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Global RTLS Market for Healthcare by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee), Application (Inventory/Asset Tracking, Personnel Monitoring), Facility Type, and Region - Forecast to 2028

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    Report

  • 220 Pages
  • April 2023
  • Region: Global
  • Markets and Markets
  • ID: 5185321

Growing Need for Efficient Resource Utilization and Workflow Optimization Driving the Adoption of RTLS

The size of the global RTLS market for healthcare is estimated to grow from USD 2 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 23.5%. Every year, hospitals experience various equipment failures such as refrigerator or freezer failure, resulting in the loss of medications, vaccines, tissue, blood, or food. An RTLS system automatically logs temperature and humidity and alerts personnel so that healthcare facilities can monitor and address such issues before any loss or patient harm ensues. RTLS technology also supports the documentation of corrective action for out-of-range conditions and provides a variety of reports to support regulatory audits. Hence, RTLS can significantly help healthcare organizations to achieve a high RoI.

Hospitals & healthcare facilities segment to hold largest share of the market during the forecast period

Hospitals and healthcare facilities across the world use RTLS platforms for various applications, including inventory/asset tracking and management, personnel/staff locating and monitoring, access control and security, environmental monitoring, and supply chain management and operational automation/visibility. RTLS solutions provide real-time information about the location of assets and people in these facilities, thereby ensuring that the right person and required equipment is available at the right time for taking care of patients. Besides having information about the status and location of staff members, patients, and assets, it also helps in enhancing the safety and security in a hospital or healthcare facility. Hence, hospitals and healthcare facilities across regions are adopting RTLS solutions.

Infrared technology is expected to grow at a significant CAGR during the forecast period

RTLS solutions based on infrared (IR) technology combined with other RTLS technologies such as Wi-Fi, RFID, or UWB are being used in both room-level and sub-room-level accuracy applications. IR tags send out signals modulated with their unique ID into the room or zone using a small battery. IR receivers are mounted in fixed locations, and they pick up the tag’s signal and unique ID and forward the data via Wi-Fi or LAN connection to a host computer or networked/cloud database. IR tags use the IR spectrum to track assets/personnel. Some leading technology providers across the world are showing an interest in integrating IR and ultrasound technologies with RF and Wi-Fi technologies to enhance the accuracy levels of their RTLS products.

The market in Europe is expected to grow at an impressive CAGR during the forecast period

Europe is one of the major regions for R&D in the field of location-based solutions. Most of the individual customers or enterprises in Europe extensively use location-based and mapping services, which lead to major revenue growth. The growing need for enhancing business efficiency in the healthcare sector is expected to be the vital driver for the RTLS market growth in Europe. Some key location-based solution vendors in this region include Ubisense Ltd. (UK), Identec Solutions AG (Austria), Decawave (Ireland), and Sewio Networks (Czech Republic). Additionally, rising government support by providing increased funding for improving healthcare facilities by utilizing advanced technology-based products with improved capabilities, such as RTLS solutions, has benefitted the growth of the RTLS market for healthcare in countries like the UK and Germany.

Breakdown of the profiles of primary participants:

  • By Company Type: Tier 1 - 45%, Tier 2 - 20%, and Tier 3 - 35%
  • By Designation: C-level Executives - 35%, Managers - 25%, and Others - 40%
  • By Region: North America - 40%, Europe - 30%, Asia-Pacific - 325, and RoW - 5%

Major players profiled in this report are as follows: Securitas Healthcare, LLC (US), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi Technology (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), Advantech Co., Ltd. (Taiwan), GE HealthCare Technologies Inc. (US), and others.

Research Coverage

In this report, the RTLS market for healthcare has been segmented based on offering, technology, application, facility type, and region. The RTLS market for healthcare based on offering has been segmented into hardware, software, and services. Based on technology, the market has been segmented into RFID, Wi-Fi, UWB, BLE, Ultrasound, Infrared, and other technologies. Based on application, the market has been segmented into inventory/asset tracking & management, personnel locating & monitoring, access control & security, environmental monitoring, supply chain management & automation, and other applications. Based on facility type, the market has been segmented into hospitals & healthcare facilities, and senior living facilities. The study also forecasts the size of the market in four main regions - North America, Europe, Asia-Pacific, and RoW.

Key Benefits of Buying the Report

The report provides insights on the following pointers:

  • Analysis of key drivers (Rising market competitiveness driving the availability of cost-effective RTLS, High return on investment (RoI) with reduced capital expenditure, High accuracy of UWB-based RTLS solutions, Rising security and safety concerns of patients/staff), restraints (Data security and privacy issues, High installation and maintenance costs), opportunities (Growing need for efficient resource utilization and workflow optimization, Rising popularity of hybrid RTLS solutions, Growing adoption of IoT solutions in healthcare, Increasing demand of RTLS solutions in developing countries) and challenges (Trade-offs in designing RTLS solutions, Lack of system compatibility and common standards) influencing the growth of the RTLS market for healthcare.
  • Product Development/Innovation: Detailed insights on new product launches, technologies, research & development activities, and industry partnerships in the RTLS market for healthcare.
  • Market Development: Comprehensive information about lucrative markets - the report analyses the RTLS market for healthcare across regions such as North America, Europe, Asia-Pacific, Middle East, and South America & Africa.
  • Market Diversification: Exhaustive information about new products & technologies, untapped geographies, and recent developments in the RTLS market for healthcare.
  • Competitive Assessment: In-depth assessment of market ranking/market share, growth strategies, and product offerings of leading players like Securitas Healthcare, LLC (US), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), and Savi Technology (US), among others in the RTLS market for healthcare.
  • Strategies: The report also helps stakeholders understand the pulse of the RTLS market for healthcare and provides them information on key market drivers, restraints, challenges, and opportunities.
Frequently Asked Questions about the Global RTLS Market for Healthcare

What is the estimated value of the Global RTLS Market for Healthcare?

The Global RTLS Market for Healthcare was estimated to be valued at $2 Billion in 2023.

What is the growth rate of the Global RTLS Market for Healthcare?

The growth rate of the Global RTLS Market for Healthcare is 23.5%, with an estimated value of $5.8 Billion by 2028.

What is the forecasted size of the Global RTLS Market for Healthcare?

The Global RTLS Market for Healthcare is estimated to be worth $5.8 Billion by 2028.

Who are the key companies in the Global RTLS Market for Healthcare?

Key companies in the Global RTLS Market for Healthcare include Advantech Co. Ltd., Airista Flow, Inc., Alien Technology, LLC, Aruba Networks, BlueIoT, Borda Technology, Centrak, Inc., Cerner Corporation, Decawave and GE Healthcare Technologies Inc..

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered
1.4 Currency Considered
1.5 Limitations
1.6 Stakeholders
1.7 Summary of Changes

2 Research Methodology
2.1 Research Approach
2.1.1 Secondary and Primary Research
2.1.2 Secondary Data
2.1.2.1 List of Major Secondary Sources
2.1.2.2 Key Data from Secondary Sources
2.1.3 Primary Data
2.1.3.1 Primary Interviews with Experts
2.1.3.2 Key Data from Primary Sources
2.1.3.3 Key Industry Insights
2.1.3.4 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Deriving Market Size by Bottom-Up Analysis
2.2.2 Top-Down Approach
2.2.2.1 Approach for Deriving Market Size by Top-Down Analysis
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions
2.5 Approaches to Understand Recession Impact on RTLS Market for Healthcare
2.6 Risk Assessment

3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities for Players in RTLS Market for Healthcare
4.2 RTLS Market for Healthcare, by Offering
4.3 RTLS Market for Healthcare, by Technology
4.4 RTLS Market for Healthcare, by Application
4.5 North America RTLS Market for Healthcare, by Technology and Country
4.6 RTLS Market for Healthcare, by Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Market Competitiveness Driving the Availability of Cost-Effective RTLS
5.2.1.2 High ROI with Reduced Capital Expenditure
5.2.1.3 High Accuracy of UWB-based RTLS Solutions
5.2.1.4 Rising Security and Safety Concerns of Patients/Staff
5.2.2 Restraints
5.2.2.1 Data Security and Privacy Issues
5.2.2.2 High Installation and Maintenance Costs
5.2.3 Opportunities
5.2.3.1 Growing Need for Efficient Resource Utilization and Workflow Optimization is Driving the Adoption of RTLS
5.2.3.2 Rising Popularity of Hybrid RTLS Solutions
5.2.3.3 Growing Adoption of IoT Solutions in Healthcare
5.2.3.4 Increasing Demand of RTLS Solutions in Developing Countries
5.2.4 Challenges
5.2.4.1 Trade-Offs in Designing RTLS Solutions
5.2.4.2 Lack of System Compatibility and Common Standards
5.3 Value Chain Analysis
5.4 Ecosystem Analysis
5.5 Pricing Analysis
5.5.1 RTLS Tag Price Comparison, by Technology
5.6 Trends/Disruptions Impacting Customer Business
5.7 Technology Analysis
5.7.1 RTLS Market for Healthcare: Technology Comparison
5.7.2 Hybrid-RTLS Technology
5.8 Porter's Five Forces Analysis
5.9 Case Study Analysis
5.10 Trade Analysis
5.11 Patent Analysis
5.12 Key Conferences and Events, 2023-2024
5.13 Regulatory Bodies, Government Agencies, and Other Organizations
5.13.1 Standards

6 RTLS Market for Healthcare, by Offering
6.1 Introduction
6.2 Hardware
6.2.1 Growing Demand of Hybris RTLS Solutions
6.2.2 Tags/Badges
6.2.3 Receivers/Readers/Trackers/Exciters/Access Points
6.2.4 Other Hardware
6.3 Software
6.3.1 Increasing Demand of Customized Software Platforms to Meet Customer Needs
6.4 Services
6.4.1 Consultation is the Most Critical Part of RTLS Services
6.4.2 Deployment and Integration
6.4.3 Support and Maintenance
6.4.4 Consulting

7 RTLS Market for Healthcare, by Technology
7.1 Introduction
7.2 RFID
7.2.1 Advantages of RFID Over Other Technologies is Driving the Adoption
7.2.2 Active RFID
7.2.3 Passive RFID
7.3 Wi-Fi
7.3.1 Easy Installation and Compatibility of Wi-Fi RTLS Solutions
7.4 UWB
7.4.1 High Precision and Accuracy Offered by UWB Technology
7.5 BLE
7.5.1 Added Advantages of Low Power Consumption and Long-Life Over Bluetooth Technology
7.6 Ultrasound
7.6.1 Benefits Such as No Interference and Bandwidth Limitation to Drive the Adoption
7.7 Infrared
7.7.1 Infrared Technology Helps in Room-Level and Sub-Room-Level Applications
7.8 Other Technologies

8 RTLS Market for Healthcare, by Application
8.1 Introduction
8.2 Inventory/Asset Tracking & Management
8.2.1 Tracking of Inventory and Assets is Key Application of RTLS in Healthcare Sector
8.3 Personnel Locating & Monitoring
8.3.1 Need to Ensure Safety of Patients and Staff is Driving RTLS Adoption
8.4 Access Control & Security
8.4.1 Usage of RTLS Solutions to Restrict Unauthorized Access
8.5 Environmental Monitoring
8.5.1 Environmental Monitoring is Critical in Ensuring Enhanced Patient and Stock Safety
8.6 Supply Chain Management & Automation
8.6.1 RTLS Helps in Improving Operational Visibility and Supply Chain Management
8.7 Other Applications

9 RTLS Market for Healthcare, by Facility Type
9.1 Introduction
9.2 Hospitals & Healthcare Facilities
9.2.1 RTLS Provides Real-Time Visibility into Movement of Equipment and People
9.2.2 Hospitals
9.2.3 Clinics
9.2.4 Emergency Medical Services
9.2.5 Diagnostic Labs
9.3 Senior Living Facilities
9.3.1 RTLS Helps to Improve Resident Experience and Operational Efficiency

10 RTLS Market for Healthcare, by Region
10.1 Introduction
10.2 North America
10.2.1 Impact of Recession on North America Market
10.2.2 US
10.2.2.1 Strong Presence of Key RTLS Solution Providers in US
10.2.3 Canada
10.2.3.1 Growing Adoption of RTLS for Asset and Staff Tracking in Healthcare Industry
10.2.4 Mexico
10.2.4.1 Growing Healthcare Sector to Offer Growth Opportunities for RTLS
10.3 Europe
10.3.1 Impact of Recession on Europe Market
10.3.2 UK
10.3.2.1 Rising Government Expenditure to Improve Healthcare Infrastructure
10.3.3 Germany
10.3.3.1 Rising Demand of Process Automation in Healthcare Sector
10.3.4 France
10.3.4.1 Growing Focus on R&D to Develop Advanced Technologies
10.3.5 Rest of Europe
10.4 Asia-Pacific
10.4.1 Impact of Recession on Asia-Pacific Market
10.4.2 China
10.4.2.1 Rising Focus on Promoting IoT and Other Technologies in Healthcare
10.4.3 Japan
10.4.3.1 Healthcare Sector to Offer Lucrative Growth Opportunities to RTLS
10.4.4 Australia
10.4.4.1 Rising Ageing Population Drive the Adoption of RTLS in Healthcare
10.4.5 South Korea
10.4.5.1 RTLS Vendors Focusing on Increasing Their Presence in South Korea RTLS Market
10.4.6 Rest of Asia-Pacific
10.5 RoW
10.5.1 Impact of Recession on RoW Market
10.5.2 Middle East
10.5.2.1 Increasing Focus on Improvement of Healthcare Infrastructure in the Region
10.5.3 South America and Africa
10.5.3.1 Increasing Healthcare Expenditure and Untapped Markets to Drive the Demand

11 Competitive Landscape
11.1 Introduction
11.2 Key Player Strategies
11.3 Top Five Company Revenue Analysis
11.4 Market Share Analysis, 2022
11.5 Company Evaluation Quadrant, 2022
11.5.1 Stars
11.5.2 Emerging Leaders
11.5.3 Pervasive Players
11.5.4 Participants
11.6 Company Evaluation Quadrant for SMEs, 2022
11.6.1 Progressive Companies
11.6.2 Responsive Companies
11.6.3 Dynamic Companies
11.6.4 Starting Blocks
11.7 RTLS Market for Healthcare: Company Footprint
11.8 Competitive Benchmarking
11.9 Competitive Situations and Trends
11.9.1 RTLS Market for Healthcare: Product Launches
11.9.2 RTLS Market for Healthcare: Deals

12 Company Profiles
12.1 Key Players
12.1.1 Securitas Healthcare, LLC
12.1.1.1 Business Overview
12.1.1.2 Products Offered
12.1.1.3 Analyst's View
12.1.1.3.1 Key Strengths/Right to Win
12.1.1.3.2 Strategic Choices
12.1.1.3.3 Weaknesses and Competitive Threats
12.1.2 Zebra Technologies Corporation
12.1.2.1 Business Overview
12.1.2.2 Products Offered
12.1.2.3 Recent Developments
12.1.2.4 Analyst's View
12.1.2.4.1 Key Strengths/Right to Win
12.1.2.4.2 Strategic Choices
12.1.2.4.3 Weaknesses and Competitive Threats
12.1.3 Aruba Networks
12.1.3.1 Business Overview
12.1.3.2 Products Offered
12.1.3.3 Analyst's View
12.1.3.3.1 Key Strengths/Right to Win
12.1.3.3.2 Strategic Choices
12.1.3.3.3 Weaknesses and Competitive Threats
12.1.4 Impinj, Inc.
12.1.4.1 Business Overview
12.1.4.2 Products Offered
12.1.4.3 Recent Developments
12.1.4.4 Analyst's View
12.1.4.4.1 Key Strengths/Right to Win
12.1.4.4.2 Strategic Choices
12.1.4.4.3 Weaknesses and Competitive Threats
12.1.5 Savi Technology
12.1.5.1 Business Overview
12.1.5.2 Products Offered
12.1.5.3 Recent Developments
12.1.5.4 Analyst's View
12.1.5.4.1 Key Strengths/Right to Win
12.1.5.4.2 Strategic Choices
12.1.5.4.3 Weaknesses and Competitive Threats
12.1.6 Advantech Co. Ltd.
12.1.6.1 Business Overview
12.1.6.2 Products Offered
12.1.6.3 Recent Developments
12.1.7 Airista Flow, Inc.
12.1.7.1 Business Overview
12.1.7.2 Products Offered
12.1.7.3 Recent Developments
12.1.8 Alien Technology, LLC
12.1.8.1 Business Overview
12.1.8.2 Products Offered
12.1.9 Centrak, Inc.
12.1.9.1 Business Overview
12.1.9.2 Products Offered
12.1.9.3 Recent Developments
12.1.10 Cerner Corporation
12.1.10.1 Business Overview
12.1.10.2 Products Offered
12.1.11 GE Healthcare Technologies Inc.
12.1.11.1 Business Overview
12.1.11.2 Products Offered
12.1.12 Sonitor Technologies
12.1.12.1 Business Overview
12.1.12.2 Products Offered
12.1.13 Teletracking Technologies, Inc.
12.1.13.1 Business Overview
12.1.13.2 Products Offered
12.1.13.3 Recent Developments
12.1.14 Ubisense Ltd.
12.1.14.1 Business Overview
12.1.14.2 Products Offered
12.1.14.3 Recent Developments
12.2 Other Players
12.2.1 BlueIoT
12.2.2 Borda Technology
12.2.3 Decawave
12.2.4 Identec Solutions AG
12.2.5 Infor
12.2.6 Leantegra Inc.
12.2.7 Litum
12.2.8 Midmark Corporation
12.2.9 Mysphera
12.2.10 Redpoint Positioning Corporation
12.2.11 Secure Care Products LLC
12.2.12 Sewio Networks
12.2.13 Tracktio
12.2.14 Visible Assets, Inc.

13 Appendix
13.1 Insights of Industry Experts
13.2 Discussion Guide
13.3 Knowledgestore: The Subscription Portal
13.4 Customization Options

Executive Summary

Companies Mentioned

  • Advantech Co. Ltd.
  • Airista Flow, Inc.
  • Alien Technology, LLC
  • Aruba Networks
  • BlueIoT
  • Borda Technology
  • Centrak, Inc.
  • Cerner Corporation
  • Decawave
  • GE Healthcare Technologies Inc.
  • Identec Solutions AG
  • Impinj, Inc.
  • Infor
  • Leantegra Inc.
  • Litum
  • Midmark Corporation
  • Mysphera
  • Redpoint Positioning Corporation
  • Savi Technology
  • Secure Care Products LLC
  • Securitas Healthcare, LLC
  • Sewio Networks
  • Sonitor Technologies
  • Teletracking Technologies, Inc.
  • Tracktio
  • Ubisense Ltd.
  • Visible Assets, Inc.
  • Zebra Technologies Corporation

Methodology

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