Real Time Location System In Healthcare Market Trends Report 2025 – For Business Development and Strategy Teams
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What Is the Forecast for the Real Time Location System In Healthcare Market Growth in 2025?
The market size of the real-time location system in healthcare has seen a significant surge in the recent past. Projected to escalate from $3.19 billion in 2024 to $3.9 billion in 2025, it boasts a compound annual growth rate (CAGR) of 22.3%. The historic growth is primarily due to the rise in demand for asset tracking, an amplified emphasis on workflow optimization, and an enhanced focus on patient safety. There is also an emphasis on providing additional safety and security to patients and governments have placed priority on the modernization of healthcare systems.
What Is the Forecast for the Real Time Location System In Healthcare Market Size Through 2029?
It is anticipated that the market size for real-time location systems in healthcare will experience astronomical growth in the coming years. The sector is projected to reach a value of $8.62 billion by 2029, with a compound annual growth rate (CAGR) of 22.0%. This expansion during the forecast period is primarily driven by the increasing global population, the surge in patient numbers, heightened demand for superior patient care and safety, the implementation of RTLS in healthcare, rising worldwide healthcare expenditure, and the emphasis on healthcare system upgrades by governments. Key trends during this period include enabling healthcare workers to locate medical equipment using technology, investments in RTLS technologies, tech advancements, incorporating Ultra-Wideband (UWB) technology, and the fusion of artificial intelligence and machine learning with RLTS.
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What are the Key Market Players in Real Time Location System In Healthcare Market and How They’re Evolving?
Major companies operating in the real time location system in healthcare market are Cisco Systems Inc., Oracle Corporation, GE HealthCare Technologies Inc., Securitas AB, Zebra Technologies Corporation, Aruba Networks, Impinj Inc., Midmark Corporation, TeleTracking Technologies Inc., CenTrak Healthcare Inc., Alien Technology, Enlighted Inc., Kontact.io, Savi Technology Inc., purple.ai, Identec Solutions AG, Ekahau Inc., Ubisense Group PLC, Inpixon Inc., Sonoitor Technologies Inc., Vizzia Technologies, AiRISTA Flow Inc., Tagnos Inc., Awarepoint Corporation
What Are the Primary Growth Drivers in the Real Time Location System In Healthcare Market?
The rising count of people diagnosed with cancer is anticipated to stimulate the growth of the real-time location system in the healthcare sector in the future. The individuals diagnosed with cancer are among a group of diseases marked by unregulated growth and dispersion of irregular cells within the body. The increase in cancer patients can be attributed to aging demographics, lifestyle habits, genetic factors, and healthcare accessibility. Real-time location systems (RTLS) play a pivotal role in providing a streamlined, synchronized, and patient-focused approach towards cancer patient care, eventually bettering their results and experiences within the healthcare ecosystem. For example, as per the data from the National Institutes of Health (NIH), a government entity based in the US, there will be an approximate 18.1 million cancer survivors in May 2024, roughly accounting for 5.4% of the population in 2022. The figure is forecasted to rise by 24.4% to 22.5 million by 2032 and further to 26.0 million by 2040. Hence, the escalating number of patients is boosting the growth of the real-time location system in the healthcare market.
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What Are the Leading Segments in the Global Real Time Location System In Healthcare Industry?
The real time location system in healthcare market covered in this report is segmented –
1) By Offering: Hardware, Software, Service
2) By Technology: Radio Frequency Identification (RFID), Wi-Fi, Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), Infrared, Ultrasound, Other Technologies
3) By Facility Type: Hospitals And Healthcare Facilities, Senior Living Facilities
4) By Application: Inventory Or Asses Tracking And Monitoring, Personnel Locating And Monitoring, Access Control And Security, Environmental Monitoring, Supply Chain Management And Automation, Other Applications
Subsegments:
1) By Hardware: Tags And Sensors, Readers And Antennas, Gateways
2) By Software: RTLS Software Platforms, Data Analytics Software, Monitoring And Reporting Software
3) By Service: Installation And Integration Services, Maintenance And Support Services, Consulting And Training Services
What Are the Key Market Trends in the Real Time Location System In Healthcare Industry?
Key players in the healthcare market utilizing real-time location systems are striving to improve patient tracking, operational effectiveness, and overall quality of care through the development of AI-enabled digital solutions. This refers to systems that employ artificial intelligence for data analysis, process automation, and insight generation. As an example, Astra Zeneca, a biopharmaceutical company from the UK, unveiled Evinova in November 2023. Evinova is a new health-tech venture aimed at boosting innovation in the life sciences sector, with a specific emphasis on clinical trials and patient health outcomes. The priority for Evinova is to introduce established and scaled digital technology solutions already in use globally by AstraZeneca, to improve clinical trial design and execution. This will diminish the timeline and expense of creating new treatments, bring healthcare services closer to patients, and alleviate strain on health systems. Evinova is also exploring opportunities in digital remote patient monitoring and digital therapeutics, with a series of digital innovations planned in these fields.
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What Is the Regional Outlook for the Real Time Location System In Healthcare Market?
North Americawas the largest region in the real time location system in healthcare market in 2023. Asia-Pacificis expected to be the fastest growing region in the market. The regions covered in the real time location system in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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This Report Delivers Insight On:
1. How big is the real time location system in healthcare market, and how is it changing globally?
2. Who are the major companies in the real time location system in healthcare market, and how are they performing?
3. What are the key opportunities and risks in the real time location system in healthcare market right now?
4. Which products or customer segments are growing the most in the real time location system in healthcare market?
5. What factors are helping or slowing down the growth of the real time location system in healthcare market?
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