RTLS for healthcare Industry worth $5.7 billion by 2029 at a CAGR of 19.6%

(IT-NEWSWIRE.COM, July 31, 2024 ) The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing industries and have introduced industry-specific solutions. Thus, high competition in the RTLS market compels RTLS companies to offer their customers' application-specific, customized products at affordable rates.

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By offering, software is expected to grow at an impressive CAGR during the forecast period. In the coming years, software components of RTLS solutions are expected to manage thousands of tools or objects in a fraction of a second. This requires the software platform to use a massive computation methodology and have very high reliability regarding the six sigma level. Real-time location system-based software offers a large number of capabilities, such as analytics, location tracking, or asset tracking, and the ability to manipulate data or reporting that permits examination of particular pieces of location or data, alerting, and non-location sensor information. There are two types of software such as standalone software and full-stack RTLS solution. Standalone asset tracking software is being used by a large number of companies; however, the demand for full-stack RTLS solutions is also increasing gradually with time.

By technology, the RFID segment is expected to grow at an impressive CAGR. RFID is one of the most popular wireless standards used in RTLS. It detects electromagnetic fields transmitted by small electronic tags attached to objects. There are two main types of RFID technology—passive RFID, which has no battery in the tag, and active RFID, which has a battery in the tag. The main application of RFID technology is to detect or identify an object—the SKU number, the serial number, how many items are in the box, and more. Some of the common RFID applications use readers mounted in fixed locations to detect tags as they move within the detection or scan range of a reader, and mobile handheld readers/scanners are also being used to read RFID tags.

It is predicted that one of the major adopters of the RTLS will be the access control & security segment. Access control and security are vital in areas where the tracking of employees or people is necessary to avoid a person's entry to non-restricted areas, prevent unrestricted entry of unauthorized people into the facility, and alert the facilities beforehand in case of theft. The RTLS solution can inform an administrator about the location and condition of assets and staff. These systems can provide safety and access control, ensuring that staff is properly equipped with the appropriate equipment to perform any procedure or task. This is achieved by providing staff with visitor ID badges or keycards. The RTLS will then automatically allow entry to authorized people while keeping others out of specific areas.

The European region is expected to display significant growth in the adoption of RTLS in the healthcare market. UK, Germany, France, Italy, Sweden, Norway, and the Netherlands account for the major share of the countries spending the most on RTLS solutions in Europe. Other European countries, such as Spain, Ireland, etc., are also gaining ground as the adoption of RTLS solutions is picking up gradually in their respective markets. European businesses have been open to implementing real-time analytics with the aim of improving Rol and real-time visibility. In the next couple of years, RTLS solutions will continue to gain further momentum as businesses look to integrate these kinds of solutions in order to further optimize their processes and finally stimulate growth.

Key Market Players:

The key players in this market include Securitas Healthcare LLC (US), Zebra Technologies Corp. (US), HPE Aruba Networking (US), Impinj, Inc. (US), and TeleTracking Technologies, Inc. (US) and others.

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RTLS for healthcare Industry worth $5.7 billion by 2029 at a CAGR of 19.6%