RTLS in Healthcare Market size is estimated at USD 2.7 billion in 2024 and is anticipated to exceed USD 23.3 billion by the end of 2037, registering over 18% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of RTLS in healthcare is assessed at USD 3.2 billion.
Real-time location systems (RTLS) in healthcare are gaining widespread popularity due to their real-time monitoring and management. Real-time location systems use various technologies such as infrared, ultrasound, and RFID to enhance patient care and improve operational efficiency. Around 25% of healthcare facilities employ real-time location systems in the U.S. for effective patient and asset management. Hospitals and clinics widely face issues including, equipment missing, which sometimes majorly hamper their cashflows questioning inventory management. According to a survey by Research Nester, on average 20% of equipment is reported missing from inventory yearly due to misplacement or loss.
Growth Drivers:
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
18% |
|
Base Year Market Size (2024) |
USD 2.7 billion |
|
Forecast Year Market Size (2037) |
USD 23.3 billion |
|
Regional Scope |
|
Component (Hardware, Software, Services)
Hardware segment is estimated to capture RTLS in healthcare market share of around 63.9% by the end of 2037 owing to its simplicity and easy integration with existing infrastructure. RTLS hardware such as RFID tags, sensors, and beacons are essential for tracking medical equipment, supplies, and patients in real-time, improving operational efficiency. According to Research Nester, the advanced RTLS hardware solutions aid hospitals gain 50% faster bed turnover times. The ongoing technological advancements are set to drive the demand for advanced RTLS hardware solutions, transforming the healthcare sector in the coming years.
End use (Senior Living Facilities, Hospitals & Healthcare Facilities)
In RTLS in healthcare market, senior living facilities segment is predicted to account for revenue share of around 45.5% by 2037 due to the high operational efficiency of RTLS. Real-time location systems mitigate the time healthcare staff spend on searching for equipment and patients. This efficiency allows caregivers to focus more on patient interaction and care. RTLS also aids senior care providers in reducing 50% of resident search and response time.
Our in-depth analysis of the RTLS in healthcare market includes the following segments:
|
Component |
|
|
Technology |
|
|
Application |
|
|
End use |
|
North America Market Forecast
North America RTLS in healthcare market is anticipated to capture revenue share of over 35.6% by 2037 due to the presence of advanced healthcare infrastructure and key market players. The governments in the region highly invest in advancing their healthcare facilities to offer cutting-edge services to both patients and medical practitioners and staff, driving RTLS sales. The North America market is estimated to increase from USD 1.2 billion in 2025 to USD 8.3 billion by 2037.
The U.S. market is expected to increase at a high CAGR during the forecasted period owing to the presence of leading companies and rapid advancements in RTLS technology. The rising prevalence of chronic diseases such as cancer, cardiovascular disorders, and diabetes is driving high demand for advanced resource management solutions including RTLS in the country.
In Canada, supportive government policies and regulations, including, the Connected Care for Canadians Act is enhancing the adoption of modern healthcare facilities. In addition, the growing popularity of digital health platforms and rising prevalence of diseases are increasing the need for reliable and advanced asset management systems including RTLS.
Asia Pacific Market Statistics
Asia Pacific market is anticipated to rise at a rapid pace during the projected period owing to the increasing spending on the healthcare infrastructure, rising adoption of digital healthcare technologies, and growing emergence of technology start-ups. India, Japan, China, and South Korea are some of the most lucrative marketplaces in the region.
The healthcare sector of India is expanding at a rapid pace, and high budget allocation for infrastructure development and modern medical technologies are generating profitable opportunities for real-time location system producers. For instance, India’s union budget 2024-2025 has allocated around USD 10.70 billion to enhance accessibility and innovation in healthcare services.
Key players in the RTLS in healthcare market are employing several strategies such as advancements in current solutions, the introduction of advanced technologies, collaborations, mergers, and regional expansion. Leading companies are collaborating with other players and healthcare providers to develop innovative solutions and expand their market reach. They are also acquiring small or new companies with advanced solutions to expand their product folio and customer base.
Some of the key players include:
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?