monitoring, supply chain management & automation, and others. In 2022, the inventory/asset tracking & management segment held the largest RTLS for healthcare market share. The personnel locating & monitoring segment is expected to record the highest CAGR during 2022–2030.
Based on technology, the RTLS for healthcare market is segmented into Wi-Fi, Radio-Frequency Identification (RFID), and others. In 2022, the RFID segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030.
The market, by facility type, is segmented into hospital and healthcare facilities, and senior living facilities. In 2022, the hospitals and clinics segment held a larger RTLS for healthcare market share and is expected to record a higher CAGR during 2022–2030.
Based on geography, the RTLS for healthcare market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America is the largest contributor to the growth of the global RTLS for healthcare market. Asia Pacific is expected to register the highest CAGR in the RTLS for healthcare market during 2022–2030.
Real-time location services (RTLS) in healthcare are used to provide real-time tracking as well as management of staff, medical equipment, and patients in all types of healthcare facilities. Healthcare facilities such as hospitals, senior living facilities, ambulatory centers, and diagnostic laboratories are using RTLS to track medical equipment, patients, healthcare professionals, and reports. For instance, senior living facilities uses tags and badges connected through RTLS to track the geriatric population majorly suffering from Alzheimer’s disease or who suffer from memory loss. Increasing awareness about the advantages of RTLS for staff management and high return on investment with reduced capital expenditure propels the RTLS for healthcare market growth size.
Increasing awareness about the advantages of RTLS for staff management and high return on investment with reduced capital expenditure propel the RTLS for healthcare market growth. However, data security and privacy issues hinder the growth of the market.
The RTLS for healthcare market majorly consists of the players such CenTrak Inc, Advantech, Securitas Healthcare LLC, Zebra Technologies, Aruba Networks, GE Healthcare, Ubisense, TeleTracking Technologies, Siemens Healthcare Pvt Ltd, and HID Global Corporation.
The List of Companies - RTLS for Healthcare Market
- CenTrak Inc
- Advantech
- Securitas Healthcare LLC
- Zebra Technologies
- Aruba Networks
- GE Healthcare
- Ubisense
- TeleTracking Technologies
- Siemens Healthcare Pvt Ltd
- HID Global Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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